Sobha's Q3 sales stands at Rs 1,952 crore
Real Estate

Sobha's Q3 sales stands at Rs 1,952 crore

Bengaluru-based real estate developer Sobha has achieved the highest-ever quarterly sales value of Rs 1952 crore in the third quarter of FY24, registering a growth of 37.0% over the same period last year.

Sobha's share of sales value was also the highest ever, at Rs. 1736 crore, an increase of 56.2% over Q3-FY23. ?A combination of optimism, increased income levels, new job creation, migration and interest rate stability has supported a steady demand scenario, witnessed in our improving sales performance quarter on quarter, said the company.

The average price realisation stood at Rs. 11,732 per sq ft while maintaining a steady performance in new area sales of 1.66 mn sft. Bengaluru has achieved highest ever quarterly sales of 1.25 mn sft with a value of Rs. 1499 crore, led by the launch of SOBHA Neopolis in beginning of the quarter.

NCR region continued with its strong momentum, completing the sale of Sobha City in Gurgaon. Kerala region clocked a 59.5% growth in new sales area over Q3-FY23. GIFT City's new sales for 9M FY24 registered an increase of 22.7% over sales of the full year of FY 2023, the company said.

The company launched two new residential projects in Q3 FY24 with a total saleable area of 3.8 mn sft in Bangalore and Kerala. Demand for residential real estate has been at a historic high in 2023 and is poised to achieve the highest sales since 2008. The positive trajectory observed throughout the year is anticipated to extend into 2024 with an estimated figure of approximately 260,000-2,80,000 units.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

Bengaluru-based real estate developer Sobha has achieved the highest-ever quarterly sales value of Rs 1952 crore in the third quarter of FY24, registering a growth of 37.0% over the same period last year. Sobha's share of sales value was also the highest ever, at Rs. 1736 crore, an increase of 56.2% over Q3-FY23. ?A combination of optimism, increased income levels, new job creation, migration and interest rate stability has supported a steady demand scenario, witnessed in our improving sales performance quarter on quarter, said the company. The average price realisation stood at Rs. 11,732 per sq ft while maintaining a steady performance in new area sales of 1.66 mn sft. Bengaluru has achieved highest ever quarterly sales of 1.25 mn sft with a value of Rs. 1499 crore, led by the launch of SOBHA Neopolis in beginning of the quarter. NCR region continued with its strong momentum, completing the sale of Sobha City in Gurgaon. Kerala region clocked a 59.5% growth in new sales area over Q3-FY23. GIFT City's new sales for 9M FY24 registered an increase of 22.7% over sales of the full year of FY 2023, the company said. The company launched two new residential projects in Q3 FY24 with a total saleable area of 3.8 mn sft in Bangalore and Kerala. Demand for residential real estate has been at a historic high in 2023 and is poised to achieve the highest sales since 2008. The positive trajectory observed throughout the year is anticipated to extend into 2024 with an estimated figure of approximately 260,000-2,80,000 units.

Next Story
Real Estate

Gujarat Struggles to Curb Illegal Constructions in Ahmedabad

The Gujarat Regulation of Unauthorised Development Act, 2022, presents a contradiction. While it ostensibly seeks to curb unauthorised development, it simultaneously legalises such constructions upon payment of a fee. Despite being introduced initially in the early 2000s, then again in 2011, and most recently enacted in 2022, the legislation has failed to halt the rise of illegal constructions or unapproved extensions to residential and commercial properties. The Ahmedabad Municipal Corporation's (AMC) practice of demolishing certain structures while regularising others for a fee has weakened..

Next Story
Real Estate

DTCP Issues Notices for Building Code Violations in Gurugram's DLF

Following a recent survey that identified illegal construction and unauthorized commercial activities at 4,183 properties in DLF Phases 1 to 5, the Department of Town and Country Planning (DTCP) informed the Punjab and Haryana High Court about the issuance of notices to property owners. DTCP indicated that 1,138 notices had already been served to homeowners in DLF Phase 3, with additional notices to be issued soon. Property owners have until January 31 to revert to the approved building designs and cease all illegal commercial operations. Failure to comply would result in demolition and seali..

Next Story
Infrastructure Urban

Gujarat HC Removes GST on Industrial Leases to Encourage Investment

The recent ruling is set to streamline transactions and potentially encourage increased investments in India’s industrial and commercial leasing sectors. The judgment addressed whether transferring leasehold rights for Gujarat Industrial Development Corporation (GIDC) plots constitutes a ‘supply’ under the GST Act. The court determined that these transactions involve the transfer of immovable property rather than a service, thereby placing them outside the purview of GST. This decision offers significant relief to industries such as manufacturing, logistics, and warehousing, where long..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000