Sobha Developers sets record new space sale
Oct 03, 2012
Source : Business Standard


Bangalore-based developer real estate company, Sobha Developers, said it has achieved a record milestone in the history of the company in terms of new space sale. The company has sold over 0.95 million square feet of new space valued at Rs 527 crore at an average price realization of Rs 5, 575 per square feet for the quarter ended September 30, 2012.
The company also said that it is bullish of the growth opportunity in the current fiscal. The real estate company had set a guidance of new space sales of 3.75 million square feet valued at Rs 2,000 crore for FY 13. At the end of September, the company has already registered a sales of around 1.78 million square feet at a value of around Rs 1,007 crore.
According to the company official the new sales achieved during H1 of  FY13 has witnessed a growth of 11.2% as against the same period last year.
“We are witnessing good demand and growth in all our locations,” S Baaskaran Chief Financial offier, Sobha Developers told Business Standard.
“In the first half of the fiscal, our growth has been as expected. We have achieved half of our guidance for the entire year. We are bullish about the growth in the next 6 months,” he added.
The Bangalore-based company also said, it has launched Sobha Grandeur in Bangalore and Sobha Jade in Thrissur, Kerala with a total built up area of 868,578 square feet. 
The shares of the company on BSE is trading at Rs 366 up 1.37% in the afternoon trade.

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