Sobha developers has sold 0.90 million square feet of new space valued at Rs 5.33 billion at an average price of Rs 5,910 per square feet for the quarter ended December 31, 2012. The quarter witnessed weaker sentiments stemming from a disinclination to make purchase during periods which are believed to be inauspicious as per locally observed traditions and customs.
In spite of the above, this has been the best quarter ever in terms of sales realization in the history of the company. The sales performance achieved during the quarter is from existing projects without any new launches in Q3.
Sobha Developers is an established player in the real estate development and contract construction in Bangalore. The company has executed 61 real estate projects with an overall development of 14.39 million sq ft of built-up area, primarily in Bangalore. On contractual basis, it has completed 173 projects in several states in India covering a total build-up area of 22.98 million sq ft.