Sobha Developers’ sales bookings rose by 26% and stood at Rs 602.8 crore in the April-June quarter of this fiscal as compared to properties sold worth Rs 479.4 crore in the same quarter of last fiscal. This rise in sales was possible as the company sold more area at a higher price despite overall slowdown in housing demand.
The company sold 10% more area in volume-terms, in the first quarter of 2013-14 fiscal which stood at 9.2 lakh square feet against 8.35 lakh square feet in the year-ago period. The average price realization was higher by 14% at Rs 6,548 per square feet against Rs 5,737 per square feet during the period under review.
During the full 2012-13 fiscal, the company sold 37.55 lakh square feet for Rs 2,215 crore. The company’s launch of a mixed development project in Bangalore was successful. It has projects in Pune, Coimbatore and Mysore.