Sobha H1 sales bookings up 23% to Rs 1,235 cr

Company sold properties worth Rs 1,006.8 crore in the corresponding period of previous financial year

Realty firm Sobha Developers today said the company's sales bookings rose by 23% to Rs 1,235 crore during the first half of this fiscal on account of increase in volume and realisation.

The company had sold properties worth Rs 1,006.8 crore in the corresponding period of previous financial year.

In a filing with BSE, the Bangalore-based developer said it sold 1.92 million sq ft area during April-September period of 2013-14, up 8% from 1.78 million sq ft in the same period of last fiscal.

The average price realisation improved to Rs 6,420 per sq ft from Rs 5,651 per sq ft during the period under review.

"Sobha had at the beginning of this fiscal set a guidance of new sales area of 4.2 million sq ft valued at Rs 2,600 crore for the current fiscal. At the end of the first half of FY 2014, the company looks poised to achieve the target, having registered new sales area of 1.92 million sq ft valued at Rs Rs 1,235 crore," the realty firm said.

Sobha attributed the higher sales bookings to the company's strategy to diversify into newer markets backed by a consistent launch pipeline.

In the quarter ended September 30, the company sold one million sq ft of new space valued at Rs 632 crore.

During the entire last financial year, Sobha had sold 3.75 million sq ft area for Rs 2,214.5 crore.

"At the half way mark, despite the existing macroeconomic uncertainties of GDP growth, interest rates and inflation, the company remains hopeful in achieving its guidance for the current fiscal," the filing said.

Besides Bangalore, the company has projects in NCR, Chennai, Pune, Thrissur, Coimbatore, Kozhikode and Mysore.