Sobha Q1 property sales up by 58% at nearly Rs 480cr

Bangalore-based realty firm Sobha Developers today said it has sold properties worth Rs 479 crore in the first quarter of this fiscal, up by 58% from the year-ago period.

In the first quarter of last fiscal, Sobha had sold properties worth Rs 302.7 crore.

"For the quarter ended June 30, 2012, we have sold 0.84 million sq ft of new space valued at Rs 479.4 crore at an average price realisation of Rs 5,737 per sq ft," Sobha said in a filing to the BSE.

The company's sales volume and realisation per sq ft rose by about 26% each.

In terms of volume, the company sold 8.35 lakh sq ft area in April-June quarter of this fiscal as against 6.65 lakh sq ft in the year-ago period. The realisation increased to Rs 5,737 per sq ft from Rs 4,547 a sq ft in the review period.

"In this backdrop, Sobha has set a guidance of new sales valuing at Rs 2,000 crore for the current this fiscal. Despite the tough economic climate, the company...Has performed well in the first quarter of FY 2012-13," Sobha said.

In 2011-12, it had sold projects worth Rs 1,701.5 crore.

Apart from Bangalore, Sobha has projects Chennai, Mysore, Pune, Thrissur, Coimbatore and the national capital region.