Sobha FY'19 sales bookings up 9% at record Rs 3,122 cr

Realty firm Sobha Ltd Monday reported a 9 per cent increase in sales bookings at a record Rs 3,122.5 crore during 2018-19 on account of higher volumes.

The company had achieved sales bookings of Rs 2,861.2 crore in 2017-18 financial year, the Bengaluru-based developer said in a regulatory filing.

"In 2018-19, we have achieved pre-sales of 4.03 million square feet valued at Rs 31.23 billion (Rs 3,123 crore). This is the highest ever new sales booking in the history of the company," Sobha said.

Among the cities, Bengaluru achieved the highest ever new sales booking of 2.76 million square feet during 2018-19, it added.

"The financial year was also notable for record completion of 5.41 million square feet of saleable area with 3,516 units in residential space for the company, which demonstrates its unparalleled execution capability and strong backward integrated process," Sobha said.

As per the data, sales bookings in volume terms rose to 40,29,779 sq ft during 2018-19 from 36,25,390 sq ft in the previous year.

Sales realisation, however, fell to Rs 7,749 per sq ft in 2018-19 from Rs 7,892 per sq ft in the previous year.

"As the after-effects of implementation of various structural reforms in the real estate sector, the residential demand and supply inched upwards in 2019. The residential segment was also backed by several government initiatives to promote affordable housing, leading to an increase in supply in this segment," Sobha said.