Sobha FY'20 property sales bookings down 8% to Rs 2,880 cr

Realty firm Sobha Ltd on Friday said the company's sales bookings declined by 8 per cent to Rs 2,880.6 crore during the last fiscal year on lower price realisation.

Its sales bookings stood at Rs 3,122.5 crore in 2018-19, Bengaluru-based developer said in a regulatory filing.

Sales bookings in volume terms, however, rose to record 40,71,704 sq ft in 2019-20 from40,29,779 sq ft in the previous year.

The average price realisation fell to Rs 7,075 per sq ft in 2019-20 from Rs 7,749 per sq ft in the previous year.

During the fourth quarter of the last fiscal, sales bookings fell to Rs 694.5 crore from Rs 920.5 crore in the previous year. In terms of area, sales declined to 9,05,710 sq ft from 11,29,268 sq ft.

"For the financial year 19-20, we have achieved the highest ever sales volume of 4,071,704 square feet despite tough macro and real estate sector conditions," Sobha said.

During 2019-20, the company delivered 4.60 million square feet of developable area.

"Sales volume for Q4-20 were impacted due to lockdown announced by government. Despite that, we have been able to achieve some amount of sales during the lockdownperiod due to effective use of technology and innovative sales and marketing strategy," Sobha said.

The company also announced that it would launch 14.09 million square feet of projects in various cities in the coming quarters.