Sobha's property sales bookings up 22 pc at Rs 762 cr in Apr-Jun 2018

Realty firm Sobha Ltd's sales bookings increased by 22 per cent to Rs 762.4 crore during the first quarter of this fiscal on higher volume as well as price realisations.

According to its latest operational update, the Bengaluru-based developer sold 9,60,085 sq ft area during April-June quarter of this fiscal, up 18 per cent from 8,15,230 sq ft in the same period of last financial year.

The Bengaluru region contributed 64 per cent of total sales volume during Q1 of FY19.

In terms of value, the sales booking stood at Rs 7,62.4 crore as against Rs 623.4 crore during the period under review. The average sales realisation also rose to Rs 7,941 per sq ft in the first quarter of this fiscal from Rs 7,647 per sq ft in the year-ago period.

The Bengaluru, Gurugram and Kochi property markets continued to perform well and were ably supported by Coimbatore and Mysore, the company said.

"Sobha has entered the new financial year confidently with many new launches in the pipeline. During this quarter, we announced an investment of over Rs 500 crore towards residential development in Gujarat International Finance Tech-City (GIFT City) and have other launches planned in multiple cities over the next few quarters," it added.

During the first quarter, the company launched one plotted development project 'Sobha Meadows' in Mysore, measuring total saleable area of 0.13 million square feet.

Also, it has received regulatory RERA approval for one of its projects in Bengaluru during last week of June, having total saleable area of 0.89 million square feet. This project will be released for sale during this month.