Sobha's Q3 sales bookings up 4% to Rs 726cr

Realty firm Sobha Ltd on Friday said its sales bookings rose by 4 per cent to Rs 726 crore during the third quarter of this fiscal year on higher volumes despite fall in average price realisation.

Sales bookings stood at Rs 698.8 crore in the year-ago period, the Bengaluru-based developer said in a regulatory filing.

Total sales volume increased by 17 per cent in the third quarter of this fiscal at 10.66 lakh sq ft.

"During the quarter, the company has achieved new sales volume of 10,66,022 sq ft valued at Rs 7.26 billion, with a total average realisation of Rs 6,811 per sq ft," the company said in a regulatory filing.

Sobha's share in total sales value is Rs 607.5 crore during October-December quarter of the 2019-20 fiscal as against Rs 600.2 crore in the year-ago period.

Total average price realization fell to Rs 6,811 per sq ft from Rs 7,689 per sq ft during the period under review.

"With sufficient unsold inventory in ongoing projects coupled with planned new launches of 10.46 million square feet in the coming quarters, we expect the sales volume to grow in future. This is expected to translate into better operational and financial performance. During the quarter, we have received a new contractual order to the tune of Rs 196 crore," the company said.