Sobha in Mysore with villa project

The Bangalore-headquartered Sobha Developers has made its foray into the Mysore’s realty market by launching Rs 110 crore villa project - ‘Sobha Scarlet’. Addressing a press conference here, Sobha’s managing director J C Sharma said the company would take up its second project in Mysore, an apartment project on about 16 acres in two places, at Belavatha and Naganahalli, in this fiscal.

The project comprises 83 villas on 14 acres and the first phase would be across 8.42 acres with 49 villas. To come up at Jattihundi, some 15 kms from the city, it would be ready in about three years for occupation.

 

The price ranges between Rs 1.85 crore and Rs 2.05 crore. Sharma said Sobha had already made its presence in Mysore, the second city after Bangalore in Karnataka, by undertaking the construction of a three-million square foot landmark project for the IT giant Infosys at its campus, which exhibits its capability to execute massive projects at international quality standards.

Defending its foray into the Mysore realty market in building high-end villas, J C Sharma said, “Mysore is the second largest and fastest growing tier II city in Karnataka. Proximity to Bangalore, the commissioning of the Mandakalli airport shortly, the Nandi Infrastructure Corridor Project, expected to be resumed soon and the proposal of the centre to set up an IT park would attract more IT and other businesses to this best focused city,”

Defending the high-cost palatial villas, he said, “The country is witnessing 8-9 per cent growth. However, the overall economic growth rates in various cities, like in Mysore, are of the highest. As a result, the 21st century India would be different. Indians have become confident. They deserve the best. Therefore, many such projects would follow in future by Sobha,”

Sobha’s last year turnover of Rs 1,434.50 crore consisted of Rs 900 crore via real estate and Rs 550 crore in construction activities. It achieved a profit of Rs 228.30 crore against Rs 161 crore in FY 2006-07.

Over a decade, the company has completed 43 residential projects and ongoing projects number 31 and forthcoming 20 projects. It has completed 10 commercial projects on turnkey basis covering 1.85 million square feet. Its three ongoing projects aggregate 0.39 million square feet, while it has planned 16 more of 15.11 million square feet.

On the contractual side, Sobha has completed 119 projects covering 13.83 million square feet while ongoing account for 23 projects of 6.5 million square feet. Its forthcoming 23 projects aggregate for 5.4 million square feet. It has land reserves of 4,031.73 acres capable of covering 175 million square feet of development.