Realty firm Sobha reports 14% rise in sales to Rs 592.7 crore in Q2
The Bengaluru-based realty firm Sobha has reported 14 per cent increase in its sales bookings to Rs 592.7 crore in July-September period — highest in the last 10 quarters — despite demand slowdown in the property market.
The company sold properties worth Rs 675.1 crore during the second quarter of this fiscal, of which the company’s share was Rs 592.7 crore. Sobha had achieved sales bookings of Rs 551.2 crore in the same period last year and out of that the company’s share was Rs 518.2 crore.
“The company during the second quarter achieved new sales volume of 8,61,084 sq ft total valued at Rs 675.1 crore with an average realisation of Rs 7,840 per sq ft,” Sobha said. The company said that its own new sales value of Rs 592.7 crore achieved during the second quarter of 2017-18 is highest in the past 10 quarters.
“Our operational performance for the second quarter needs to be viewed in the backdrop of an environment where both RERA and GST came into force. While it is believed that the sector did get impacted, Sobha has shown not only a steady, but also an improved performance for the quarter,” Sobha said in an investor update.