Real estate developer Sobha Ltd expects to gain market share

Last Updated: Tue, Oct 10, 2017 11:21 hrs
Mumbai Real Estate (Reuters image)

Mumbai: Real Estate developer Sobha Ltd is expecting to gain a share in the markets where it operates with sustained growth in sales, a company official said on Monday.

The company during the July to September quarter achieved new sales volume of 861,084 square feet total valued at Rs 6,751 million with an average realisation of Rs 7,840 per square feet.

"When the macro environment is yet to pick up as much as it should have been and the market is not growing, we have grown better...this quarter, we have achieved a ten quarter high volume and value growth and going forward, we believe this thing should be sustained and going forward, it means we should be gaining the market share in the markets where we are currently operating," company's VC and MD J.C. Sharma told BTVi in an interview.

He said the underline demand and macro environment still remains bit challenging.

"The demand growth is also quite sluggish. What RERA, GST and demonetisation are doing is allowing the formal economy to start reflecting its real strength. We are advantageously placed. This is giving us an edge over other organised players," he said.

Sharma, however, attributed Pradhan Mantri Awas Yojana (PMAY) scheme along with lower inflation and interest rates for helping the real estate demand to grow and remained bullish on future sales.

"From now onward, the underline strong demand should start getting converted into actual (sales) numbers with the kind of good environment ...that should benefit us. As far as the overall situation is concerned, the worst situation is behind us and from now, things can only improve," he said.

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