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Sobha sells record space in Q2, price realisation rises 7.5%

Source : BUSINESS_STANDARD
Last Updated: Sat, Oct 06, 2012 18:52 hrs
The BSE building is reflected on a glass window as people look at a large screen displaying India's benchmark share index in Mumbai

Despite the ongoing turmoil in the real estate sector, Bangalore-based developer Sobha Developers Ltd said it had sold over 950,000 square feet of new space valued at Rs 527 crore in the quarter ended September 30.

The average price realisation went up 7.5 per cent in the quarter to Rs 5,575 per square feet from Rs 5,188 a year ago. During the September quarter last year, the company had made a new space sale of around 930,000 square feet.

The company said it was bullish about the growth opportunity in the current financial year. Sobha had set a guidance of new space sales of 3.75 million square feet valued at Rs 2,000 crore for 2012-13. At the end of September, the company has already registered sales of around 1.78 million square feet at a value of around Rs 1,007 crore.

Sobha saw 11.2 per cent growth in new space sales in the first half of the current financial year. "We are witnessing good demand and growth in all our locations," S Baaskaran, chief financial offier of Sobha Developers, told Business Standard.

"In the first half of the fiscal, our growth has been as expected. We have achieved half of our guidance for the entire year. We are bullish about the growth in the next six months," he added.

The company also said it had launched Sobha Grandeur in Bangalore and Sobha Jade in Thrissur, Kerala, with a total built-up area of 868,578 square feet. Sobha had posted 73 per cent increase in its net profit at Rs 45 crore on revenues of Rs 435 crore, which grew 57 per cent for the quarter ended June 30.

Sobha has presence in around 7 cities across India like Pune, NCR, Chennai, Bangalore, Thrissur, Coimbatore and Mysore and the new sales numbers are for these cities.

The share of the company on BSE closed at Rs 384.45 yesterday at a gain of 0.43 per cent when the benchmark Sensex shed 0.43 per cent to close at 18,938.46 points.

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