Sobha's sales bookings fall 4% to Rs 2,012 crore in FY'16

www.sobha.com

New Delhi: Realty firm Sobha Ltd sold properties worth Rs 2,012 crore last fiscal, down 4 percent from the previous year, due to demand slowdown in the housing segment.

According to an investor update, Bengaluru-based Sobha Ltd achieved sales bookings of Rs 2,011.8 crore during 2015-16 fiscal against Rs 2,095 crore in the previous financial year.

In volume terms, however, the company's sales bookings rose to 33.83 lakh sq ft during last fiscal from 32.79 lakh sq ft in the 2014-15 fiscal.

The average realisation dropped to Rs 5,946 per sq ft from Rs 6,389 per sq ft during the period under review.

"...The demand for residential segment remained muted in almost all markets across the country," Sobha said.

Bengaluru delivered a strong performance during the last fiscal and continues to display resilience and stability, while the performance of the other markets was lower than expected on account of the ongoing sector specific challenges.

Sobha also informed that it has made a soft launch of the first phase of the group housing project in Gurgaon.

"The total saleable area of the project is 3.23 million sq ft. The company has obtained all the requisite project approvals for the project and the formal launch is scheduled in Q1'17," it said.

Sobha Ltd has tied up with another realtor Chintels India to develop a 39-acre group housing project comprising of 1,700 flats in Gurgaon at an estimated cost of Rs 1,000 crore.

The company is already developing a luxury villa project named 'International City' on a 150-acre land parcel near Dwarka Expressway in a tie-up with Chintels group and QVC Realty.

Besides Bengaluru and Gurgaon, Sobha has presence in Chennai, Thrissur, Pune, Coimbatore, Cochin, Calicut and Mysore property markets.