Sobha Dev to build about 11 mn sq feet next 2-3 qtrs
Real estate firm Sobha Developers is planning to develop about 11 million square feet across both residential and commercial properties in the next two-three quarters, a top official said on Monday.
January 24, 2011 / 19:17 IST
Real estate firm Sobha Developers is planning to develop about 11 million square feet across both residential and commercial properties in the next two-three quarters, a top official said on Monday.
"We find that go there is a momentum going forward... There is no harm in launching new projects and taking advantage as the employment scenario is slightly better, the IT sector continues to hire, continues to grow," Managing Director JC Sharma told Reuters."There is a lot of visibility in our core of businesses of real estate, with good margins."The Bangalore-based firm has a total of 15.17 million square feet under development, he said.It has 22 ongoing residential projects totalling 8.02 million sq ft, 6 commercial projects of 0.61 million sq. ft and 36 contractual projects of 6.53 million sq. ft. under various stages of construction, it said in a statement.Net debt falls marginallySobha Developers had a net debt of Rs 1244 crore as on December 31, marginally dowm from Rs 1250 crore at September-end."The debt has not reduced as much as we wanted, but no regrets... We have completed a lot of projects in the last quarter, and are investing in new projects in this quarter also," he said.Earlier, the company said its net profit rose 20% at Rs 49 crore for October-December. It bagged contractual orders worth Rs 90 crore in Oct-Dec quarter from clients like ITC, Biocon and Hotel Leela Venture Ltd among others, it said in a statement.The company's debt-equity ratio was at 0.67 as on December 31, compared with 0.69 as on September 30, it said.Also during the third quarter, Sobha Developers monetised land for Rs 34.2 crore and hopes to achieve projected land monetisation of Rs 200 crore in the current financial year, it said.Shares of the company closed up 0.44% at Rs 277 on a firm Mumbai market. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
