Bengaluru-based real estate developer Sobha Ltd reported sales of Rs 1,951.6 crore during Q3 FY24, up by 37 percent compared to the same quarter in the previous year, according to a regulatory filing on January 4. The average price realisation improved to Rs 11,732 per sq ft, up by 14.8 percent over Q2 FY24, supported by the new project launch of Sobha Neopolis, which contributed to 53.9 percent of overall sales value.
The company sold 1.66 million sq ft (msf) in Q3, up by 12.7 percent over Q3 FY23. The company said it achieved the highest-ever quarterly sales of 1.25 msf in Bengaluru.
In Q3, Sobha launched two new residential projects in the quarter with a total saleable area of 3.8 msf. Among the launches are Sobha Neopolis, sprawling over 25.89 acres with a saleable area of 3.4 msf. The project comprises 19 wings and 1,875 units (configurations of 1/3/4 BHK) with sizes ranging from 660 sq ft to 2,481 sq ft.
Among the other launches is Phase 3 of Sobha Metropolis spread over 0.3 msf in Thrissur, Kerala. It consists of 160 apartments (2/3/4 BHK configurations) with sizes ranging between 1,885 sq ft and 2,843 sq ft.
In the first nine months of FY24, the company said its sales area grew by 12.7 percent to 4.74 msf compared to the same period in FY23. It registered sales of Rs 5,140 crore, up by 37.6 percent YoY. The average realisation improved by 21.0 percent to Rs 10,835 per sq ft.
"NCR region continued with its strong momentum completing the sale of Sobha City in Gurgaon. Kerala region clocked a 59.5 percent growth in new sales area over Q3 FY23. GIFT City’s sales area in the first nine months of FY24 registered a growth of 22.7 percent over sales of the full year of FY 2023," the regulatory filing added.
Stock performance
Shares of Sobha slipped 4 percent to Rs 1,245 in early trade on January 5 as investors rushed to book profit, a day after the real estate company reported its highest-ever quarterly sales in the October-December period.
In the past month, the stock has surged more than 33 percent against a 14 percent rise in the Nifty realty index. The counter touched a 52-week high of Rs 1,339 on January 4.
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