In an interview to CNBC-TV18, JC Sharma, Vice Chairman & MD of Sobha Developers informed that the NRI interest in the Indian real estate has been growing significantly.
JC Sharma, vice-chairman & MD, Sobha Developers, says that once the interest rates start declining, there will be a positive impact on the real estate sector.
Sobha Developers has revealed its sales figures for Q1 and the company has posted a very good performance with a 26% increase in land sales year-on-year (YoY), with the figure standing at 840,000 sq ft. The value of revenues made in Q1 is up 58% YoY at Rs 480 crore.
By focusing on cities with fast income generation, Sobha Developers aims for double digit growth in volumes in FY13.
J C Sharma, MD, Sobha Developers believes that the forthcoming Budget will decide how the demand situation will pan out going forward.
In an interview to CNBC-TV18, JC Sharma, managing director, Sobha Developers said, "We remain confident and as we have communicated that this Rs 1,500 crore guidance should be achieved comfortably in this financial year. Going forward, we hope to do better."
In an interview with CNBC-TV18, JC Sharma, MD, Sobha Developers said real estate industry is interest sensitive. He believes that this continuous hike by RBI is impacting the growth of the industry. He maintains company’s guidance to launch 11 million square feet in FY12.
Ashish Puravankara, Director, Puravankara Projects said the company is very excited and positive about its Coimbatore project. The company has already obtained sanction for it and plans to launch the project towards the end of this month.