Bengaluru-based real estate company Sobha Limited recorded quarterly sales bookings of Rs 1,424.7 crore during the December quarter of the current fiscal, indicating 36% year-on-year growth. This is the highest ever quarterly sales bookings in terms of both value and volume, the company said in a statement. The company’s sales bookings stood at Rs 1,047.5 crore in the third quarter previous year.
The average price realisation rose to Rs 9,650 per square foot, increasing by 21.9% from Q3 FY22. Sobha achieved the highest ever quarterly sales volume of 1.47 million square foot, marking an increase of 11.6% from the previous year.
During April-December of FY23, the company’s sales bookings grew to Rs 3,734.4 crore from Rs 2,760.6 crore a year earlier. In these nine months of FY23, Sobha Ltd achieved sales volume of 4.17 million square feet, showing a growth of 16.9% as compared to the corresponding period of the previous year. Also, the average price realisation during the first three quarters of this fiscal year rose to Rs 8,952 per square foot, marking an increase of 15.7% from the corresponding period of last year.
“Requirement for larger homes has been the consistent theme we have witnessed in the past couple of years,” the company said.
“Q3, FY2023 has been the best-ever sales quarter for Sobha, both in volume and value. While Bengaluru continues to contribute a significant share of real estate sales, our projects from other cities have contributed 40% of the total sales volume, one of the highest in recent years,” it said.