Sobha's Q2 sales bookings up 49% at Rs 1,030 cr on improved housing demand

Bengaluru-based real estate firm Sobha Ltd on Wednesday said it has clocked 49 per cent growth in sales bookings at Rs 1,030.2 crore during the second quarter of this fiscal on better housing demand.

The company had sold properties worth Rs 689.9 crore in the year-ago period.

In a regulatory filing, Sobha informed that sales bookings in volume terms rose to

13,48,864 square feet in Q2 of this fiscal from 8,91,700 square feet in the same quarter of last financial year.

Sobha's sales bookings rose to Rs 1,713.1 crore during April-September of this fiscal year from Rs 1,177.6 crore in the corresponding period of the previous year.

In the entire last fiscal year 2020-21, Sobha had clocked sales bookings of Rs 3,137.2 crore.

"With festive season coming in and our planned new launches in the coming quarters, we are expected to sustain momentum in the second half of the financial year," Sobha said in the filing.

During the second quarter of FY'22, Sobha said it has achieved best-ever sales volume at sustainable price realisation.

"This was primarily driven by good sales numbers achieved in Bengaluru, Gurugram, Pune and GIFT CITY. The Kerala region has shown improved sales performance as compared to Q1 FY'22. It could have done better but for the prolonged impact of Covid second wave," the company said.

Sobha Ltd is one of the leading real estate players in the country.