Despite the rising interest rates and inflationary pressure, Bangalore-based real estate player Sobha Developers Ltd has managed to grow sales 13 per cent to 1.6 million sq ft in the first-half (H1) of the fiscal 2011-12 as against 1.4 million sq ft in the same period of previous fiscal. The company informed the stock exchange it would sell 3-3.5 million square feet by the end of this fiscal.
Sobha, for the first time, this year entered Mysore and the National Capital Region, thereby increasing its geographical spread in the real estate space. The company is also planning to enter Chennai realty space for the first time this fiscal.
It also said that the price realisation rose considerably by 31 per cent to Rs 4,926 per sq ft during the first half of this fiscal as against Rs 3,767 per sq ft in the corresponding period previous fiscal. Taking into account the present macroeconomic environment and company’s performance, it expects to reach an annual sales of Rs 1,500 crore by the end of this financial year which is only marginal increase from its previous year’s sales of Rs 1,473 crore.
