This increase is primarily attributed to heightened housing demand in Bengaluru, marking this quarter as Sobha’s most successful sales period to date, according to their regulatory filing.
Improved Price Realization and Volume Sales
During the third quarter, Sobha observed an increase in average price realization, rising to ₹11,732 per square foot, a significant rise from ₹9,653 per square foot in the corresponding period last year. Additionally, the volume of sales bookings experienced an uptick, escalating to 16.63 lakh square feet compared to 14.76 lakh square feet in the previous year.
Bengaluru’s Record-Breaking Performance
Bengaluru achieved its highest-ever quarterly sales of 1.25 million square feet, amounting to ₹14.99 billion. This accomplishment was due to the launch of the Sobha Neopolis project at the beginning of the quarter.
Delhi-NCR Momentum and New Projects
Sobha highlighted the strong performance of the Delhi-NCR region, completing the sale of Sobha City in Gurugram. Additionally, the firm introduced two new projects during the third quarter, with a combined saleable area of 3.84 million square feet.
Financial Stability and Debt Reduction
Sobha’s robust cash flows during this quarter contributed to a further reduction in net debt, indicating the company’s financial stability amid its successful sales performance.