New Delhi, Oct 11: Realty firm Sobha Ltd on Tuesday reported a 13 per cent increase in its sales bookings to Rs 1,164.2 crore for the second quarter of this fiscal year on higher price realisation.
Its sales bookings stood at Rs 1,030.2 crore in the year-ago period, the Bengaluru-based real estate developer said in a regulatory filing.
“We have achieved the highest ever sales value in this quarter, with a steady sales volume and have improved on the previous best of average price realisation. Cash flow management continues to be our focus area and has resulted in further net debt reduction,” Sobha said.
The company’s sales bookings grew in the July-September quarter despite a fall in area sold by the company.
In volume terms, sales bookings dropped to 13,36,828 square feet in July-September quarter of the 2022-23 fiscal year from 13,48,864 square feet in the corresponding period of the previous year.
The average price realisation rose 14 per cent to Rs 8,709 per square feet in the September quarter from Rs 7,637 per square feet a year ago.
Sobha launched three new residential projects towards the end of this quarter — two in Bengaluru, one in Thiruvananthapuram — with a total saleable area of 8,80,893 square feet.
On the market, the company noted that strong consumer confidence is also being witnessed, including in home buying, in an inflationary and yet stable domestic economic environment.
“However, persistent high inflation and RBI’s interest rate increases to combat the same, is a matter of concern going forward, even though the rates remain lower than the pre-Covid period as of now,” Sobha said.
The adoption of hybrid work model in the technology and services sectors, higher household income, corresponding improved affordability and increased aspirations are leading to sustained housing demand across cities, including Bengaluru, it added.
Among other players who have reported operational update for July-September quarter so far, Macrotech Developers Ltd last week reported a 57 per cent increase in its sales bookings during the quarter to Rs 3,148 crore from Rs 2,003 crore last year.
Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country.
Ajmera Realty & Infra India Ltd reported a 82 per cent increase in its sales bookings to Rs 166 crore for the quarter under review as against Rs 91 crore in the preceding year. (PTI)
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