SOBHA Limited achieves highest-ever sales quarter in Q2FY24

SOBHA Limited, a prominent player in the real estate sector, has reported exceptional performance for the quarter ended September 30, 2023. Against the backdrop of a favorable economic environment and unwavering operational focus, the company achieved remarkable milestones in terms of sales and growth.

Key Highlights for Q2FY24:

SOBHA Limited recorded its highest-ever sales quarter with an impressive sales area of 1.69 million square feet (sft) and a total sales value of Rs. 17.24 billion. This achievement reflects a robust 48.1% growth compared to Q2 FY23.

The company witnessed an all-time high in quarterly new sales area, marking 1.69 million sft, which signifies a remarkable 26.1% increase over Q2 FY23.Their share of the sales value reached a historic high at Rs. 12.76 billion, demonstrating a substantial 32.7% growth compared to Q2 FY23.

The average price realization per square foot (sft) stood at Rs. 10,223, indicating robust growth of 17.4% compared to Q2 FY23. SOBHA achieved a significant milestone by recording quarterly sales of over 1,000 homes.

Regional Sales Breakdown:

Bangalore: The Bangalore region achieved its highest-ever sales value of Rs. 9.32 billion, covering an area of over 1 million sft.

Kerala: The Kerala region outperformed the first half of the year, outpacing its entire FY 2023 sales value. This achievement was attributed to the release of new inventory in existing projects.

GIFT City: The projects in GIFT City showcased remarkable growth, delivering their best quarter.

Gurgaon: Gurgaon continued its steady performance, capitalizing on the company's established presence.