Sobha’s balance sheet shows dip in sales
Due to lower volumes and lower realisations, realty firm Sobha Developers’ sales booking declined 20 % to Rs 482.2 crore during the first quarter of this fiscal. In the same quarter of last fiscal, its sales bookings stood at Rs 602.8 crore.
In an operational update, Bangalore-based Sobha Developers said the sales volume dropped to 754,000 square feet during the April-June quarter of 2014-15 fiscal as against 920,000 square feet in the corresponding period of 2013-14. The sales realization also dropped to Rs 6,388 per square feet from Rs 6,548 per square feet during the same period.
The spokesperson from Shobha Developers stated that the company did not launch any new projects during the quarter and the new sales achieved during the quarter comprise of the projects launched in the previous quarters.
Sobha’s spokesperson stated that the Bangalore market continued to be resilient while Pune region has outperformed compared to the previous quarter. Giving details about company’s performance in the cities where it has presence, the spokesperson stated that they expect the holiday season in Kerala to augment new sales in Thrissur, Kozhikode and Kochi. However they are cautious in the NCR region specially Gurgaon due to weak sentiment prevalent in the region as a whole. However the company anticipates Chennai to gain traction in the coming quarters due to the proposed new launches.
Source- Business Standard
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