New sales guidance by Sobha Developers
Sobha Developers, Bangalore-based real estate company, has given a new sales guidance for the year of $363 million (Rs 2,000 crore) for this fiscal. For the same period last year, the developer managed sales of $309 million (Rs 1,700 crore).
In the second quarter of FY12, the realtor launched Sobha West Hill in Coimbatore. It is a new villa project with a total saleable area of 0.14 million square feet. The builder’s Gurgaon project has witnessed a steep rise of 24 per cent in sales.
Presently, the company is accumulating money from projects across Bangalore, NCR, Chennai, Pune, Thrissur, Coimbatore and Mysore.
Kejal Mehta and Dhrushil Jhaveri, real estate analysts from Prabhudas Liladher, wrote in their report to their client on account of strong launches and monetization of old sales, coupled with a steady execution, the company has brought its net debt down from $220 million (Rs1,210 crore) in FY11 to $207 million (Rs 1,140 crore ) in FY12. We further expect net debt to reduce to $161 million (Rs 890 crore) in FY13, resulting in a DER of 0.56, down from 0.67 in FY11.”
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Source: VC Circle
Bangalore, Bangalore-based real estate company, Chennai, Coimbatore, Gurgaon, Mysore, NCR, Pune, saleable area, sales guidance, Sobha Developers, Sobha West Hill, Thrissur, villa project
