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Sobha reports 29% rise in sales bookings in Oct-Dec 2020 due to festive season

As per the data, Sobha sold 11,33,574 sq ft area in the third quarter of 2020-21 as against 8,91,700 sq ft in the year-ago period

twitter-logoPTI | January 10, 2021 | Updated 14:17 IST
Sobha reports 29% rise in sales bookings in Oct-Dec 2020 due to festive season

Realty firm Sobha Ltd's sales bookings rose 29 per cent year-on-year to Rs 887.6 crore in the third quarter this fiscal on better housing demand during the festive season. In an operational update for October-December quarter of this fiscal, the Bengaluru-based firm reported a sales bookings of Rs 887.6 crore as against Rs 689.9 crore in the same period previous year.

The company's sales booking increased on account of rise in volume as well as price realisation. As per the data, Sobha sold 11,33,574 sq ft area in the third quarter of 2020-21 as against 8,91,700 sq ft in the year-ago period. The average price realisation improved to Rs 7,830 from Rs 7,737 per sq ft during the period under review.

"Sales volume achieved during Q3-21 is the best ever quarterly sales volume reported by the company without any major launch during the quarter," Sobha said. However, the sales booking in the April-December period declined to Rs 2,065.2 crore from Rs 2,186.1 crore in the corresponding period last year. This is because of low sales in the first quarter on account of the nationwide lockdown to control the COVID-19 pandemic.

During 2019-20, Sobha had achieved sales bookings of Rs 2,880.6 crore. "With new launches planned across various cities in the next few quarters and inherent demand for housing continuing, our sales performance during H2-21 is expected to be better than H2-20," Sobha said.

The realty firm added that it has realised the importance of digital tools and technology in these COVID-times. "We have formed a centralised marketing team, which is managing marketing activities for all the ongoing projects through various digital & other marketing channels. Sales team continues to be decentralised. This has helped us to serve our customers with all their requirements in a time-bound and efficient manner," Sobha said.

The company has also implemented salesforce software for efficient sales management. "All these efforts have given fruitful returns as we continue to see incremental number of enquiries, site visits and better sales conversions," it noted. Besides Bengaluru, Sobha has a presence in Gurugram, Kochi, Pune, Mysore, Chennai, Coimbatore, Thrissur, Kozhikode and Gift City.

Also read: Housing sales fall 50% to 21, 234 units in NCR in 2020: Knight Frank

Also read: Real estate cases under IBC make encouraging progress, 50% closed by Jul-Sep'20

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