Sobha reports highest ever sales in Q1, thanks to this NCR project

Real estate firm Sobha Ltd has reported a significant increase in its sales bookings for the first quarter of the fiscal year, achieving a record-breaking ₹2,079 crore. The Bengaluru-based company recorded an 11% rise from the previous year's figure of ₹1,873.7 crore. The company attributed this growth to a robust housing demand, as it sold 14.44 lakh sq ft of area during the April to June period, compared to 11.75 lakh sq ft in the same period last year.

"This performance was led by the launch of SOBHA Aurum in Greater Noida, which witnessed strong demand in the launch week underscoring the market’s response to high-quality positioning in strategic location," said Sobha Ltd.

The Greater Noida project, 'Sobha Aurum,' spans 3.46 acres and offers a saleable area of 701,051 sq ft, comprising 420 apartments. An investment of approximately ₹800 crore is planned for the development of this luxury project 

Sobha also completed 1.07 million sq ft of saleable area, delivering 594 homes across various projects. The company described this as its "highest-ever quarterly real estate sales value of ₹2,079 crore, crossing the ₹2,000 crore milestone for the first time."

The impressive sales figures were driven by several factors, including the urban migration, high absorption rate of commercial spaces, increased consumer confidence, and declining interest rates. In addition, Sobha launched two new housing projects during the quarter, one in Greater Noida and another in Kochi. .

Sobha Ltd, recognised as one of India's leading real estate developers, has delivered about 145 million sq ft of space since its inception and currently operates in 13 cities across the country. The company's strategic expansions and ongoing projects place it favourably within the competitive real estate market. However, it faces competition from major players in the sector, who continue to vie for a larger market share.