Shares of the Bengaluru-based real estate developer Sobha Ltd. rallied as much as 8.4 per cent to hit an intraday high of Rs 466.05 after the company posted its best quarterly performance on all the operational parameters in the history of the company. Sobha achieved best ever total sales volume of 1,337,707 square feet of super built-up area valued at Rs 1,072 crore. The company also achieved its best ever price realization of Rs 8,014 per square feet in the last eight quarters on the back of higher demand across all product segments, Sobha Ltd said in a press release.
“Real estate sector revival looks to be a long-term structural story though some headwinds remain. Low cost availability of home loans with income tax benefits is pushing demand for homes including the larger homes. However, uncertainties of second COVID wave and its impact is yet to be assessed. Similarly increase in input cost also needs to be monitored. Sobha, due to its unique self-reliant business model, will be able to face any such future challenges,” Sobha said in a statement.
“Sobha’s foray into multiple regions is yielding results with market share gains across all the operating cities,” Sobha added.
For the financial year Sobha achieved total sales volume of 4,013,381 square feet valued at Rs 3,137 crore. Total sales value achieved during FY 20-21 is the highest ever in the history of the company, Sobha said.
During the quarter, Sobha launched new luxury residential project, ‘SOBHA Windsor’ in Whitefield, Bengaluru with super built-up area of 1.35 million square feet. Sobha also launched a luxury residential project ‘SOBHA Metropolis’ in Thrissur with super built-up area of 1.17 million square feet, Sobha added.
As of 1:22 pm, Sobha shares traded 7.91 per cent higher at Rs 464.40, outperforming the Sensex which was up 0.1 per cent.