Sobha’s FY22 sales bookings increased by 23% to Rs 3,870 crore due to increased housing demand
- ByStartupStory | April 11, 2022
During the 2021-22 financial year, Bengaluru-based realty firm Sobha Ltd sales bookings increased by 23% to an all-time high of Rs 3,870.2 crore, owing to greater volumes driven mostly by low-interest rates on house loans. According to a quarterly operational update, the company’s sales bookings climbed by 22% in volume from the previous fiscal year to 49,09,567 square feet from 40,13,581 square feet in the 2020-21 fiscal year.
Sobha’s sales bookings increased in value to Rs 3870.2 crore from Rs 3,137.2 crore. From Rs 7,817 per square foot, the average price realization increased to Rs 7,883 per square foot. In terms of sales value and volume, the Bengaluru, Pune, Gurugram, and GIFT City regions had a significant increase in the previous fiscal year.
In Bengaluru, the company sold 33,53,250 square feet in the last fiscal year, compared to 27,02,120 square feet the prior year. During the year under review, sales volume in Gurugram increased to 6,82,755 square feet from 3,73,058 square feet.
Macrotech Developers, which offers its properties under the ‘Lodha’ brand, recently announced a 51% increase in sales bookings to a new high of Rs 9,024 crore in the previous year. During the previous fiscal year, most of the listed real estate developers are predicted to increase their sales.
Companies that have a better track record of completing projects on schedule have superior performance. Because of the COVID-19 epidemic and a statewide lockdown in 2020, housing sales plummeted, but demand rebounded in the 2021 calendar year. In the first quarter of the current calendar year, the tendency has maintained. Housing sales in seven cities climbed 71 percent to 99,550 units in January-March, according to real estate consultant Anarock.
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