Realty firm Sobha clocks 28% growth in sales bookings at Rs 6,644 cr in FY24

New Delhi: Realty firm Sobha Ltd has posted a 28 per cent growth year-on-year in sales bookings during the last financial year to Rs 6,644.1 crore on better volumes and average price realisation amid strong consumer demand for residential properties.

Bengaluru-based Sobha Ltd had clocked a sales bookings of Rs 5,197.8 crore in the year-ago period.

In its latest operational update, Sobha highlighted that it has achieved historic best sales performance across all sales parameters.

In terms of volume, the sales bookings grew by 8 per cent to 6.08 million (60.8 lakh) square feet from 5.65 million (56.5 lakh) square feet in the previous year.

Average price realization improved by 19 per cent Rs 10,922 per square feet.

Sobha launched 7.02 million (70 lakh) square feet area spread over six projects last fiscal, as against 3.96 million (39.6 lakh) square feet in 2022-23.

"Housing demand in India was robust through the year, making financial year 2023-24 the strongest year for the sector. Increased government expenditure, domestic consumption growth, all round physical infrastructure development has led India to a leadership position in the world of economic growth, even in a turbulent geopolitical environment and has laid a strong foundation for future as well," the company noted.

Besides Bengaluru, the leading real estate developer has a significant presence in Kerala, Tamil Nadu, Pune, Hyderabad, Delhi-NCR and Gujarat.