Several Bengaluru-headquartered real estate developers are making a beeline for Delhi-NCR with market debuts and project launches slated for upcoming quarters
Gurugram surpassed home ground Bengaluru with over ₹850 crore in quarterly sales during the April-June period of FY25 to become the top performer for real estate developer Sobha Ltd. According to details cited in the company’s investor presentation, over the next 6-8 quarters, Sobha Ltd is expected to launch three residential projects spanning a saleable area of 3.46 million square feet, alongside two commercial projects including a leasable area of 7.9 lakh square feet in this satellite city.
Sobha’s peers, Puravankara Limited and Prestige Estates are also eyeing a piece of the NCR market with their debuts anticipated in upcoming quarters. While Prestige is confident about the October – December period of the ongoing fiscal, Puravankara is estimating a FY26 timeline.
Sobha’s first quarter performance in Gurugram came largely on the back of nearly 3 lakh square feet of real estate sold in Sobha Aranya, an uber luxury residential project launched in Sector 80 of the satellite city during Q1. The project accounted for 88% of the total area sold in the city during the three-month period.
Spanning across 31.28 acres of land parcel located within a 270-acre biodiversity park of Karma Lakelands, Sobha Aranya comprises five towers with over 40 floors each. They house 92 3BHK units and 432 four BHK units amounting to a total saleable area of nearly 2 million square feet. Units are priced over ₹5 crore.
Overall, Sobha Ltd sold 3.37 lakh square feet of real estate in Gurugram during the June quarter of the ongoing financial year at an average price realisation of ₹25,261 per square feet.
The real estate player also secured a 13,900 square metre plot in Greater Noida’s Sector 36 earlier this month, with a bid of ₹161 crore or ₹1,16,012 per sq m. The Greater Noida Industrial Development Authority on August 7 conducted the e-bidding process for allotment of five group housing plots in different sectors.
The real estate major has a target of 9 million square feet in total launches during financial year 2024-25, company senior executives said during the investors call.
Q1 FY25 performance
Sobha Limited earlier this month reported a 50% slump in its consolidated net profit for the April-June quarter of financial year 2024-25 at ₹6.06 crore. The company however saw a 28% year-on-year increase in total sales value during the quarter at ₹1,874 crore.
Sobha’s total revenue during the quarter ended June 30 stood at 669 crore while it clocked its highest-ever quarterly collections with a 14% annual increase at ₹1,546 crore, against ₹1,355 crore in the corresponding three-month period last year.
The real estate player sold 562 units with a total saleable area of 1.17 million square feet across all regions during the quarter, Sobha Ltd said in a regulatory filing.
“With a healthy pipeline of 18.30 million square feet of residential projects set to be launched in the coming quarters, we anticipate further enhancement of our growth trajectory. Additionally, the recently concluded rights issue will enhance our financial and operational strength, positioning us to capitalize on growth opportunities in India’s vibrant economic environment and enter new markets,” said Jagadish Nangineni, Managing Director, Sobha Limited.
Founded in 1995, Sobha Ltd has cumulatively delivered over 137.68 million square feet of developable area across 27 Indian cities.
Source : HT
