Realty firm Sobha Ltd’s sales bookings rose 29 percent year-on-year to Rs 887.6 crore in the third quarter this fiscal on nicer residence demand during the festive season. In a working update for the October-December quarter of this fiscal, the Bengaluru-based firm recorded sales bookings of Rs 887.6 crore as against Rs 689.9 crore in the same interval the previous year.
The company’s sales booking increased because of the rising in volume as well as price culmination. According to the data, Sobha sold 11,33,574 sq ft area in the third quarter of 2020-21 as against 8,91,700 sq ft in the year-ago period. The average price realization increased to Rs 7,830 from Rs 7,737 per sq ft during the review period.
“Sales volume achieved during Q3-21 is the best ever quarterly sales volume reported by the company without any major launch during the quarter,” Sobha said. Nevertheless, the April-December period’s sales booking decreased to Rs 2,065.2 crore from Rs 2,186.1 crore in the complementary period last year. This is because of low sales in the first quarter on the national lockdown to prevent the COVID-19 pandemic.
During 2019-20, Sobha had accomplished sales bookings of Rs 2,880.6 crore. “With new launches planned across various cities in the next few quarters and inherent demand for housing continuing, our sales performance during H2-21 is expected to be better than H2-20,” Sobha said.
The realty firm added that it had realized the significance of digital tools and technology in these COVID-times. “We have formed a centralised marketing team, which is managing marketing activities for all the ongoing projects through various digital & other marketing channels. Sales team continues to be decentralised. This has helped us to serve our customers with all their requirements in a time-bound and efficient manner,” Sobha said.
The company has moreover implemented salesforce software for productive sales administration. “All these efforts have given fruitful returns as we continue to see incremental number of enquiries, site visits and better sales conversions,” it noted. Besides Bengaluru, Sobha has a presence in Gurugram, Kochi, Pune, Mysore, Chennai, Coimbatore, Thrissur, Kozhikode and Gift City.