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Sobha hits record Q4 pre-sales numbers, expects double-digit growth to continue in FY20

Updated : April 08, 2019 12:07 PM IST

Real estate major Sobha Ltd on Monday said despite the uncertainty on the revision of goods and services tax (GST) rates, the company has achieved a record fourth quarter in terms of pre-sales numbers, enabling it to close a record financial year as well.

"In the FY 18-19, we have achieved pre-sales of 4.03 million square feet valued at Rs 3,123 crore. This is the highest ever new sales booking in the history of the company. Similarly, Bengaluru has achieved the highest ever new sales booking of 2. 76 million square feet during FY 18-19," the Sobha said in an exchange filing.

The sales value has risen about 8.5 percent at around Rs 700 crore. JC Sharma, vice chairman and managing director of the company spoke about the latest happening in the company and gave his outlook for the future.

Despite hiccups, the economy, as well as the sector, is coming back in a sure-footed manner, said Sharma.

“We have been launching a number of projects. In the last two quarters, we have launched a number of projects throughout India and those launches helped us in getting this kind of numbers where for the first time we have crossed 4 million square feet of new sales,” Sharma said.

"We believe new launches in future will aid in maintaining double-digit growth and it even looks achievable in FY19-20 as well," Sharma added.

The core market has always been Bengaluru which constitutes more than 75 percent of the company's sales and it continues to grow, Sharma said.

“As far as our Kerala market is concerned, despite the flood scare that we had in Q2, it has recovered quite well and it looks like it will be the star performer in the current financial year,” he added.
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