Sobha Ltd. recently released their operational updates for the quarter that ended September 30, 2022, where they achieved their highest-ever quarterly sales value of Rs. 1,164cr which was an increase of 13.0% YoY /1.6% QoQ. Their share of sales value was also the highest ever at Rs961cr in Q2FY23 an increase of 12.5% YoY/1.0% QoQ, while their average price realization improved to Rs. 8,709 /sq.ft up by 14.0% YoY/ 3.3% QoQ.

The management also mentioned that cash flow management continued to be their focus area and they reduced their net debt further in Q2FY23. The management is of the view that with the adoption of a hybrid work model in the technology & services sectors, higher household income and corresponding improved affordability were leading to sustained housing demand across cities, including Bangalore, where they achieved sales of over one million square feet consecutively for the second quarter.

Sobha has launched three new residential projects at the end of this quarter of which two were in Bangalore and one in Thiruvananthapuram and together they will have a total saleable area of 8,80,893 sq.ft. The launch in Thiruvananthapuram will be their first residential Real Estate project in the city. The two projects in Banglore launched are SOBHA Insignia a boutique super-luxury project in Bhoganahalli, South East Bangalore, with 33 apartments and a saleable area of 80,251 sq.ft, and Sobha Brooklyn Towers -Town Park with 297 apartments of 3 & 4 BR configurations in three new towers, with a saleable area of 604,222 sq.ft near Electronic City, Hosur Road, Bangalore. The third project in Thiruvananthapuram, Kerala is SOBHA Meadows – Whispering Hill a Luxury apartment project with a saleable area of 196,420 sq.ft.