Sobha sees demand revival in Chennai property market

Sobha Ltd has said that it sees a revival of demand in the Chennai market even as it delivered strongly towards the end of the June quarter in Bengaluru.

During the first quarter in 2016, the company launched ‘Sobha Clovelly’ in Bengaluru with total saleable area of 3,25,581 square feet.

“The ‘Sobha Dream Acres’ project, which was launched in the last quarter of fiscal 2015, has been well received by the market and continues to garner positive response from potential customers,” the company told exchanges.

New sales up

The company during the quarter achieved new sales of 841,399 square feet valued at Rs. 503.9 crore with an average realisation of Rs. 5,988 per square feet.

The new sales is higher by 11.5 per cent and 4.5 per cent in volume and value terms, respectively, against the first quarter in 2015.

The average price realisation has dipped on account of the product portfolio of the company comprising the compact luxury segment ‘Sobha Dream Acres’ at Balagere, Bengaluru.

The company said: “We expect to carry forward the momentum generated by the sales performance in the first quarter in 2016 to the coming quarters and are confident of meeting the guidance set for fiscal 2016.”