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Sobha Ltd, a well-known real estate developer, saw a 29% drop in its sales bookings for the quarter ending December 2024, bringing the total to Rs 1,388.6 crore. This decline was mainly due to fewer new projects and a high comparison from last year when bookings were Rs 1,951.6 crore.

However, sales improved compared to the previous quarter, where the company recorded Rs 1,178.5 crore in bookings. For the first nine months of the 2024-25 financial year, Sobha earned Rs 4,440.8 crore from sales, down from Rs 5,140.1 crore in the same period last year.

In the full 2023-24 financial year, Sobha made Rs 6,644.1 crore in sales, mostly from residential properties. In Q3 of FY25, the company achieved Rs 1,388 crore in sales, with 1.01 million sq ft of new property sold. This showed a 17.8% growth in sales compared to the last quarter, with the average price at Rs 13,663 per sq ft.

For the first nine months of FY25, Sobha sold 3.12 million sq ft of new properties, earning Rs 4,441 crore. The average price increased by 31.3% to Rs 14,226 per sq ft, thanks to higher prices in ongoing and new projects.

Despite the drop in sales, Sobha is optimistic. The company pointed out that India’s economy is improving, with strong GST collections and more people getting hired. There is also high demand for office spaces in big cities, especially from Global Capability Centers (GCCs). This growth in the office market is driving more people to move to cities, which boosts the demand for homes.

Sobha Ltd operates in key cities like Bengaluru, Delhi-NCR, Kerala, Tamil Nadu, Hyderabad, Pune, and Ahmedabad. The company believes that demand for residential properties will remain strong in these areas, even though more homes are expected to be built in the future.

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