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Realty firm Sobha sees 37% fall in sales in Q1

Realty firm Sobha sees 37% fall in sales in Q1
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Realty firm Sobha sees 37% fall in sales in Q1

Highlights

Realty firm Sobha Ltd's sales bookings fell 37 per cent during April-June quarter to Rs 487.7 crore due to the nationwide lockdown to control the Covid-19 pandemic.

New Delhi: Realty firm Sobha Ltd's sales bookings fell 37 per cent during April-June quarter to Rs 487.7 crore due to the nationwide lockdown to control the Covid-19 pandemic.

Its sales bookings stood at Rs 777.7 crore in the year-ago period. In the previous quarter, bookings were down 30 per cent from Rs 694.5 crore.

"During the quarter, we have achieved sales volume of 6,50,400 square feet valued at Rs 488 crore with a total average realisation of Rs 7,498 per square feet," Sobha Ltd said in an operational update for the first quarter of 2020-21 fiscal year. The price realisation has remained stable, it added.

"Bengaluru is amongst the least impacted metros from Covid-19 so far and has contributed 74 per cent of sales volume during Q1-21 along with other regions also contributing meaningfully," Sobha said. During the entire 2019-20 fiscal year, Sobha achieved a sales bookings of Rs 2,880.6 crore.

"Despite two months of lockdown, disrupted demand outlook, complete washout of economic activities in the real estate sector, we are happy to announce that we were able to clock 70 per cent of sales volume during Q1-21 as compared to Q4-20," it said.

The company said it was able to achieve this through online technological tools, self-reliant business model, customer trust and unmatched delivery track record.

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