In its operational update for Q3FY16, the Bangalore-based realty major said that the new sales volume and value are higher by 22 per cent and 12 per cent compared to Q3FY15.
In its operational update for Q3FY16, the Bangalore-based realty major said that the new sales volume and value are higher by 22 per cent and 12 per cent compared to Q3FY15.
Sobha has set a guidance of the new sales area of 4 million sft valued at INR 2,600 crore for the current fiscal year. At the close of Q3FY16, the company has registered new sales of 2.50 million sft valued at Rs. 1477 crore.
“In the context of the current operating scenario, we expect a consequential impact on the company’s performance vis-à-vis the guidance set for the fiscal year 2015-16,” Sobha said in its statement.
On the industry scenario, Sobha said that the demand in the first 9 months of FY16 has been more subdued compared to FY15, with even the festival season not providing anticipated impetus for sales.
The company's performance in the Chennai market was marginally affected by recent floods, while the Bengaluru market continues to perform strongly, Sobha said.
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