Sobha Q3 bookings decline 6%

 Realty firm Sobha Developers’ sales bookings fell by 6 per cent in the third quarter ended December 2013 to Rs 502.3 crore due to lower sales volumes because of a slowdown in the real estate market.

The Bangalore-based company had achieved sales bookings of Rs 533.4 crore in the year-ago period.

“The company, during the quarter ended December 31, 2013, has sold 0.74 million sq ft of new space valued at Rs 5.02 billion at an average price realisation of Rs 6,786 per sq ft,” Sobha said in an operational update for the third quarter of 2013-14.

In terms of volume, the sales bookings declined by 18 per cent to 0.74 million sq ft during October-December quarter as against 0.9 million sq ft in the corresponding period of the previous fiscal.

The average sales realisation, however, was higher at Rs 6,786 per sq ft as against Rs 5,910 per sq ft during the period under review.

During April-December period of this fiscal, sales bookings have risen by 13 per cent to Rs 1,737.4 crore from Rs 1,540.3 crore in the year-ago period despite lower volumes.

Sobha’s sales bookings fell to 2.66 million sq ft in the first nine months of this fiscal from 2.68 million sq ft in the corresponding period of previous financial year.

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