Known for its luxury apartments, Realty firm Sobha is entering the residential property market in Delhi and Hyderabad. The firm has reportedly ventured with the local landlords to build a total of 1.5 million sq ft of high-end apartments in both the cities.
Vice-chairman and managing director of Sobha, JC Sharma said, “We have seen good demand for the Rs 50 lakh to Rs 2 crore segment. The JD (OR JV) has been signed, and we are working on specifications.”
The company has planned 270 units of above 1850 sq ft in Somajiguda, Hyderabad and 406 units over 2150 sq ft each in Badarpur, Delhi. The company is also planning to launch projects over 10 million sq ft of residential projects, including its affordable segment ‘dream series’ worth Rs 4,500 crore over the next five years.
Apart from its commercial and retail projects, a Bengaluru based real estate firm is focusing more on the mid-income homes. As there is a rise in the demand in the market of Rs 50 lakh housing sector, Sobha is looking forward to growing significantly in the affordable housing sector.
Around 65% of the total revenue of the company is generated from the residential projects priced above Rs 1 crore. Sharma stated, “We have also achieved a pre-sales volume of 1.06 million square feet valued at Rs 778 crore during the first quarter of the financial year.”
Prominent real estate centres of south India – Hyderabad, Bengaluru and Chennai are reviving gradually in the residential property sales. The southern property market is slowly stabilizing with Rs 40 and 70 lakh categories rising since early last year.
Hyderabad recorded the highest growth in sales during the first half of 2019 at 65% while Bangalore witnessed steady and mature growth in the residential market in sales. Chennai also saw a considerable increase in sales volume.
Sobha is presently engaged in projects around 29.16 million square feet of saleable area under different stages of construction. As per the data available, Sobha has a land bank of around 2500 acres across India.