Sobha Developers targeting Rs 1,500 crore of sales in FY2011-12

BANGALORE: Bangalore-based real estate developer Sobha Developers is expecting to achieve new sales of Rs 1,500 crore in financial year 2011-12.

In a real estate operations update for the quarter ended December 31, 2011, the developer has told the Bombay Stock Exchange that the company has sold 818,935 sq ft across the country in the October-December 2011 quarter, with an average selling price of Rs 5,475 per sq ft.

The average selling price for half year ended September 30, 2011 was Rs 4,924 per sq ft.

Of the 818,935 sq ft sold in the quarter, Bangalore had the largest share at 567,662 sq ft, while the national capital region was next at 106,183 sq ft.

Sobha Developers expects to sell over three million sq ft of space in this financial year.

Shares of Sobha Developers closed at Rs 206.65 on Tuesday, up 4.03%.