Sobha Developers targets Rs 2,000 crore of new bookings this fiscal

NEW DELHI: Realty firm Sobha Developers has set a target of Rs 2,000 crore in sales booking this fiscal, up 18 per cent from 2011-12.

The Bangalore-based company posted 50 per cent growth in the sales booking at Rs 1,701 crore in the 2011-12 fiscal as against Rs 1,133 crore in the previous fiscal.

For 2012-13, Sobha is targeting a new sales volume of 3.75 million square feet and sales value of Rs 2,000 crore, the company said in a statement.

"This year the growth momentum will continue. As we move forward, the sales we have achieved for the last financial year will reflect on our income statement in 2012-13," Sobha Developers Vice Chairman and Managing Director JC Sharma said.

"We have already witnessed a decline of interest rates in the first quarter, which is a positive sign. Although the headwinds remain, Sobha is confident of achieving new sales of 3.75 million square feet valuing at Rs 2,000 crore," he said.

Yesterday, Sobha reported 14 per cent rise in consolidated net profit at Rs 206 crore for 2011-12. The total income rose marginally to Rs 1,414 crore in FY'12 as against Rs 1,400 crore in the previous fiscal. The company has recommended a dividend of Rs 5 per share.

It had also announced the succession plan by elevating Ravi Menon as co-Chairman of the company. Ravi Menon (31), who is son of Sobha's founder Chairman P N C Menon, was earlier Vice-Chairman of the company.

Sobha has so far completed 79 real estate projects and 209 contractual projects covering about 51.80 million sq ft.

The company has 38 housing projects aggregating to 23.04 million square feet of developable area and 47 contractual projects aggregating to 10.05 million sq feet in various stages of construction.

Sobha has presence in 21 cities and 11 states.