Realty firm Sobha is foraying into the Hyderabad and Delhi residential property market.
The company, which is known for its luxury apartments, has entered into a joint development agreement with local landlords for building high-end apartment totalling 1.5 mn sq ft in both cities.
JC Sharma, Vice Chairman and Managing Director, Sobha, said, “We have seen good demand for the Rs 50 lakh to Rs 2 crore segments. The JD (OR JV) has been signed and we are working on specifications.”
The Hyderabad project will have 270 units of above 1850 sq ft, while the Delhi project will have 406 units of over 2150 sq ft each.
The realty firm is also looking to open more than 10 m sq ft of residential projects including its affordable segment to boost growth.
“Despite the tough environment, we are seeing good sales,” Sharma stated.
At present, Sobha is generating around 65% of its revenue from residential projects priced above Rs 1 crore.
Sharma further added, “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.”
