Real estate firm Sobha Developers achieved a 30 per cent increase in the sales bookings at Rs 2,215 crore during last fiscal on the back of higher volume as well as sales realisation.

The company had sold properties worth Rs 1,701 crore in the 2011-12 fiscal, according to the operational update.

In terms of volume, Bangalore-based Sobha sold 3.76 million sq ft of area during 2012-13 fiscal as against 3.28 million sq ft in the previous year.

The average price realisation increased to Rs 5,897 per sq ft during last fiscal from Rs 5,181 per sq ft in the previous year.

At the beginning of last fiscal, Sobha Developers had set the target of new sales at Rs 2,000 crore comprising 3.75 million sq ft area.

The company said that the increase in sales realisation by nearly 14 per cent helped it in “protecting the margins and manage the rising input costs on account of inflation”.

During the last fiscal, Sobha launched two projects in Bangalore and one each in Coimbatore and Thrissur comprising a total area of 2.64 million sq ft.

Besides Bangalore, the company has presence in the National Capital Region, Chennai, Pune, Thrissur, Coimbatore and Mysore.

“Higher interest rates and inflation remain a cause of concern. The recent rate cut by the Reserve Bank of India is a step in the right direction signalling a lower interest rate regime in the days to come,” the company said.

Sobha said that the long term real estate demand outlook for construction and real estate sector would remain upbeat due to higher rate of urbanisation, favourable demographics, growing income and inherent desire to own a home.

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