Plans are afoot for development of more than 11 million square feet of area by leading realty firm Sobha Developers. The cost for this project which is coming up this fiscal has been estimated at Rs 2,500 crore. A company official revealed that some of these projects have already received confirmation of bank funding.
Mr. J C Sharma, the MD of Sobha Developers said that the company has already realized a sales turnover of over Rs 1000 crore in 2010-11. This according to him suggested an average sales realization of more than Rs 4,000 per square feet. Mr. Sharma said that the company has managed to achieve a significant reduction in debt because of positive cash flow generation during the last fiscal. At the beginning of last fiscal the debt stood at Rs 1,450 crore which has come down to Rs 1,250 crore during 2010-11. He said that though it was expected that the company would go in for land monetization it did not because it could achieve the targets set to reduce debts. Mr. Sharma said this while talking to Business Line.
Apart from launching new projects in Bangalore, Pune, Coimbatore and Thrissur where the company already has its presence it is now planning to set up base in NCR, Chennai and Mysore.
Mr. J C Sharma, the MD of Sobha Developers said that the company has already realized a sales turnover of over Rs 1000 crore in 2010-11. This according to him suggested an average sales realization of more than Rs 4,000 per square feet. Mr. Sharma said that the company has managed to achieve a significant reduction in debt because of positive cash flow generation during the last fiscal. At the beginning of last fiscal the debt stood at Rs 1,450 crore which has come down to Rs 1,250 crore during 2010-11. He said that though it was expected that the company would go in for land monetization it did not because it could achieve the targets set to reduce debts. Mr. Sharma said this while talking to Business Line.
Apart from launching new projects in Bangalore, Pune, Coimbatore and Thrissur where the company already has its presence it is now planning to set up base in NCR, Chennai and Mysore.
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