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Sobha to venture into Hyderabad and Delhi residential property market

Friday, 23 Aug 2019
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Realty firm Sobha is venturing into the Hyderabad and Delhi residential property market. The company has entered into a joint development agreement with local landlords to build high-end apartment totalling 1.5 million sq ft in both cities.

While the Somajiguda project in Hyderabad will have 270 units of above 1,850 sq ft, the Badarpur project in Delhi will have 406 units of over 2,150 sq ft each. The company is also planning to launch over 10 million sq ft of residential projects including its affordable segment -- dream series -- to boost growth.

The total investments will be around Rs 4,500 crore including debt and equity over the next five years. Alternatively, Sobha has also increased its focus on the mid-income homes apart from launching more commercial and retail projects.

The company expects its housing business in the Rs 50 lakh to grow significantly faster due to rising demand in the market.

The company currently has ongoing real estate projects aggregating to 42.15 million sq ft of developable area and 29.16 million sq ft of saleable area under various stages of construction. It has a land bank of 2,430 acre across different cities.

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