An Indian multinational realty company, Sobha Group has charted a flourishing expansion plan for its Indian business & gives hint for entering into a luxury housing market of Mumbai shortly.
This Mumbai’s entry plan comes from the company’s determination to attain over a four-fold surge in yearly sale bookings to Rs. 30,000 crore for the next 4-5 years.
Established in 1995, Sobha Group operates real estate business in India as well as in Dubai. After gotten enlisted on the Indian stock exchanges in 2006, Sobha became a one of the key real estate players in South India.
The company is seeking for all possible ways to purchase land parcels in the Mumbai comprising outright acquirements, joint development with land lords & revamping activities of existing residential projects.
The realty developer has determined a high development target of sales bookings for business in India in upcoming years. The company has reported a 28 percent upsurge in the overall sales bookings during the previous financial year to Rs. 6,644.1 crore from Rs. 5.197.8 crore in previous financial year.
The equity base of Sobha Ltd is being raised to Rs. 4,500 crore from the current equity base of Rs. 2,500 crore. Also the real estate company will soon launch Rs. 2,000 crore rights issue for existing investors. In the overall shares of Sobha Ltd, promoters have nearly 52 per cent stake.
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