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Sobha Developers Exiting Land Parcels By ugesh sarkar, Section Bangalore Real Estate
Sobha Developers Ltd has disposed of land to raise funds for its operations and deleverage its balance sheet. In the third quarter of the current fiscal, the Bangalore-based property developer was able to sell 8 acres of its land parcel in Bangalore to raise Rs 54 crore in the December quarter. In the current quarter, the company expects to raise Rs 150 crore through more land sales which include the islands it had bought in Kerala and land parcels in Pune and Bangalore.
In the next financial year, it plans to raise another Rs 250 crore through further monetisation of its land assets, the DNA has reported. JC Sharma, managing director of Sobha Developers Ltd, said his company was able to sell 431 units in last quarter and 1.45 million sq ft in the nine-month ended December. For the current fiscal, Shobha is expecting to sell 2.2 million sq ft and another 2 million sq ft in the next. "We will have six residential projects in the next 12 months over 8 million sq ft. These will be in Bangalore, Chennai, Coimbatore, Mysore and the NCR districts. Total worth of the projects would be around Rs 1,500-1,600 crore. We plan to monetise around 100-125 acres through land sale," Sharma was quoted as saying. According to the report, the company is currently working on 27 projects and expects to complete 1.4 million sq ft of residential projects in the next 3-4 months. The cash required to complete the ongoing projects would be close to Rs 971 crore. The company, which primarily focuses on premium segment, is planning to launch projects in the value home segment by changing its specifications, the report added. Source: Realty Plus Sobha Developers exiting land parcels
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