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Sobha Ltd has entered the Mumbai housing market with the launch of 'SOBHA Inizio', its first residential project in the city. The 1.038-acre development will offer 310 apartments priced between INR 2.8 crore and INR 5.75 crore, in partnership with the landowner. While project costs and revenue projections were not disclosed, the launch comes on the back of Sobha's strong performance, including its highest-ever sales bookings of INR 3,981.4 crore in the first half of the fiscal year. The company's Q2 net profit nearly tripled to INR 72.52 crore, supported by higher income. With significant deliveries across 27 cities, the Mumbai entry marks a strategic step in its national expansion.
Sobha Ltd expanded into the Mumbai housing market earlier this week, unveiling its first residential project in the city. The developer announced that it had launched 'SOBHA Inizio', a 1.038-acre development comprising 310 apartments. According to the company, the project is being executed in partnership with the landowner, and apartment prices will range from INR 2.8 crore to INR 5.75 crore. Sobha stated in its communication that it had not shared the project cost or its projected revenue at this stage. Advertisement
The developer has already delivered 148.02 million square feet of developable area across 27 cities in India, reinforcing its presence as one of the country's prominent real estate companies. It has also recorded its highest-ever sales bookings during the first half of the ongoing fiscal, achieving INR 3,981.4 crore, reflecting a 30 per cent year-on-year rise.
Earlier this fiscal, the company reported that its consolidated net profit for the second quarter had nearly tripled to INR 72.52 crore due to improved income levels. This compared with a net profit of INR 26.08 crore during the corresponding period of the previous year. Its total income for the July-September quarter increased to INR 1,469.3 crore, up from INR 965.29 crore in the same period a year earlier.
In the preceding fiscal year, Sobha had posted a net profit of INR 94.68 crore on a total income of INR 4,162.75 crore. Operationally, it sold properties worth INR 6,276.5 crore during that period, highlighting consistent demand across its portfolio.
Sobha's entry into Mumbai signals a strategic progression in its nationwide expansion, supported by strong financial momentum and increasing sales velocity. With substantial deliveries completed across multiple cities, the Mumbai foray adds another dimension to its growth trajectory and strengthens its profile in the premium housing segment.
Source - PTI
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