Sobha, Macrotech Developers' shares jump on record Q2 sales, pre-sales

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₹690.90 apiece, while Macrotech Developers shares gained as much as 3.20% to ₹773.95 apiece on the BSE. The Bengaluru-based property developer Sobha said it recorded sales worth ₹1,723.8 crore in the quarter ended September 2023, witnessing a growth of 48.1% from ₹1,164.2 crore in the year-ago quarter. The company posted the highest quarterly new sales area of 1.69 million sq ft in Q2FY24, up 26.1% YoY, with an average price realization of ₹10,223 per sq ft.

Also Read: Marico share price falls over 4% on lower consolidated revenue, single digit volume growth in Q2 amid rural pain Sobha achieved a milestone of quarterly sales of over 1,000 homes. GIFT City projects recorded their best quarter, the company said. Bangalore achieved its highest ever sale value of ₹932 crore, with over 1 million sq ft in area.

Kerala region’s sale value in the first half of FY24 was higher than that in the entire FY23 led by release of new inventory in existing projects. Sobha’s average price realization was at ₹10,223 per sq ft, growth of 17.4% YoY. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Macrotech Developers, or Lodha, said it achieved its best ever quarterly pre-sales performance of ₹3,530 crore in Q2FY24.

With this, the company achieved 48% of its FY24 pre-sales guidance despite no new locations being launched in H1. “With festive season commencing shortly and strong launch pipeline for H2 with launches of 7 new locations, the company is on target to meet its full-year guidance," Macrotech Developers said in a release. The company’s collections during the quarter were at ₹2,750 crore.