Realty firm Sobha Group has chalked out an aggressive expansion plan for its India business and will soon enter the Mumbai luxury housing market with an aim to achieve more than a four-fold jump in annual sale bookings to Rs 30,000 crore in the next 4-5 years.
Sobha Group, which was founded in 1995 and has real estate business in India and Dubai. got listed on the Indian stock exchanges in 2006 and is one of the leading players in South India. It is looking at all options to acquire land parcels in the Mumbai region, including outright purchases, joint development with land owners and redevelopment of existing housing societies.
Sobha Group has set a high growth target of sales bookings for India business in the coming years. It posted a 28 per cent growth in sales bookings during the last financial year to Rs 6,644.1 crore from Rs 5,197.8 crore in the preceding fiscal.
Sobha Ltd's equity base is being increased to Rs 4,500 crore from the current Rs 2,500 crore. It will soon launch a Rs 2,000 crore rights issue for existing shareholders. Promoters have around 52 per cent stake in Sobha Ltd.
