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Sobha Developers announces projects covering 11 million Square feet

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According to the sources available to www.propertykhazana.com, Sobha Developers proposed to build up over11 Million Sq.Ft by this economic year at an expected cost of Rs. 2,500 Crores and the major Banks have extended its support for some of these ventures. J C Sharma Managing Director of Sobha Developers said that, “Our auctions understanding in 2010-11 had crossed to Rs. 1,000 Crores with an average of over Rs. 4,000 per Sq.ft; we have created an optimistic cash flow in the previous economic year, so we are dropping our debt considerably.” Company’s money owing which was Rs. 1,450 Crores at the opening of the last financial year, now it has been dropped to Rs. 1,250 Crores currently and Sharma also told that, “Aim of the debt lessening was done without doing property monetization as much as we estimated to do.”
at present company has a property bank of 2,800 acres, monetized property was for about Rs. 150 Crores in the year 2010-11. The aimed debt equity ratio is 0.5-0.6 for 2011-12 and in the total terms the company is likely to bring it to Rs. 1,000 Crores. In addition to the new openings in the 4 cities Bangalore, Coimbatore, Thrissur and Pune have already been presented and the company is also planning to go into the National Capital Region, Mysore and Chennai. Sharma said that, “We have proposed to give entry to Mysore and NCR at the earliest, as the Chennai opening is scheduled in the coming 2-3 months.” He also stated at the www.propertykhazana.com that, “Company has proposed to built-up 11 Million Sq.Ft and over 90% will be in the housing sector. In this regard, the company is in talks with the banks for the financial support and is at the final stages. With these new openings Sharma has been anticipating a good development in 2011-12, company’s auctions has gone up to 50% during the last economic session and has given rise to the new ways.
Source: NIMMA BENGALURU

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