![]() For projects, where we utilise precast technology, we may not even have to avail of the extended timelines. In fact, many of our projects are falling within the original RERA timelines or the extended RERA timelines. RERA has provided for a six-month extension in timelines and “that is a good enough period to complete our projects. With social distancing norms in place and strict protocol to be followed at construction sites on account of COVID-19, production has been impacted more than the sales. ![]() The impact of the pandemic has been more visible on production than on new sales. With sales picking up during the festive season, we should be able to do 2 mn sq ft of new sales in the second half this year,” Sharma told Moneycontrol. We should be doing better than last year this time around. “We did about 1.5 lakh mn sq ft in the first half this year, whereas we did on an average 1 mn sq ft at the beginning of last year and roughly 2 mn sq ft in the second half of last year. “People today are spending less on going abroad, on marriages, on parties – somewhere that money is being conserved and is going towards building capital which ultimately will be used to buy a house,” he said.ĭespite the challenges faced during the pandemic, the company has been able to sustain and maintain the sales momentum. Low-interest costs and huge savings among Indian households (especially those who have managed to save their jobs), thanks largely to the focus on work-from-home on account of COVID-19 – they will all utilise this amount to buy a better, larger-sized house, he told Moneycontrol. Construction work too is back to 90 percent of the pre-COVID level across our sites,” he added. “We should be in a position to do 2 mn sq ft of new sales in the second half this year. ![]() EBITDA is at Rs 1.28 billion with the margin at 23 percent, he noted. We do not foresee any further capital requirement. The first half operating cashflows are in surplus and in excess of Rs 2.2 billion. The company achieved a total sales volume of 8,91,700 sq ft valued at Rs 690 crore, with an average price realisation of Rs 7,737 per square feet during Q2-21 despite lockdown being imposed in Bengaluru in July and without any new project launch during the quarter, he said. While the first quarter of the year was “difficult” for the real estate sector on account of the outbreak of the COVID-19 pandemic, the festive months have been “relatively better” than what they were in 2019, J C Sharma, vice-chairman and managing director of Sobha Group told Moneycontrol, making it clear that the company’s operating cashflows in the first half of the year were in excess of Rs 2.2 billion and that the company “does not foresee any further capital requirement.” In an exclusive interview with Moneycontrol, JC Sharma, vice-chairman and managing director of Sobha Group, talks to Vandana Ramnani about the challenges faced by the company during the pandemic, new residential trends that have emerged with the focus on work-from-home, how sales are almost back to pre-COVID level and the company’s future plans.
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