News & Views on Indian Real Estate

Wednesday, July 23, 2008

Sobha plans 3 projects in Mysore

Sobha Developers, a Bangalore-based real estate developer, is foraying into Mysore realty market with three projects this financial year. The company has lined up a villa project on 14.5 acres at Jattihundi village and 500,000 square feet each residential and commercial project on seven acre plot in Belvatha grama near Mysore. Sobha Developers' presence in Mysore for the last couple of years has only been through a contractual project for IT major, Infosys Technologies. They plan to take up 12 million square feet of development this financial year (2008-09) spread across six cities with a budget of around Rs 2,200 crore. This involves their entry to Mysore, Chennai and Gurgaon realty markets. The investments for these will be through customer advance, internal accruals and debt. Sobha Developers during financial year 2007-08, took up a similar scale of development (12 million square feet) of which 90 per cent was residential. Presently, the company has 28 ongoing projects and forthcoming are 20. In commercial development ongoing is three projects aggregating 1 million square feet and forthcoming is 20 projects aggregating 16 million square feet.