Shares of real estate companies were trading higher on the bourses on media reports that the Union government cleared amendments to the Real Estate (Regulation and Development) Bill, 2013, paving the way for legislation on regulators for the sector.
The December quarter has been a disappointing one for realty player Sobha, recording its weakest sales for a quarter in three years. It reported new sales of 0.66 million sq ft, down 11 per cent over a year, and 21 per cent on a sequential basis.
Doha Bank has successfully signed a corporate finance deal worth 500 million dirhams ($136 million) with Dubai's Sobha Group, with a syndicated facility of 800 million dirhams for the Sobha Hartland project.
Shares of real estate companies gained ground on Monday after the market regulator, the Securities and Exchange Board of India (Sebi), approved the setting up and listing of Real Estate and Infrastructure Investment Trusts, commonly referred to as REITs.
P&L beat on higher contractual revenue: Sobha Developers (SOBHA) reported 4QFY14 revenue at INR6.3b, +7% YoY (v/s est. of INR5.4b). Positive surprise was higher booking in contract and manufacturing division of INR2.2b (+54% YoY).
Bangalore-based realty firm Sobha Developers' sales bookings rose by about 6 per cent to Rs 2,343 crore in the last financial year on higher realisation but missed its target due to the slowdown, especially in the NCR-Gurgaon region.
Sobha Developers has gained by nearly 4% to Rs 276.65 after net profit rose 10.46% to Rs 58.10 crore on 26.48% increase in total income to Rs 545.50 crore in Q3 December 2013 over Q3 December 2012.The stock hit a high of Rs 284.80 and a low of Rs 271 so
Coimbatore-based Lakshmi Machine Works (LMW) has forayed into real estate sector by joining hands with Bangalore-based Sobha Developers Limited. The partners are coming out with a residential project in Coimbatore.