Bengaluru (Karnataka) [India], July 4 (ANI): Real estate major Sobha Ltd clocked sales volume of 6.5 lakh square feet valued at Rs 488 crore in the first quarter of current fiscal (Q1 FY21).
That gave a total average realisation of Rs 7,498 per square feet, the company said in an operational update on Saturday. In Q1 FY20, sales volumes had totalled 10.6 lakh square feet.
Bengaluru is among the least impacted metros from Covid-19 so far and contributed 74 per cent of Sobha's sales volume during Q1 FY21.
"With more and more companies opting for work from home, inherent demand for better quality homes, low-interest rates and other benefits extended by the government, demand is likely to sustain in the coming quarters and organised players are expected to perform better," it said.
The level of inquiries from customers are now almost back to pre-Covid levels, said Sobha.
In Gurugram, the company sold 30,745 square feet of space in Q1 FY21 as compared to 66,183 square feet in the same period of previous year.
Sobha said that India's real estate sector has been hit hard by the Covid-19 pandemic. The time for 'business as usual' is over and creative disruption will be the norm.
While it will prompt the real estate sector to go back to the drawing board, it also offers new avenues to explore innovations and.fast-track incorporation of new technologies -- be it construction technologies, home automation, Internet of Things or artificial intelligence.
"The planning will need to incorporate altered norms of social distancing, mobility, density and health considerations," said Sobha. "Going forward, developers are expected to be more focused on digital strategies and reach out to the millennials (between 25 and 39 years old) that constitute the larger part of buyers."(ANI)