August 8, 2024 |
Sobha Signs Joint Develop Agreement to Develop Residential Project in Gurgaon
Bengaluru-based Sobha Ltd has entered a joint development agreement to develop a residential project on 12 acres in Gurgaon’s sector 63A. The area has attracted significant interest due to demand and improved infrastructure. Sobha plans to launch approximately 9 million square feet in FY 25, adding to its projects in sector 99 and sector 63.
Bengaluru-based realty developer Sobha Ltd has entered into a joint development agreement with a Gurgaon-based to develop a residential project in sector 63A on a 12-acre land, people aware of the development said.
Sobha is already executing two projects in Gurgaon and this will be company’s third project.
According to the documents accessed through CRE Matrix, a real estate data analytics firm, the deal got registered on July 12 and Sobha has paid Rs 4.3 crore stamp duty for the transaction.
“The Gurgaon residential market continues to attract significant interest from developers due to strong end-user demand dynamics. Golf Course extension is emerging as the epicenter of luxury living with a host of high-end residential condominiums, office parks, schools and retail malls,” said Gaurav Kumar, MD, Capital Markets and Land, CBRE.
Sobha did not respond to the email query till press time Wednesday.
“JDA is the asset light model for developers to enter new market and develop projects. In Gurgaon, where it is becoming increasingly difficult to acquire land, joint development is the way forward,” said one person familiar with the deal.
Sobha, in its FY 24 results had said that it was the best year the company with the sale value of Rs 6,644 crore, an increase of about 28%, area of 6.08 million square feet, and a highest ever average price realization of Rs. 10,922.
“The Golf Course Extension has swiftly become one of the most sought-after real estate micro-markets captivating both investors and developers alike. The market has seen exponential growth, buoyed by the presence of top-tier developers who have set new standards for quality along with significant improvements in infrastructure, including well-maintained roads, ample parking spaces, and reliable public utilities,” said Shalin Raina, Managing Director, Residential Services for Cushman & Wakefield.
Sobha plans to launch about 9 million square feet in FY 25 and the remaining subsequently, that would be an increase of about 30% from the previous year of 7 million square feet launches.
“In addition to this, we are working rapidly to bring the remaining land bank also into the project stages, which we estimate to have a potential of between 25 million to 30 million square feet. We will keep adding to the future launches as the work progresses in this year and the next,” the company had said during FY 24 investors call.
The company had said that it had added two projects in Gurgaon one in Sector 99 and another in Sector 63 and both these projects also will come up for launches in the next 12 months or so.
Source : ET
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