Sobha Developers to Start $107 Million Luxury Home Project in New Delhi Suburb

Published: August 23, 2010

Sobha Developers Ltd., the best performing stock on the Bombay Stock Exchange Realty Index this year, plans to start a 5 billion rupee ($107 million) project in a New Delhi suburb to build luxury homes as the economy expands. “We are entering the golden era in real estate now,” J.C. Sharma, managing director of the company said in an interview. “Residential houses are showing signs of robust recovery. The growth phase has started now.”

The project, located in Gurgaon, on the outskirts of New Delhi, is spread across 150 acres (61 hectares) and will start by March, Sharma said. The government’s focus on building roads, ports and airports, a growing middle class and a rise in factory output are leading to higher economic growth and stoking demand for homes, Sharma said. India’s economy has grown an average 8.5 percent every year during the past five years, doubling per- capita incomes in the period.

Sobha rose 4.3 percent to 387.60 rupees, the highest in more than two years, at the 3.30 p.m. close of trading in Mumbai. The stock, the best performer today on the 13-company Realty Index, has climbed 58 percent this year outperforming a 5.4 percent advance by the benchmark Sensitive Index.

Source: Indian Realty News

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