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May 21, 2024

Sobha Group Ventures into Mumbai Luxury Housing Market, Aims for Exponential Growth

Sobha Group, a prominent name in the real estate sector founded in 1995 by PNC Menon, is embarking on an ambitious journey into the Mumbai luxury housing market. With an eye on achieving a remarkable surge in annual sales bookings to Rs 30,000 crore within the next 4-5 years, Menon unveils a strategic expansion plan for the group’s India business.

Having garnered significant success in the Dubai real estate market, where the group recorded sales worth Rs 35,000 crore in 2023, Menon, the wealthiest individual in Oman, now sets his sights on replicating this triumph in India. Central to this vision is Sobha Group’s commitment to maintaining exceptional standards of quality and scale, akin to its ventures in Dubai.

Sobha Realty, the group’s entity in Dubai, stands as a testament to its commitment to luxury and excellence. The sprawling ‘Sobha Hartland,’ a resort-style luxury township, showcases the group’s dedication to complete backward integration, ensuring unparalleled quality across its projects.

As Menon puts it, “Our India business Sobha Ltd will enter the Mumbai market. I have a dream, we have to show something which India has not seen.” With Mumbai’s reputation for opulence and its capacity to sustain premium developments, Sobha Group sees this move as a natural progression in its pursuit of excellence.

Ravi Menon, Chairman of Sobha Ltd, sheds light on the expansion strategy, emphasizing the exploration of various avenues to acquire land parcels in Mumbai, including outright purchases, joint developments, and redevelopment projects. The aim is clear: to construct meticulously crafted residences that adhere to the highest international standards.

While acknowledging the company’s comparatively cautious approach to expansion in India, both PNC and Ravi Menon affirm Sobha Group’s unwavering commitment to quality. “We are not in that game. We are in a quality game,” asserts PNC Menon, underlining the group’s dedication to setting new benchmarks in the industry.

With a 28% growth in sales bookings during the last financial year, Sobha Ltd is poised for substantial growth in the coming years. PNC Menon outlines an ambitious target of Rs 30,000 crore worth of annual sales bookings within the next 4-5 years, with Mumbai expected to play a pivotal role in achieving this milestone.

To fuel this growth trajectory, Sobha Ltd plans to increase its equity base to Rs 4,500 crore and launch a Rs 2,000 crore rights issue for existing shareholders. The group is poised to strengthen its presence not only in Mumbai but also in other key markets like Delhi-NCR.

In addition to its business pursuits, Sobha Group remains committed to philanthropy. With half of his wealth dedicated to charitable causes, PNC Menon announces initiatives to build homes for the underprivileged in Kerala and Oman. Furthermore, plans are underway to establish a university for 5,000 girls in Delhi-NCR, providing education and essential services free of cost.

Looking beyond national borders, Sobha Group eyes the US property market, signaling its intent with negotiations underway for a 700-acre land parcel in Texas. As the group continues to expand its footprint globally, its commitment to quality, luxury, and social responsibility remains unwavering.

Jhumpa Lahiri

Jhumpa Lahiri

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