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25 April, 2018 21:34 IST
SOBHA forays into Gujarat
Source: IRIS | 17 Apr, 2018, 10.12AM
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SOBHA, India's most trusted and admired real estate brand, marked its foray into Gujarat market. The company will make an investment of over Rs 5 billion towards residential development in Gujarat International Finance Tee-City (GIFT City), India's 1 st Operational Smart City and International Financial Services Centre (IFSC). With this, SOBHA will increase its residential footprint to 10 cities in India.

Ravi Menon, Chairman, SOBHA (Q,N,C,F)* said, "Ahmedabad is a prominent business centre of Gujarat. It is the second largest cotton textile centre in India after Mumbai with equally strong pharma, petrochemical and automobile industries. Rapid infrastructure development over the years has augmented the IT and ITES sectors as well tremendously, making it an important investment destination. These, together, have given a fillip to commercial and residential real estate market in the city. To fulfil this increasing demand, the Government of Gujarat initiated the full-integrated city project of GIFT City between Ahmedabad and Gandhinagar, where SOBHA will contribute significantly in fulfilling the residential demand."

With a total built up area of 1.3 million square feet, SOBHA will develop close to 1000 housing units in the fully-integrated city built on the walk-to-work concept. This investment is in line with SOBHA's focus on developing affordable housing projects in major cities across the country.

J.C. Sharma, Vice Chairman and Managing Director, SOBHA said, "SOBHA has set benchmarks in the Indian real estate sector with its precision and international quality homes across segments. Our unique model of backward integration makes us the only real estate player in India to have all the competencies and resources in-house to deliver a project from  conceptualisation to completion. With our investment in GIFT City, SOBHA aims to meet the increasing demand for affordable housing while contributing to Hon'ble Prime Minister's vision of 'Housing for All'. This also aligns with the vision of GIFT City of offering world-class services and infrastructure. We look forward to working on this project and associating with GIFT City to introduce first-of-its-kind housing project."

Shares of the company gained Rs 2.4, or 0.44%, to trade at Rs 552.90. The total volume of shares traded was 13,910 at the BSE (9.59 a.m., Tuesday).

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