Sobha Group Sets Sights on Mumbai's Luxury Market: Founder Menon Announces Grand Entry

Mumbai, Maharashtra - 24th May 2024: In a move set to stir Mumbai's high-end property market, Sobha Group, a prominent Indian real estate developer, has announced its imminent arrival in the city. The company's founder, PNC Menon, unveiled ambitious plans to establish Sobha as a key player within this competitive sector.

A Fourfold Expansion and a Long-Awaited Dream

Menon outlined Sobha Group's aggressive expansion strategy for its Indian business, with a particular focus on capturing a significant share of Mumbai's luxury housing market. This strategic move aims to achieve a more than fourfold increase in annual pre-sales bookings, reaching a target of ₹30,000 crore (approximately £288 million) within the next four to five years.

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For Menon, this foray into Mumbai signifies the realisation of a long-held dream. He aspires to introduce a level of quality and sophistication hitherto unseen within the city's luxury housing market.

Strategic Land Acquisition and a Legacy of Excellence

Sobha Group is currently exploring various avenues to secure prime land parcels in Mumbai. Their approach encompasses outright purchases, strategic partnerships with landowners on joint development projects, and the redevelopment of existing housing societies. This multifaceted strategy ensures Sobha can acquire the most desirable locations for their upcoming luxury developments.

Sobha Group brings a distinguished heritage of excellence to the Mumbai market. Founded in 1995, the company has established itself as a leader in both the Indian and Dubai real estate sectors. They are renowned for their unwavering commitment to innovation and exceptional quality standards.

Financial Strength to Fuel Growth

To support this ambitious expansion plan, Sobha Ltd is bolstering its financial foundation. The company is undertaking a capital increase, raising its equity base from ₹2,500 crore to ₹4,500 crore (approximately £238 million to £431 million). Additionally, they are planning a ₹2,000 crore (approximately £190 million) rights issue for existing shareholders. This demonstrates the promoters' strong commitment to fuelling Sobha's growth trajectory within the Indian market.

A New Chapter for Mumbai's Luxury Property Market

Sobha Group's entry into Mumbai's luxury housing market marks a significant development. With their focus on quality, innovation, and strategic expansion plans, Sobha is poised to redefine luxury living in the city. Homebuyers can expect a new wave of exceptional residential offerings that will set a new benchmark for opulence and sophistication within Mumbai's property landscape.

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