A file photo of J.C. Sharma, vice-chairman and MD of Sobha Ltd. The company is scouting for project opportunities and suitable large pieces of land in Bengaluru, and will also look at Chennai and the national capital region. Photo: Hemant Mishra/Mint
Bengaluru: Real estate developer Sobha Ltd will sell apartments for Rs.35-75 lakh, considered to be the lower price segment for homes, in a bid to gain a larger market share.
The realty firm on Wednesday launched the first of a series of projects called Sobha Dream series. The realtor's apartments are usually priced at around Rs.1 crore and above.
The first project, Sobha Dream Acres, is being developed in Bengaluru's Balagere area across 80 acres and a saleable area of 10.26 million sq ft with around 7,000 homes.
"We hope to get a larger market share with this new segment of homes. We have had many homebuyers telling us to make more affordable homes, and we decided to do that without compromising on quality," chairman Ravi Menon said.
"The project shall come up in five phases and has nearly 80% open space," said J.C. Sharma, Sobha's vice-chairman and managing director.
The company is scouting for project opportunities and suitable large pieces of land in Bengaluru, and will also look at Chennai and the national capital region.
Sobha lost 2.06% to Rs.408.50 on Wednesday on the BSE, while the benchmark Sensex gained 0.77% to 27,890.13 points and BSE Realty Index lost 0.03% to close at 1,650.07 points.
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