Sobha targets New Delhi luxury residential market

Sobha Developers Ltd., the best performing stock on the Bombay Stock Exchange Realty Index this year, is planning to commence a 5 billion rupees (US$107 million) luxury project in a New Delhi suburb.

“We are entering the golden era in real estate now,” J.C. Sharma, Managing Director of the company said in an interview with Bloomberg. “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.

The company is building 21 residential projects, with a total of 8.5 million sq ft, and 165 villas priced between 30 million rupees and 60 million rupees in Bangalore, two thirds of which has been sold, according to Sharma said.