Confirming the news to Indiaretailing, Raghav Mennon, vice president, retail, Sobha Developers, said, “We are planning to develop malls and commercial outlets in major cities in India including Hyderabad, Mysore, Bengaluru, Pune and Chennai.”
However, Mennon refused to give out further details, saying, “We are still in the preliminary stage and cannot disclose plans.”
The company with over Rs 12 billion turnover holds around 224 million square feet across 10 cities, and is presently developing a total of 12.15 million square feet of real estate space. It witnessed revenues of around Rs 118,934 million in fiscal 2007.
For the third quarter ending December 31, 2007, Sobha Developers posted 33.70 per cent increase in net profit at Rs 61.10 crore, as against Rs 45.70 crore in the same period a year ago.
The total income of the firm increased 19.16 per cent to Rs 355.70 crore for the quarter under review, from Rs 298.50 crore during the same period last fiscal.