Sobha Limited (SL), formerly known as Sobha Developers Limited (SDL), was incorporated on August 7th, 1995, led by the Promoter, Mr. PNC Menon. The Company is a leading real estate developer engaged i
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n the business of real estate construction, development, sale, management & operation of all or any part of townships, housing projects, commercial premises and other related activities. The Company is also engaged in manufacturing activities related to interiors, glazing and metal works and concrete products, which also provides backward integration to Sobha's turnkey projects.
As of September 1997, SDL had launched first residential project under the name of Sobha Sapphire in Bangalore and also launched first plot development under the name of Harisree Garden' in Coimbatore. The Company obtained an ISO 9001 (1994 series) certification in July of the year 1998. After two years from the projects started, in September of the year 1999, the first residential project Sobha Sapphire in Bangalore was completed and handed over. During December of the same year 1999 SDL had commenced the construction of first contractual project, the Corporate Block for Infosys Technologies Limited, Bangalore. Within the year, in September 2000, the company completed and handover the Corporate Block for Infosys Technologies Limited, Bangalore. In November of the same year 2000, the company had started construction of first contractual project outside Bangalore for Infosys Technologies Limited, Mysore. SDL had received a memento from Infosys Technologies Limited in November 2000 in respect of our efforts in relation to the construction of the corporate maiden block. As at September 2001, completed and handover the first contractual project outside Bangalore, at Mysore for Infosys Technologies Limited.
During October of the year 2003, Sobha Construction Academy and Sobha Research and Development Center commenced its function. For its quality, again the company obtained an ISO 9001 (2000 series) certification in April of the year 2004. Fully automated concrete product division of the company was started its operation in October of the year 2005. The Company awarded the 'Brick and Mortar Award' for the south zone in the 'a+d & Spectrum Foundation Architecture Awards 2005'. For the purpose of corporate restructuring, the company purchased selected assets and liabilities from Sobha Interiors Private Limited, Sobha Glazing and Metal Works Private Limited and Sobha Space Private Limited during April of the year 2006. As at June 2006, the company had changed its status from private to public. During September of the year 2006, SDL had received PR 1 rating from CARE. In the year 2007, the company had sold subsidiary company namely S BG Housing which not a material entity to the company. During August of the same year 2007, the company had inked MoU with Kerala Government for Rs 5,000 crores township project.
SDL had entered into Coimbatore' s real estate terrain in January of the year 2008 with a residential project, Sobha Emerald, the Rs 750 million exclusive enclaves. The Company had signed a letter of intent (LOI) with an Indian arm of German company TUV Rheinland (India) in April of the year 2008 for setting up a 50:50 joint venture. As at June of the year 2008, SDL made its foray into Mysore realty market with three projects. The Company had received Foreign Direct Investment (FDI) by Pan Atlantic, Dubai in July of the year 2008 for its new project to be launched at Hosahalli, Bangalore south.
During the financial year 2014, the Company executed and handed over 7 residential projects covering an area of 2.34 million square feet and 19 contractual projects covering an area of 4.34 million square feet resulting in an aggregate development of 6.68 million square feet.
During FY 2016, the Company executed and handed over 9 real estate projects covering an area of 5.59 Million Square Feet of developable area and 16 contractual projects covering an area of 5.51 Million Square Feet resulting in an aggregate development of 11.10 million square feet.
During FY 2017, the Company executed and handed over seven real estate projects covering 3.21 Million Square Feet of developable area and 10 contractual projects covering an area of 1.88 million square feet resulting in an aggregate development of 5.09 million square feet.
The Board of Directors of the company at their meeting held on 19 May 2016, approved a buyback proposal for purchase by the company of up to 2,275,000 shares of Rs 10 each (representing 2.32% of total equity capital) from shareholders of the company on a proportionate basis by way of a tender offer route at a price of Rs 330 per equity share for an aggregate amount not exceeding Rs 750.75 million in accordance with the provision of the Companies Act, 2013 and SEBI (Buy Back of Securities) Regulations, 1998. Accordingly, the buy-back of the shares was carried out. In response to the offer given by the company, 1,759,192 equity shares were tendered and the said shares were bought back with a total cost of Rs 58.05 crore.
Sobha Highrise Ventures Private Limited, a joint venture, was setup with a private equity player for execution of a specific project 'SOBHA Palladian' at Yamlur, Bangalore. During the year ended 31 March 2017, the joint venture partner expressed its willingness to exit from the joint venture. Accordingly, a valuation of the said joint venture was carried out by a competent independent valuer. Based on the valuation report, 10,300,000 shares of different classes held by the joint venture partner were purchased by Sobha Limited for a total consideration of Rs 346,780,000/-. Upon purchase of the said shares, Sobha Highrise Ventures Private Limited has become a wholly owned subsidiary of Sobha Limited.
During FY 2018, the Company executed and handed over 2.58 million square feet and 3.22 million square feet of contractual projects resulting in an aggregate development of 5.80 million square feet.
The Board, at its meeting held on 4 August 2017 approved the buyback proposal for purchase of up to 1,458,823 equity shares of Rs 10 each (representing 1.5 % of total equity capital) from shareholders of the Company on a proportionate basis by way of tender offer route at a price of Rs 425 per equity share aggregating to an amount not exceeding Rs 62 crore in accordance with the provision of the Companies Act, 2013 and SEBI (Buy Back of Securities) Regulations, 1998. Accordingly, the buy-back of the shares was carried out. 1,458,823 equity shares were bought back with a total cost of Rs 62 crores.
Sobha Highrise Ventures Private Limited, a wholly owned subsidiary of the Company, acquired the entire equity shares of Sobha Contracting Private Limited, a private limited company during FY 2018, making Sobha Contracting Private Limited a wholly owned subsidiary of Sobha Highrise Ventures Private Limited.
During the year 2019, the Company executed and handed over 9.75 million square feet real estate projects and 1.60 million square feet of contractual projects resulting in an aggregate development of 11.35 million square feet.
Sobha Developers (Pune) Limited, a wholly owned subsidiary of the Company, has during the year, acquired the shares of Kilai Builders Private Limited, a private limited Company making it a wholly owned subsidiary of Sobha Developers (Pune) Limited. With this acquisition, Company has five direct subsidiaries and two-step down subsidiaries.
In the residential space, the Company completed 5.86 million square feet of developable area during the financial year 2020. This includes One SOBHA, a commercial mall and office space in Bangalore, with a total developable area of 0.38 million square feet. It launched new projects with a developable area of 1.42 million square feet. These launches were spread across Pune, Coimbatore and Chennai.
During the year 2020, the Company executed and handed over 3.98 million square feet real estate projects and 1.88 million square feet of contractual projects resulting in an aggregate development of 5.86 million square feet.
During the year 2020, the Company has subscribed to the entire equity share capital of Sobha Construction Products Private Limited thereby making it a wholly owned subsidiary of Sobha Limited. Also, Sobha Developers (Pune) Limited, a wholly owned subsidiary of the Company, during the year, acquired the shares of Sobha Interiors Private Limited, Kuthavakkam Builders Private Limited and Kuthavakkam Realtors Private Limited making them a wholly owned subsidiaries of Sobha Developers (Pune) Limited. With this acquisition, the Company has six direct subsidiaries and five step down subsidiaries.
During the year 2021, the Company executed and handed over 0.23 million square feet real estate projects and 2.33 million square feet of contractual projects resulting in an aggregate development of 2.56 million square feet. It launched new projects with a developable area of 3.66 million square feet. These launches were spread across Bangalore and Thrissur.
During the year 2022, Company executed and handed over 4.07 million square feet real estate projects and 3.71 million square feet of contractual projects resulting in an aggregate development of 7.78 million square feet.
During the year 2022, Sobha Highrise Ventures Private Limited, a wholly owned subsidiary of the Company, disposed off the entire shares of Annalakshmi Land Developers Private Limited (wholly owned subsidiary of Sobha Highrise Ventures Private Limited). With this disposal, the Company has six direct subsidiaries and five step-down subsidiaries.
During 2022-23, the Company completed projects with 2.93 million square feet of saleable area only in Bangalore. In SOBHA Dream Acres, it completed Wing 25, 26, 29, 34, 35, 36 with a total developable and saleable area of 1.05 million square feet and 0.78 million square feet respectively, completed SOBHA Forest Edge Project in West Bangalore. Thereafter, the Company launched SOBHA Galera Project in East Bangalore, SOBHA Oakshire, close to Bangalore International Airport, SOBHA Insignia in Bhoganahalli, South East Bangalore, SOBHA HRC Pristine in Jakkur, North Bangalore, SOBHA Sentosa in South Bangalore, SOBHA Victoria Park in North Bangalore and SOBHA Royal Crest near Banshankari, West Bangalore; completed SOBHA City - Tower A2, B2, C2 in Gurgaon, NCR. It launched projects including, SOBHA Meadows in Trivandrum; SOBHA Waterfront in Somajiguda, Hyderabad.
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