Sobha Highrise Ventures acquires 100% shares of Annalakshmi Land Developers.
Sobha Ltd has made a statement that its subsidiary Sobha Highrise Ventures has taken over Annalakshmi Land Developers after buying 100% shares at ₹ 175.16 per share.
Incorporated on the 20th of January in 2007, Annalakshmi Land Developers started its operations with the objective of real estate constructions. The realty firm has some landholding that will serve well for future establishments. The announcement came in the month of January this year and after which Sobha’s share prices took a leap to ₹ 482.45 in the mid of January 2021.
Sobha Ltd was found in the year 1995 by P.N.C. Menon and has undertaken many residential and commercial projects for some of the industries giants such as Dell, Wipro, HCL and Taj Group of Hotels to name a few. The headquarters Sobha Ltd. Is located in Bangalore but over the decades, the realty giant has been able to expand its operation across 27 cities and 14 states in India alone. The company has been successful in its international ventures as well, by being fully operational in Oman and Dubai as of now, with the name Sobha Realty.
Earlier in the 2020-2021 financial year, Sobha properties reported to be doing well in sales despite the COVID-19 pandemic. Sobha Ltd said their sales rose by 29% year on year during the 3rd quarter; October to December. The housing demand brought in a rise to ₹ 887.6 crores thanks to the festive season in India. When compared to the previous financial year (2019-2020), which had recorded sales worth ₹ 689.9 crores in the third quarter.
Some of the upcoming projects by Sobha Ltd. are Sobha Windsor in Whitefield Hope Farm Junction, Bangalore, Sobha City in Dwarka Expressway, Gurgaon and Sobha Lake Edge in Puzhakkal, Thrissur to name a few.