"Consolidation of existing players will mean that customers get a better product and price, and for the developer, it means access to more funding.
Larger players can identify with end-customers and match their expectations with superior performance.
As we move forward, only large players with superior performance can survive," said Mr. Sharma.
The future for Sobha Developers in particular, he said, will see the company looking at centres such as Pune and the National Capital Region.
The aim is to have a pan-India presence for Sobha Developers in the real estate business, just as our contractual business, he added. The Sobha Group is currently handling 20 million sq ft of its own projects and also contractual activities.
About Sobha GroupThe Services & Trade Group, a flagship company of the Sobha Group, known for quality in interiors and construction, came into existence in 1977 in The Sultanate of Oman. With a turnover of over USD 170 million and a committed workforce of around 13,000 people, the Group provides world-class service in interior decoration, furniture manufacturing, trading, real estate development and construction.
One of S &T's recent joint ventures saw its chairman Mr PNC Menon enter into a long-term agreement with Mr. Abdullah Ahmed Al Qurashi, Executive Manager of Techno Park. Technobuild Holzfabrik. The latest project announced by the Group, is in contract with the Dubai Techno Park, occupying 20,000sq mtrs in the first phase of the factory and office complex. The company will introduce advanced technology and machinery for customized batch production of carpentry, joinery and furniture.
Sobha Developers was set in operation in 1994, only to grow in all facets of industry specifics - be it interiors, metal glazing or concrete block making. It has successfully completed a number of luxury/semi luxury residential projects with Sobha Garnet, Sobha Windfall, Sobha Sapphire and Sobha Turquoise being a few of them. A number of similar projects like Sobha Sunflower and Sobha Rose, Sobha Aquamarine, Quartz, Tulip, Malachite and Amber are currently underway. Sobha Onyx and Zircon, which are currently receiving their final touches, will soon be handed over to their proud owners. Also in the pipeline are Sobha Daffodil and Sobha Iris.
Besides its activities on the residential front, Sobha has also undertaken key commercial contracts for global corporates like Infosys, M-source and Wipro. Sobha Alexander and Sobha Pearl are two prestigious commercial complexes, located at the city's commercial nerve center. Sobha Pearl has been handed over to ICICI bank to staff all its operations under one roof.
The company was previous awarded the ISO 9001 (1994 series) certification and again awarded the ISO 9001 (2000 series) further ensuring that quality standards are documented, implemented and strictly adhered to.