bangalore sobha developers most valued land parcel in the heart of bangalore has finally got a blue print the bangalorebased developers 2acre marquee property located on the church street st marks road junction had got many heads turning including that of politicians when it was put on the block three years ago but now sobha is developing the property and has started the process of getting in place approvals j c sharma vice chairman and md of sobha developers said we have planned for a 200000sqft excluding car park office cum mall the split in the office to mall space will be 5050 the work on the project will start once the approvals are in place he said the nadathur family has picked up a significant stake in the property which has been channelled into a special purpose vehicle sharma declined to divulge the nadathurs stake in the project three years ago anand nadathur son of infosys technologies cofounder n s raghavan had invested rs 225 crore into sobha developers through his personal investment arm purna partners at the time it was said that the money would be funnelled into multiple special purpose vehicles in which nadathur could hold up to 51 stake part of nadathurs investment was made in sobhas trissur township project sobha city from which he has exited now we have bought back our investors stake of 30 for a rs 30 crore said sharmaresults sobha developers revenue in the quarter ended june grew 56 to rs 4332 crore from rs 2777 crore in the corresponding quarter a year ago the companys net profit stood at rs 45 crore up 73 from rs 26 crore in the year ago period during the quarter the bangalorebased developer sold 835600 sqft compared to 665659 sqft in the corresponding period of last year new sales stood at rs 479 crore of which only 51 has been recognized in the quarter real estate companies book their revenue from sales of projects only when 25 of a project excluding land value is complete the company has unrecognized revenues of rs 1230 crore as of date of which rs 480 crore will get recognized in the subsequent quarters of the ongoing fiscal said j c sharma vice chairman and md sobha developers on the contractual side we have completed and handed over 117 million sqft during the quarter we have on hand 922 million sqft of contractual work which would take care of our requirements for the next three years said sharma of the 117 million sqft of contractual work completed 70 of the work was done for infosys across chennai hyderabad pune mysore and mangalore the company had an average sales price realization of rs 5737 per sqft as compared to rs 4547 per sqft in the yearago period with an operating margin of 40 the company also monetized a 21acre land parcel in pune during the quarter for a sum of rs 95 crore which is reflected in its revenues as