As per Sobha’s business update, the company has achieved its best ever quarterly volumes in Q2FY22 with gross sales bookings of 1.35msf worth Rs10.3bn which were up 51% YoY in volume terms and 49% YoY in value terms driven by Bengaluru, Gurugram and Pune markets. While Q1FY22 saw a muted performance owing to the second Covid wave across India, the improved Q2FY22 performance reflects the strong demand in South India driven hiring in IT/ITeS sector, accompanied by salary hikes and low mortgage rates of 6.5-7.0%. We expect this momentum to continue into H2FY22.