Bengaluru-based realty developer Sobha Ltd has entered into a joint development agreement with a Gurgaon-based to develop a residential project in sector 63A on a 12-acre land, people aware of the development said. Sobha is already executing two projects in Gurgaon and this will be company’s third project.

The Gurgaon residential market continues to attract significant interest from developers due to strong end-user demand dynamics. Golf Course extension is emerging as the epicenter of luxury living with a host of high-end residential condominiums, office parks, schools and retail malls.

Sobha, in its FY 24 results had said that it was the best year the company with the sale value of Rs 6,644 crore, an increase of about 28%, area of 6.08 million square feet, and a highest ever average price realization of Rs. 10,922.

The Golf Course Extension market has seen exponential growth, buoyed by the presence of top-tier developers who have set new standards for quality along with significant improvements in infrastructure, including well-maintained roads, ample parking spaces, and reliable public utilities.

Sobha plans to launch about 9 million square feet in FY 25 and the remaining subsequently, that would be an increase of about 30% from the previous year of 7 million square feet launches. The company had said that it had added two projects in Gurgaon one in Sector 99 and another in Sector 63 and both these projects also will come up for launches in the next 12 months or so.