Sobha Developer Cuts Workforce by 30%

Sobha Developers Ltd, a leading realty firm in south India , has witnessed its monthly revenue reduce by more than half, from Rs120 crore to Rs 50 crore. With sales down, Sobha has been forced to cut its 3,000-strong workforce by about 30%, to 2,170. However, with revenue from the real estate sector going down, the company's other source of income, its contractual business, has been the saving grace. "Unlike the real estate sector, the income from our contractual business has been steady and we

Source