SOBHA Canvas

[novicedude]

Hi All,
I wanted to get some feedback about the SOBHA Canvas project. Highlights
- Gated community in Devanahalli
- 5 Kms from the airport (after the airport going from Bangalore)
- Large sized plots 2090 - 5000
- Starting price 58L, Rs.2750 per Sq Ft

I am sure the layout will be very beautiful and nicely planned but here are my questions
- What is the justification for the price tag? Land in that area probably costs around Rs.500 per Sq Ft
- Who buys such plots. Rs.2750 is the rate in some parts of the city, surely it makes more sense to buy inside the city?
- Am I the only one who things the price is incredibly high and inflated?

I am somehow unable to understand the logic behind the price point, maybe I am missing something. Its not like the builder is giving a clubhouse or other such amenities that are usually found in apartments. I would like to get your opinions on this project.

Thanks
Raam

[ravisite]

This is hype created by Big builders and selling brand value. On IVC road postal and telecom layout are avaible at 600-700Sqft.Be aware my dear NRI friends....

[rampi]

This is another hype market .

There are much better layouts closer to city. for example Jade garden owners are struggling to sell at 1600 per sft. You got Tulip gardens , Swiss town and Hollywood town etc.

Please do not fall prey to the brand name. I am customer of Sobha and many of their projects , the land is under dispute . We had to really struggle to close the case of one of our properties. Their legal knowledge is pretty low and they bought any land which is available without documents verification.

Thanks
Ram

[Sachin123]

I think Rs.2750/- for Sobha is a waste of money in that area. you are paying Rs.2000/- for the brand and Rs.750/- for the site.

[parkom]

Considering that there are not many sites in Phase-1 and some people will pay anything to get exclusivity, Sobha might just manage to sell some sites. This looks to be Sobha's desperate attempt to raise money from the market at zero investment (no construction cost). Current times are quite hard for all developers since there is a liquidity crunch with high interest rates. Builders have to either sell some of their land banks, or collect money from gullible customers with their "new launch" which wil take years to complete.

[kbaijuk]

I think shoba is foreseeing a big recession in RE and selling off their investments in land before it hit hard.

[awin]

@novicedude: The Govt Guidance value for the area near Sobha Canvas (Kannamangala palya) is around 800 per sq ft. The selling price in neighbouring BIAAPA approved layouts such as Aishwarya homes aeroroyal etc (not the branded ones like Renaissance, Confident etc) could be around 900-1100 per sq ft.

IMO, 2750 per sq ft is a high price tag. However, anyone that has taken a tour inside Sobha Lifestyle has reasons to buy into this - particularly the HNI guys. Sobha's development works are not matched by any builder in Bangalore and they're going to invest a reasonable portion of 2750 per sq ft on development works including rainwater harvesting, water-treatment plants etc like in Sobba Lifestyle complex. High Networth people like Kiran Mazumdar shaw, Infosys's Shibulal, Kris G, Mohandas Pai are believed to have invested in Sobha Lifestyle villas.

In any case, IVC road is surely hotting up! CAE/Airbus have a fully operational office there and I'm sure the next few months/years will see a host of companies/institutions setting up shop there.

[novicedude]

Hi awin,

This is not a Villa project, SOBHA is only selling plots. Surely a premium of Rs 1750 per Sq Ft is very high to get good roads.

Thanks
Raam

[awin]

Hi Raam,

I didn't deny that. 2750 is definitely a high price tag. All I was saying is that Sobha develops well (albeit a layout, and not villas in this case) to attract HNIs. Sobha Lifestyle is too expensive a villa complex, but they're almost completely sold out in the range 3 Crore to 5 Crore. Even if you convert it to USD in nominal exchange-rate terms (not purchase power parity terms), they're million US Dollar homes! And the price-breakup for Sobha Lifestyle villas considered land price at an unbelievable cost of more than Rs 4500 per sq ft, as I recollect having seen their charts.

Regards,
Ashwin

[kmrsubbiah]

Hi, Sobha canvas offers clean land title, nice layout, good roads, water, drainage and electricity which we need to consider appropriately in the price. Further, there is going to be open space through park and utility space. I understand that most of the plots in phase I are sold out.