Hi - I plan to invest in Sobha developer's Ivory project in Pune. Please let me know the pros / cons , so as to help me make an informed decision. 3 BHK - 1700 sq feet.

I plan to buy this from a long term investment. i.e I'll need to keep it on rent for next 10 years or so and then return to stay in it.
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  • @meeraj,
    Appreciate, if you sahre more info on the project (location, psft rate etc) - it will help forum members to check-out the place and comment.

    As regards, the concerned developer (Sobha) they are very, very big branded name in Bangalore mkt - they command premium pricing (like Lodha, Rustomjee or Paranjape etc) - the product quality is good, almost on-time delivery and good customer relationship too - these are overall performance ratings.

    Well, u may surely come across some buyer on this forum who may have some bad experience with Sobha - well, nobody is perfect - right?

    do let us know of this project u mentioned in ur post.

    regards
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  • Having seen Sobha projects in Bangalore personally, I can tell you that quality is excellent ...
    I personally dont prefer the location where they have their current project, other wise I would have definitely gone with them if they had any project ins West/North Pune

    Originally Posted by meeraj
    Hi - I plan to invest in Sobha developer's Ivory project in Pune. Please let me know the pros / cons , so as to help me make an informed decision. 3 BHK - 1700 sq feet.

    I plan to buy this from a long term investment. i.e I'll need to keep it on rent for next 10 years or so and then return to stay in it.
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  • Originally Posted by honest
    Having seen Sobha projects in Bangalore personally, I can tell you that quality is excellent ...
    I personally dont prefer the location where they have their current project, other wise I would have definitely gone with them if they had any project ins West/North Pune


    Where is Sobha Ivory Towers?
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  • Sobha Ivory in Kondhwa? As my brother works there, (Sobha Carnation) I know that they are cautious about construction quality. But the possession is delayed due to delayed supply of raw materials, though the building is completed now and finishing is started. Also they are constructing a approach road which will meet to khadi machine chowk , next to Kumar project (I forgot the name).

    Curently there's no municiple water supply as they use Tankers, as the situation . But I am not sure about future.
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  • Appreciate the replies. Here is more info:

    psft rate is - 3955 with floor rise of Rs. 55.
    So on 5th floor, where I am considering to buy it is - Rs. 4120
    Total Area is - 1698.72 and tentative final cost - all inclusive is - Rs. 84,38,999
    Location is Kondhwa Khurd.

    SOBHA Developers : Current Projects : Ivory - Pune : Home
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  • Sobha Ivory Pune

    Can someone provide me the project status of sobha ivory pune? How much is the psqft? Is it a good place to move? Does it have water problem? Has builder promised roads is it coming?
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  • Guys...is it worth invetsing on sobha ivory?...do they have water problems???
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  • investing? in that area (for that matter any area of pune?)?

    guys, location is not attractive as of now. sobha is reputed name and their quality is outstanding but the location is not strategic and difficult to get good buyers or tenants in future
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  • It is not for investment for us to stay...so is it worth buying?..are there good amenities near by?..
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  • I had visited the project site around 6 months back when I was looking for a house in that area. Here are my observations

    Pros
    1. Excellent quality. I had visited at least 20 projects and did not find even a single one which could even remotely match their construction quality and craftsmanship. You need to personally visit their construction site to experience it. Even while construction was on, the site looked so well organized that it was unbelievable. No project that I have seen in pune , and it includes projects of Marvel and Panchshil, matched the quality of Sobha.

    2. Very transparent and fair terms of agreement. In fact they are the only builder in Pune who pays same rate of interest that he charges for late payment

    3. Lesser VAT amount - Sobha does not use flat 1% VAT charge option. As they methodically track thier cost they charge based on actual value add. So the effective rate comes lesser than 1%. The difference in amount could be less than 20K but my respect for this builder grew many fold as he was taking all this effort for saving few bucks for his customers. All other builders are lazy guys who choose to use flat 1% option as anyway this will by payed by the customer.

    4. Closer to Schools - Kothari International School ( CBSE) is next door while DPS, Bishop and Vibgyor are within 5 Km radious

    5. Closer to City - It's close to MG Road, Swargate, Lakhsmi Road and Railway Station. Unless you work in Hinjewadi, nothing is far off.

    6. Upmarket Society - All 3 projects of Sobha are next to each other and are expected to be part of same society. Now, although Sobha Carnation is barely few months old but as all these 3 project of Sobha have only 3 & 4 BHK apartments, I believe the gentry should be good.

    Cons
    1. Horrible Approach Road - Sobha carnation has decent approach road but all other projects of Sobha ( Ivory and Garnet) have approach road from other side and some portion of land is under dispute for each of the proposed approach road. So I really doubt that situation is going to imporve anytime soon. In short, be prepared to drive on Kachcha road. There are "this is a private road" notices hanging all around this project.

    2. Water Scarcity - That area is fully dependent on water tanker. Now, the builder may have made fool proof alternate arrangement but the fact remains that NO PMC water

    3. It's not NIBM - Now the builder may advertise that its on NIBM road but actually its not. It's deep inside Kondwah and the look and feel completely changes the moment you cross jyoti restauarnt. The sheer number of people on road may scare you. The approach is densely populated and there is lot of slum junta around. This may change if (it's a big IF) the DP road from NIBM to here comes through. I am sure if you know Pune you must be knowing of DP road history as well.

    For me the last point was the deal breaker and I did not book in this project. But a lot of my friends have booked in this project and are proud of their decision. Hope it helps

    Edit: If you are seriously considering Sobha Ivory and are fine with location, my personal recommenation will be to go for ready possession/Resale flats in sobha carnation rather than underconstruction in Ivory/Garnet. It has far better layout, 4 lane tar road road and spacious aprtments. If you negotiate well, you can get 2200 Sqft apartment in resale for the same price that you pay for new 1800 Sqft new apartment
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  • Quality is amazing. My brother stays in Sobha Carnation and I must say it is one of the most well planned buildings I have ever seen in Pune. ameneties are too good and according to him almost everything is available within 2 kms diameter.
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  • Even I must admit that Sobha has one of the best qualities in city. One of my neighbor sister has a flat here (she lives abroad though) & there are many minor things which builder has taken care of. Infact, I would go to an extent to say that even Pune builders should go & visit this project & see where you stand. If Sobha quality is like of Volvo bus, most Pune builders will look like 15 yr old PMPML buses :D.

    I had infact personally spoken with a senior person in Sobha to let me know if they plan to launch anything in West Pune, but their answer was negative. However, I must admit they have professional team to run the business & I would have gone ahead with this project had it met my location requirement (Kondhwa is big no) for me.

    Btw, Sobha is Bangalore based company & not Pune and what I have seen in general that South Indian RE cos are more ethical than rest. As you move North, situation deteriorates. Infact, builders in NCR can make even Pune builders look like saint :D.
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  • do u get ppl for rent in sobha ivory?... the posession is ready , n i was planning to buy...But i will nt be able to shift there for sme time...till then can i put tht on rent...so we get get ppl on rnet at that location?
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  • Originally Posted by Sakshi S
    do u get ppl for rent in sobha ivory?... the posession is ready , n i was planning to buy...But i will nt be able to shift there for sme time...till then can i put tht on rent...so we get get ppl on rnet at that location?

    Difficult to get family types tenants in that area but you may get students as there are quite a few colleges on katraj -pisoli Road. I really doubt if you can get anything above 12-15K in that area for 3BHK. I personally beileve that buying a property for 1Cr+ and then giving on rent for 15K to students is not worth it.
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  • 1. I agree with 'OnlyPune' - it is difficult to get family type tenants for that location who are willing to pay what the investor will expect for the Sobha Property. Also, we are forgetting the BIG BOARDS placed outside most of the societies in most parts of our country 'FOREIGNERS, BACHELORS, STUDENT NOT ALLOWED' TO RENT, AND as Sobha does not provide ready to move in flats - as kitchen has to be done from scratch which will cost at least 1 lac or so for any mediocre kitchen fitting. (adding to the investment + society maintenance in these societies is generally quite high. (I would guess about Rs.2.5 - 3 psft). Plus, the going rent rate for such ares are 10k-12k for 2 BHK and 15k for 3bhk. MAX - irrespective of the area size. So taking from the previous post where someone mentioned the flat size of 2200 for 3 BHK - calculate the per month outlay.

    2. From my experience, a flat is a NEW flat as long as its not rented or modified. if the investor flat is rented out or modified from its original situation - the people looking for 1Cr + flats are far less than 50-60 lacs ones.


    3. There is no IT Zone nearby - the closest one is I think Hinjewadi - which though is only 15-20km but the amount of time it takes to get there would be considerable given the infrastructure.
    So, given from the previous post I would come to the conclusion that for investment this location is a strict NO. (no thats just my opinion) However, if someone wants it for End-use then why not. But then so many variables come into play - like if the kids are already studying somewhere. the distance from the work place etc.

    Always remember, 1 cr gives about 85-90K per month from interest income - the property prices will not see the same jump that it has already seen.

    TC
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