Sobha best at only disappointing and cheating its customers

I had booked a flat with Sobha for their reputation. I already own a flat built by a lesser known builder. I know the pain of dealing with builders and getting the job done. But I must say my experience with Sobha has been very very bad.I feel like having made a big mistake by entrusting them with my hard earned money!

They have all the bad things that you may encounter while dealing with builders. And they charge a hefty PREMIUM for it. They have delayed my project by 1.5 yrs as everyone including the lesser known builder is struggling with the liquidity (And I thought Sobha was big). OF course they are smart enough not to pay any money to the customers for the delay. On the contrary they are prompt in charging interest if your payments are delayed by a single day.

Simple stuff like keeping track of changes requested by the customer is made a mess of by the staff. And they want you to accept the poor quality work. They have hidden facts and manipulated the terms.

Stay away from paying premium for poor quality , unprofessional work!

SOBHA NAHIN DETA HAIN

I made the mistake of buying a flat in SOBHA PRIMROSE. The cheating habits come as a package with the flat. Maybe if one reads the fine print in the agreement, one would find a clause which states that the customer can be cheated to any degree at the discretion of SOBHA. They installed SOLAR HEATERS only for the 9th floor buyers at 60,000/-,while the rest were not forced to buy the same. The best of solar heaters doesn't cost too very much.The damages to the walls etc were pointed out but never corrected.The quality of doors and windows was absolutely disgusting.Luckily i found a buyer, otherwise i had already filed a case in the consumer court. The attitude of the people in the office too is very pompous.They behave as if they are PNC MENON. What started off as a world class product, was reduced to a sham in a very short time, only because of the jokers employed by Mr. Menon.

Sobha Developers pays Re. 1 per share

BANGALORE: Sobha Developers has reported a revenue of Rs. 974.74 crore and a profit after tax of Rs. 109.68 crore for the year ended March 31, 2009. Compared to the previous fiscal, revenues had declined by 32 per cent and profit after tax 52 per cent. The directors have recommended a dividend of Re. 1 per share of Rs. 10 each against Rs. 6.50 per share in the previous year. — Special Correspondent

Sobha Developers rises on plans of raising funds

The company's stock is the largest gainer in the real estate sector.

It has appreciated by 75 per cent from Rs 111.15 to Rs 194.25 on reports that the company was going to raise funds through Qualified Institutional Placements (QIP) issue.

The board of directors of the company has called an Extraordinary General Meeting (EGM) on June 17, 2009.

The Extraordinary General Meeting will consider the increase in the share capital of the company up to Rs 1,500 crore and the increase in the limit of investment by foreign institutional investors (FIIs) in the equity shares of the company up to 100 per cent of the equity share capital of the company.

The Bangalore-based real estate firm that engages primarily in the construction and development of contractual and residential projects, is looking to raise around Rs 1,000 crore via QIP issue.

The company has posted 53 per cent fall in net profit to Rs 107.80 crore (Rs 228.10 crore) for the financial year ended 31st March, 2009, while net sales have declined by 32 per cent to Rs 974 crore (Rs 1,431 crore) during the year.

The counter clocked combined volumes of four million shares in last week as against two million shares were traded in previous week.

The real estate sector has been facing a liquidity crunch for some time now but the situation has improved post the election results.

In fact, many industry players are encouraged by the response Indiabulls and Unitech have received. Indiabulls Real Estate has raised Rs 2,656.50 crore through QIP.

The company issued 14.36 crore equity shares at Rs 185 per share. Unitech had raised about Rs 1,615.25 crore through QIP. The promoter’s stake after the QIP has come down in both the cases.

Sobha Developers says gets 2.25 bln rupees for projects

MUMBAI (Reuters) - Realtor Sobha Developers Ltd said on Tuesday it sold stake in projects in Bangalore and other cities for a total consideration of 2.25 billion rupees from Bangalore-based Purna Partners.

The firm entered into a term sheet with Purna Partners and has received 250 million rupees from the investor on Tuesday.

Sobha Developers is identifying certain land parcels in Bangalore and other cities for residential, commercial and mixed development projects via a special purpose vehicle (SPV).

Sobha Developers will be the shareholder along with Purna Partners in the SPV and will also execute the projects as the principal contractor.

Sobha may finalise fund raising options next week

Sobha Developers, Bangalore-based real estate developer, has announced that a meeting of its board of directors will be held on May 4 to consider the various alternatives available towards raising of additional capital. The company is evaluating offloading around 25 per cent stake through preferential allotment and is expected to also evaluate the QIP route. The company hopes to raise around Rs 350 crore.

Sobha has a debt of close to Rs 1,900 crore and is leveraged 1.6 times. The company is looking to sell around 200 acres of its 3,000 acre land bank in addition to roping in investors at various projects to settle debt. The company is also negotiating with 12 banks and financial institutions to restructure around Rs 850 crore of debt.