Hello Everyone,
Greetings!
1st of all I would like to IREF for giving me this opportunity of being a part of this group.
I'm reading the forum for past 1 year, finally decided to become a member.

Let me introduce myself 1st.
I'm a mohali resident, currently living as a tennant, invested in unitech Executive floors as an End-user.

Ireo apartments were always my favourite but I got trapped in false promises made by unitech that possession will be given in 1 year :(. I took a good amount of loan and invested in August'11.

Recently I visited unitech and I really got disappointed no progress. situation of executive floors is pathetic.
Kind of glass they have used is really poor.
No park is being constructed.
I talked to sales people. They started fooling my by giving false promises.


My main concerns are coming out as :
a) Will and How long will it take Unitech Executive floors to be worth living.
b) Security and Safety.
c) No power back-up facility is available.
d) Was is a wise decision to choose unitech over Ireo.
e) Are their any end-users in Executive floors or mostly are property investors (I heard more are investors not end users)

Dear experts please give your reviews how these sectors will come up in coming years and which will turn out better.

Hope to have your opinion soon.

Thanks & Regards,
Enduser001
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  • Originally Posted by mypunjab
    Mr Ronit...this is somthing i am saying...if someone is really frustrated....then one should sell that property...and buy somewhere else.....or one should wait for 2-3 years......



    I think Enduser has been very forthright in highlighting the plight of the unitech buyers.....He has the every right to say what he feels..... if other buyers are not on IREF or are not writing that does not mean that they are happy beacuse of delay/poor quality etc.

    Saying that he should keep quite or sell and move on is not taken.....it is like being cheated or beaten and taking it timidly/happily. I know one cannot do much because builder always safeguard himself through one sides clauses in BBA. But atleast he shared his views and is looking forward to some constructive suggestions. Bashing him for .....what? atleast not from Genuine Buyers/Investors. Loss of Rs.15,000 pm is not small amount, especailly for a working middle class which most of us are.

    Hats off to Enduser001.

    My POV .....no arguments pls.
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  • Dear ROMANK,
    Thank you for your support.

    @others : As mentioned before, no offense against anyone or any builders.

    Its been ages I'm dreaming to celebrate Diwali/new year in my own home.
    A middle class rented person can definitely understand that.

    Anyways, wishing everyone merry Xmas and a very happy new year.

    Cheers everyone and Cheers IREF.

    Regards,
    EndUser001
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  • I reckon both Enduserji and Gardenmanji are taking strong positions. While I can understand the frustration and euphoria, as Rohitji pointed out RE will be driven by facts: location, quality of construction, society etc.

    @Gardenmanji:

    a) Has anybody given you written confirmation that possession will start in March 2013

    b) How do you know about Mac and PVR in Downtown. Downtown will take atleast 4 years to come up. No corporate will commit for expansion 4 years in advance.

    @Enduserji

    Unitech has got the best land, most of it is clear and at a stretch. It gives you a feeling of campus(a gated community) when you enter Unitech. Location is good. Plots are of bigger size. Garden progress is faster than Ireo. Most of work on executie floor and plot is done. Pls wait till roads are constructed.

    Few things that we should do are:
    1) Ask Unitech to deliver fast on pending items. Why don't you join yahoo group of unitech mohali endusers for more updates?
    2) All of us whether IREO or Unitech endusers/investors should ask GMADA for roads. Without roads, there is no future of this area.

    Some one said: no goverment support. Badal Saab came for foundation stone ceremony. But still, Emmar is considered to be Capt project. People attribute this as one of reason for delay in roads. Looks like development charges have not gone to SAD.
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  • Originally Posted by ROMANK
    :) Response in blue above

    Forget Link Sir, I have visited site. Let's compare to . Six seven acre of development should be compared with Garden development ONLY. There also Unitech Garden is ahead. How about hamlet. Any Internal roads? How about Commercial. Any develpment? Any Gated community like feeling?

    Coming to integerated complex vs society: Badminton court, swimming pool will be there for Garden also. But think of DLF residents in GGN who can go to City centre to watch movie vs. sector 31 residents who have to come so far.
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  • End user ji you are absolutely right

    There is a difference when you buy a property just because you had some extra money and when you are giving rent and waiting for property

    I remember moving into our kothi in Ludhiana the day the front door was put in and one toilet started working to stop paying rent.

    You have never told the exact picture here what floor is it and where you work.
    I personally don't think that unitech is going to be liveable before mid/ end 2015

    What mypunjab had discribed is word by word right. About 6 months back I went to buy an appartment in ireo we had to go through sambhkali and the village with the pond. So the idea is whole are will take 4-5 yrs

    I don't see a return of more than 10 % any where in tricity. Not only Punjab but whole India including noida is stand still.


    If I were you I would try to sell my floor by advertising, buy a 2 bhk in nice housing society which has just handed possession like ronit just did.

    You will live peacefully in your own flat and it will appreciate as we'll as more people will move in. You never no you can get more appreciation than sec97


    My take home message is will only invest in ready to move property in tricity.
    It hope of appreciation is not worth loosing sound sleep and checking updates.
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  • I am copy pasting from a gurgaon thread by a senior member
    The thread is who the hell is buying in gurgaon

    Bro every where its standstill in India apart from few broker hyped gurgaon projects which r too risky o invest now because if bubble bursts ....

    Don't worry too much.....

    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/46126-who-the-hell-is-buying-in-gurgaon/page12?t=47899&page=12

    while having 1, 2 , 5 or 10 properties might sound very nice today, it doesnt always end up being so good. i remember having personally seen people who had booked 2-3 properties in 2008 were forced to exit in 2009 as properties they purchased was with intention to sell it later n they had to sell at heavy losses which almost ruined them. luckily for people who purchased in 2009, they cud find an exit in 2010 and 2011 but we cant take for granted tht same scenario will re-occur everytime.
    but in case of amit, its fine for him as he said that he has capacity to give whole money frm his pocket if need arises. so he is safe on tht side but who will like if sumone's investments depreciates or doesnt grow over a period of time. also, as he himself is not in india i wud suggest him not to blindly believe articles over internet or excel sheets prepared by various sources how rates have increased over last 1 year. there r such sheets available for noida, gurgaon, kundli, delhi. going by them rates hav increased in all these areas frm anywhr between 30% to 70% in the last 1 year but fact remains that prices of properties in and around delhi has not increased since october 2011 (navratri of 2011). hav many live examples in front of my eyes. just sharing one of them.. one of our family uncles sold his rohini super mig 7-8 months back for abt 1.5 crores. his neighbour wants to sell now n he isnt getting a buyer for even 1.25 crores as of today. thr r many such examples. brokers wont put this true picture, u will realise it when u urself go out in market with a real intention to sell a property and when someone will really come to buy it from u with "money in his hands". thats when the reality strikes !!
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  • Dear chdire
    Now u r saying u visited the site.....earlier u said nothing is there ...even land is in dispute. Seeing the construction progress by L&T now u r saying forget website link. Pls be consistent and post with facts.

    What do u mean by gated community like feeling? Fyi Ireo is a gated complex..without any commercial inside which for a peaceful and safe residence shall not be desirable..pls first go through the details of the project.

    Regarding watching movies donot compare with gurgaon these will be available in 2-3 km range when greater mohali is developed and will be good occasional outing/drive with family.

    cheers
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  • WOW... we had a great discussion here !

    First of all i would like to mention here that my comments were not meant to be seen from the perspective that i dont value the importance of money which is being spent as an EMI by different people. I am myself from mid class family and appreciate the importance of hard earned money.

    Someone asked me about Downtown: 2 weeks back i was in Unitech HQ in GGN and met one senior person there who heads the North India operations for Unitech in retail. He mentioned about Downtown Mohali where few brands had a " Initial Signup" for setting up there shops. That essentially means that these brands have their spaces booked and in near future ( 3-4-5 years) they may start their operations in Sector 97 based on : Completion of Downtown Mall, Overall footfall in the region and of course all this wont be possible if plotted development doesnt materialize into human habitation.

    Regarding Question of written confirmation of Plots in Sec 97: Aajkal Likh kar to koi bhee naheen deta hai bhai :-)... But i had a detailed discussion with their Customer relationship manager and he acknowledged the fact that there have been delays on this front but now we are preparing well to start plot handover by March 2013 beginning Sec 97.

    Regarding Gardens : "A" towers possession shall start from Jan 2014. This is again going by what customer relationship guys have to say. As per them Gardens is a MUST for Unitech priorities as it has maximum funding from FDI. I somehow agree with their ambitions after witnessing pace of construction which is happening in Gardens. " B" towers possession shall commence beginning Jan 2015.

    I think overall we all are mixing up few things here:

    1. Comparison of IREO Apartments and Unitech Executive Floor - This doesnt make sense as there is absolutely no comparison of floors and high rise apartments. In case we have to do a comparison we should compare Apples to Apples (apartments to apartments). Both floors and apartments have their positives and negatives.

    2. IREO as a builder is class apart in all ways. There is no comparison of IREO and Unitech. Both operates at altogether different price point. having said that it doesnt mean that Unitech is a "low profile/ low spec" builder but the reality is that IREO is " high profile/high spec" builder operating at a slightly lower scale than Unitech but at a higher price point. I have myself lived in GGN for many years (DLF & unitech properties) and can confidently vouch for the end product quality.

    While doing research in Mohali, i myself wanted to pick something initially at IREO but later i took a call with Unitech considering how deep my pockets are and how much time horizon i have ( 3-4 years...). Expecting anything significant in hand before 3-4 years would not be wise from my side. Within Unitech i had the budget to go for Executive Floors but reason i decided about Gardens is that by the time Gardens would be delivered, entire area would see some habitation. I would not have wanted to be in a situation where my standalone executive floor is ready for possession and then had to travel miles for basic amenities.

    What we should be worried about is the overall social infrastructure around these sectors - this is in the hands of GMADA and investment shall only flourish if these important factors get executed in time.


    If my comments earlier have offended someone, my sincere apologies. I was only worried about the fact that some open statements dont really tarnish the image of projects which are probably at their last stages ( ex: Unitech Executive Floor).
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  • Dear Gardenman,
    I'm not against you or unitech.

    If you read my posts before, you might have found that my reason of resentment is unitech lied to me in terms of possession promises. I'm not expert in real estate sector.
    so having a hope of own home and to escape from rent of 15K I decided to go for it.
    CommentQuote
  • Originally Posted by Gardenman
    WOW... we had a great discussion here !

    First of all i would like to mention here that my comments were not meant to be seen from the perspective that i dont value the importance of money which is being spent as an EMI by different people. I am myself from mid class family and appreciate the importance of hard earned money.

    Someone asked me about Downtown: 2 weeks back i was in Unitech HQ in GGN and met one senior person there who heads the North India operations for Unitech in retail. He mentioned about Downtown Mohali where few brands had a " Initial Signup" for setting up there shops. That essentially means that these brands have their spaces booked and in near future ( 3-4-5 years) they may start their operations in Sector 97 based on : Completion of Downtown Mall, Overall footfall in the region and of course all this wont be possible if plotted development doesnt materialize into human habitation.

    Regarding Question of written confirmation of Plots in Sec 97: Aajkal Likh kar to koi bhee naheen deta hai bhai :-)... But i had a detailed discussion with their Customer relationship manager and he acknowledged the fact that there have been delays on this front but now we are preparing well to start plot handover by March 2013 beginning Sec 97.

    Regarding Gardens : "A" towers possession shall start from Jan 2014. This is again going by what customer relationship guys have to say. As per them Gardens is a MUST for Unitech priorities as it has maximum funding from FDI. I somehow agree with their ambitions after witnessing pace of construction which is happening in Gardens. " B" towers possession shall commence beginning Jan 2015.

    I think overall we all are mixing up few things here:

    1. Comparison of IREO Apartments and Unitech Executive Floor - This doesnt make sense as there is absolutely no comparison of floors and high rise apartments. In case we have to do a comparison we should compare Apples to Apples (apartments to apartments). Both floors and apartments have their positives and negatives.

    2. IREO as a builder is class apart in all ways. There is no comparison of IREO and Unitech. Both operates at altogether different price point. having said that it doesnt mean that Unitech is a "low profile/ low spec" builder but the reality is that IREO is " high profile/high spec" builder operating at a slightly lower scale than Unitech but at a higher price point. I have myself lived in GGN for many years (DLF & unitech properties) and can confidently vouch for the end product quality.

    While doing research in Mohali, i myself wanted to pick something initially at IREO but later i took a call with Unitech considering how deep my pockets are and how much time horizon i have ( 3-4 years...). Expecting anything significant in hand before 3-4 years would not be wise from my side. Within Unitech i had the budget to go for Executive Floors but reason i decided about Gardens is that by the time Gardens would be delivered, entire area would see some habitation. I would not have wanted to be in a situation where my standalone executive floor is ready for possession and then had to travel miles for basic amenities.

    What we should be worried about is the overall social infrastructure around these sectors - this is in the hands of GMADA and investment shall only flourish if these important factors get executed in time.


    If my comments earlier have offended someone, my sincere apologies. I was only worried about the fact that some open statements dont really tarnish the image of projects which are probably at their last stages ( ex: Unitech Executive Floor).


    Dear Gardenman,

    I agree with you on most of points but tend to disagree on CRM assurances. CRM assurances are repeatidly found to be fake. Everytime they commit but don't deliver. So not sure whether this time, they will meet March timeline
    CommentQuote
  • Originally Posted by ROMANK
    Dear chdire
    Now u r saying u visited the site.....earlier u said nothing is there ...even land is in dispute. Seeing the construction progress by L&T now u r saying forget website link. Pls be consistent and post with facts.

    What do u mean by gated community like feeling? Fyi Ireo is a gated complex..without any commercial inside which for a peaceful and safe residence shall not be desirable..pls first go through the details of the project.

    Regarding watching movies donot compare with gurgaon these will be available in 2-3 km range when greater mohali is developed and will be good occasional outing/drive with family.

    cheers


    I am giving you the facts. What is the development done for Hamlet and Commercial? Where are gate of complex, internal roads, plots demarcation, seewage, rain water drain, street lights? Where is demarcation of land between EMaar and IREO.

    L&T is there, excellent. GMADA has also given to L&T for aerocity development. Emaar had also given to them. Delivery depends upon FUNDING. If funding is not there, what will L & T do?

    Come to Unitech Nirvana/DLF in GGN. You will understand gated community feeling.

    IREO RISE is 6-7 acre project which can ONLY be compared with Unitech Garden. Garden has completed 8th floor in tower A and 4 in tower B. IREO is still at 1 or 2. Both started construction in 2012.
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  • Originally Posted by chdire
    Dear Gardenman,

    I agree with you on most of points but tend to disagree on CRM assurances. CRM assurances are repeatidly found to be fake. Everytime they commit but don't deliver. So not sure whether this time, they will meet March timeline

    Yes they are fake most of times :-) I dont have two opinions on this.
    CommentQuote
  • Originally Posted by Gardenman
    WOW... we had a great discussion here !

    First of all i would like to mention here that my comments were not meant to be seen from the perspective that i dont value the importance of money which is being spent as an EMI by different people. I am myself from mid class family and appreciate the importance of hard earned money.


    What we should be worried about is the overall social infrastructure around these sectors - this is in the hands of GMADA and investment shall only flourish if these important factors get executed in time.


    If my comments earlier have offended someone, my sincere apologies. I was only worried about the fact that some open statements dont really tarnish the image of projects which are probably at their last stages ( ex: Unitech Executive Floor).



    That is right... unfortunately GMADA does not issue/post progress report of its ongoing projects at their website. Could not locate anything.

    May be somebody residing in Mohali can file and RTI application to get the details/plan of various infrastructure projects being executed and planned to be taken by GMADA in Greater Mohali Area.

    Energy spent in this will be worth for the benefit of all..... better than discussing pros and cons of various projects. It may also wake up GMADA when such information/inefficiency comes in public domain.
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  • Whats the final take on the road IREO flats and plots ?
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  • Good progress IREO flats . check the website
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