Hi...i am looking for a 3BHK flat in IREO uptown. Can some one guide me on the current market price...have got differnt rates from differnt brokers. Thanks
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  • What price u were offered ? it was 5500+ as I remember on a very non serious call to their office sometime back....
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  • I have purchased a unit in Uptown. Have received buyer's agreement.The agreement is between Ireo Pvt Ltd ( Developer), myself and M/s Sue Pvt Ltd,M/s Sang Pvt Ltd,M/s Five rivers Pvt Ltd( the land owners). Is this a normal industry practice to have a different developing and land owning company from taxation perspective.
    Is my investment safe in such a scenario?
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  • Originally Posted by Vicky100
    I have purchased a unit in Uptown. Have received buyer's agreement.The agreement is between Ireo Pvt Ltd ( Developer), myself and M/s Sue Pvt Ltd,M/s Sang Pvt Ltd,M/s Five rivers Pvt Ltd( the land owners). Is this a normal industry practice to have a different developing and land owning company from taxation perspective.
    Is my investment safe in such a scenario?



    this is fine .What happens is that instead of buying the land property developer goes into agreement with land owner and both parties reap the profit .
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  • What if there is a dispute between the land owning company and the developing comapny? Do senior members have any experience on this issue or am I panicking? What documents should I see to satisfy myself?
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  • Originally Posted by Vicky100
    What if there is a dispute between the land owning company and the developing comapny? Do senior members have any experience on this issue or am I panicking? What documents should I see to satisfy myself?

    don"t worry -this is very common
    you will not be the only one who has booked the flat so there is no need to panic
    for your reassurance you can have look at emaar palm hills booking form -similar arrangement
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  • Originally Posted by drrastogi731
    don"t worry -this is very common
    you will not be the only one who has booked the flat so there is no need to panic
    for your reassurance you can have look at emaar palm hills booking form -similar arrangement


    Thanks .This was reassuring
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  • drratogi731 : as u are an experienced person in gurgaon, can you please elaborate this situation for the benefit of many like Vicky100
    I have very less experience and have not encountered a situation like this.
    Who are these companies ?
    M/s Sue Pvt Ltd,
    M/s Sang Pvt Ltd,
    M/s Five rivers Pvt Ltd

    ????
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  • Originally Posted by RBBR_711
    drratogi731 : as u are an experienced person in gurgaon, can you please elaborate this situation for the benefit of many like Vicky100
    I have very less experience and have not encountered a situation like this.
    Who are these companies ?
    M/s Sue Pvt Ltd,
    M/s Sang Pvt Ltd,
    M/s Five rivers Pvt Ltd

    ????


    They r the original land owners.
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  • Originally Posted by RBBR_711
    drratogi731 : as u are an experienced person in gurgaon, can you please elaborate this situation for the benefit of many like Vicky100
    I have very less experience and have not encountered a situation like this.
    Who are these companies ?
    M/s Sue Pvt Ltd,
    M/s Sang Pvt Ltd,
    M/s Five rivers Pvt Ltd

    ????

    these are land owners who have registered the land as pvt company for taxation purposes and in case something happens to them then whole project does not get compromised
    i I have not done any research on ireo but similar thing was there for palm hills --if you look at palm hills similar arrangement is there
    3 pvt companies registered at same address and owned by same owner
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  • Originally Posted by drrastogi731
    these are land owners who have registered the land as pvt company for taxation purposes and in case something happens to them then whole project does not get compromised
    i I have not done any research on ireo but similar thing was there for palm hills --if you look at palm hills similar arrangement is there
    3 pvt companies registered at same address and owned by same owner


    It's a similar story with most of the projects. Nothing new, nothing to worry about.
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  • Thanks Manoj
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  • Do the builders give copies of all agreements/sanction plans/ LOI etc ? It is mentioned in their agreement that buyer's have done due diligence while buying property. If yes which documents copies I should ask for my records? Please advice.
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  • Originally Posted by Vicky100
    Do the builders give copies of all agreements/sanction plans/ LOI etc ? It is mentioned in their agreement that buyer's have done due diligence while buying property. If yes which documents copies I should ask for my records? Please advice.


    Senior Members please advice
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  • Originally Posted by Vicky100
    Senior Members please advice


    Buyer's agreement is a document which is highly loaded towards the builder . If u read it throughly , u would never sign it ( but u do not have an alternative). U do not get copies of any agreements/sanction plans/ LOI .
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  • Originally Posted by MANOJa
    Buyer's agreement is a document which is highly loaded towards the builder . If u read it throughly , u would never sign it ( but u do not have an alternative). U do not get copies of any agreements/sanction plans/ LOI .


    Yes,I had same experience.As I donot stay in Delhi my father went to Ireo office. He was not allowed to take any copies, but shown a big fat file with supposedly all approvals etc. It was waste of time & effort..
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