Members!!!!

I have been looking to invest in a 2-3 Bhk since a couple of months now and more or less zero-ing on ireo sector 67a project ( although uptown, palm studio and victory valley are still on my radar) ... I request all knowledgable members ( especially the seniors and brokers in disguise of members) to comment upon the pros and cons of the project.

Also, I'd request other members planning to go for the project to get in touch with me, so that, we can look for a deal as a group rather than as multiple single parties .

As a start to the thread, let me list out a few pros and cons.

PROS

- New launch. Very little upfront payment.
- Specifications, better than basic, which are becoming a hallmark of ireo.
- location ( as per first information) looks to be good. Behind sector 67 or say
behind victory valley and PVSN
- other projects of the builder getting handsome appreciation and excellent
speed of all projects as of now ( cash crunch doesn't seem to be affecting the
So called FDI funded , politically funded as per grapevine, builder at all.

CONS

- yet undemarcated sector. Not in master plan 2021.
- builder, although very promising, hasn't delivered anything as yet
- specifications will be more along the lines of uptown ( which is available in
resale at 4800-4900 levels and has better location) and not very luxurious
Like grand arch,victory valley or skyon.
- although pricing is very speculative as of now but if it ends up 5k or more
Will be a disappointment ( like unitech south park).


I hope to hear from the other guys soon ....
;)





MODERATOR's NOTE - This thread was started about 18 months back, when this project was rumored to be getting launched . Due to delay in the launch this thread went into hibernation for some time and it is now alive . Newbies/First time users, please note & do not get misguided by the last year's launch price that stands mentioned . A duplicate thread { which stands closed now } has some updated information . Refer http://www.indianrealestateforum.com...7-a-46911.html .
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  • sh

    by cost of ownership - i meant the maintenance cost per sq ft. bcos of the sheer number of units...of course, it would include the initial cost of acquisition...i was referring to the former
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  • Oh ok, my mistake to misunderstand.
    But unfortunately economies of scale dont work in Gurgaon due to builders greed e.g. the maintenance of Park Place (around 1500 apartments) is charged higher than Icon with (380 apartments) by DLF.

    Originally Posted by Varun83
    sh

    by cost of ownership - i meant the maintenance cost per sq ft. bcos of the sheer number of units...of course, it would include the initial cost of acquisition...i was referring to the former
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  • Originally Posted by sh-saxena
    Its not lower cost of ownership than IVV and Uptown and cost is same as Skyon.
    Its cost is less than probably only GA.

    I had done few calculations earlier :

    Uptown (Assuming BSP 8500,PLC 200 for Green facing)
    2BHK (1132)- 1.05 Cr, 2BHK (1225) - 1.15 Cr, 2BHK (1421) - 1.33 Cr
    3BHK (1670)- 1.5 Cr, 3BHK (1815) - 1.7 Cr
    4BHK(2012) - 1.88 Cr

    IVV (Assuming BSP 8500,PLC 250)
    2BHK Tower C (1435) - 1.35Cr
    3BHK Midrise (2500)- 2.4 Cr, 3BHK Tower C(2385) - 2.26 Cr
    4BHK Midrise(2824) - 2.7 Cr

    Corridors
    2BHK (1296)- 1.4 Cr, 2BHK(1484)-1.62 (Assuming BSP 9850, PLC 700 Medium Green)
    3BHK (1727)- 1.92 Cr, 3BHK(1852)-2.06 Cr, 3BHK+Study(2416)-2.7 Cr (Assuming BSP 10050, PLC 700)
    4BHK (2740)- 3.05 Cr (Assuming BSP 10400, PLC 700)
    Escalation clause in addition to above.


    The maths works differently. To keep cash flow same, the comparison should be to rate/cost in Down Payment Plan. That will be a valid comparison.
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  • Whats the maintenance charge of Park Place...

    And any gut feel of Maintenance charge that IREO might levy on all its projects?

    Originally Posted by sh-saxena
    Oh ok, my mistake to misunderstand.
    But unfortunately economies of scale dont work in Gurgaon due to builders greed e.g. the maintenance of Park Place (around 1500 apartments) is charged higher than Icon with (380 apartments) by DLF.
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  • Absolutely correct sh...builders greed will stun you everytime...on the same logic let me hazard a guess...could it be that DLF owns more apartments in Icon than in Park Place so as to bear less maintenance cost on itself...just a theory ;)

    Originally Posted by sh-saxena
    Oh ok, my mistake to misunderstand.
    But unfortunately economies of scale dont work in Gurgaon due to builders greed e.g. the maintenance of Park Place (around 1500 apartments) is charged higher than Icon with (380 apartments) by DLF.
    CommentQuote
  • Some Myths broken about Ireo:

    - Myth 1- It is a cash rich company unlike DLF & unitech - myth broken when they have to sell land to Mahindra.
    -Myth 2- it is ethical company with management comprising some big names- myth broken when they did a liiegal pre launch against the rule of land of India.
    - Myth 3- It is a customer friendly co - myth broken ..Corridors payment plan( seems to be a photocopy of B grade builders like Earth/Tashee) is a perfect indicator that IREO is no DLF/Unitech. The payment plan taking 90% on structure is an indicator of lack of self confidence in completion of project and deteriorating cash position.

    I suspect soon they would come with never heard maintenance charges and increase in super area.
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  • Agree with you there but mine was more of an enduser's viewpoint rather than a 30% investors viewpoint, so the staggered payment advantage is negated by below in my mind.
    - IREO will manage to take 75% payment for this in first 2 years.
    - Corridors will be delivered around 6 years after Uptown and 4 years after IVV is delivered.
    - Corridors has an escalation clause which other IREO projects do not have.

    Originally Posted by Lazybell
    The maths works differently. To keep cash flow same, the comparison should be to rate/cost in Down Payment Plan. That will be a valid comparison.
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  • As per some Icon residents who have flats in Park Place too, Park Place maintenance is higher than ICON's especially considering the Club/Pool have not even started. Will find out the exact charges.

    I think IREO will be on the higher side, infact I think all GCX projects will charge on the higher side. ICON charges currently works out to Rs 2.5/sqft/month (maintenance and services are quite good) so I would assume atleast 50% higher in new projects if not more !!

    Originally Posted by rushilarora
    Whats the maintenance charge of Park Place...

    And any gut feel of Maintenance charge that IREO might levy on all its projects?
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  • Nope, it must be the other way round :)
    DLF owns hardly any apartments in Icon which was delivered 4 yrs back (as per their monthly magazine, Icon is 95% occupied).
    But Im sure they still have inventory left in Park Place.

    Originally Posted by Varun83
    Absolutely correct sh...builders greed will stun you everytime...on the same logic let me hazard a guess...could it be that DLF owns more apartments in Icon than in Park Place so as to bear less maintenance cost on itself...just a theory ;)
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  • All said and done , looking at the multiple amenities , sports facilities and size of the project , this doesnt seem too bad an investment right now , considering the staggered payment plan . Also this project does have a unique USP like all different projects of ireo , this one has plethora of amenities , sporting facilities .
    Purely from investment point of view till around 50-60 % payment goes , considering the cash flow , this should be one of the better returns giving project .
    Just my hunch ... everyone is entitled to their own opinion .
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  • Purely from the Point of View of Amenities and Specs of Project : Thumbs UP.

    From the price point, if you are a Medium Term Investor : Thumbs UP.

    If you, consider that Golf course Road Signal Free plan and Rapid Metro Extension will be completed in 3 years : Thumbs UP

    IREO GRAND ARCH Progress : Thumbs UP

    Not yet delivered a Single Project : Thumbs Down.

    Essentially, if you are willing to come out of the DLF / UNITECH mindset, its a 100% GO AHEAD from every other angle.

    I have never quite liked any of the DLF Malls, or Residential complexes. Most are poorly planned. And probably the only plus point is location.

    IREO May just bring about a Refreshing Change in this Dull and boring Gurgaon RE Market.

    INVEST if you are holding Cash.

    Disclaimer : I am not invested in this project.
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  • Allotment letter received with one month time to sigh the BBA . BSP shown as 9400 ( 8750 + 650 ;parking )
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  • Norway sir 11-12 lakh ki parking??
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  • Originally Posted by amit001
    Norway sir 11-12 lakh ki parking??


    Helicopter ke parking charges itne hi hote hain, Amit Jee !
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  • Originally Posted by amit001
    Norway sir 11-12 lakh ki parking??


    Sir it says 9400 BSP ( my booking is for 8750 ) ..., therefore concluded 650 would be parking ,... re confirmed 650 is for 2 parkings ! Excavation starts in Jan
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