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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  • Now it looks fine :)
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  • People are bonkers about 67a pricing , then wait till you hear maria sharapova pricing sector 73 at 12.5 k
    ----------------------------------
    Homestead Infrastructure Private Limited is a private equity fund engaged in the business of developing class apart modern condomiums in South Asian market. They have successfully launched the Michael Schumacher World Tower in Sector 109, Gurgaon and would soon launch yet another iconic tower in Sector 73, Gurgaon endorsed by the Sports Celebrity icon Maria Sharapova.

    Both projects epitomize the highest standards of living with ‘elegance’ and ‘style.’ The projects will be iconic towers which will personify living in a world class facility built to perfection in a design which will stand out in the neighbourhood.

    The projects are a concept of lifestyle which will be the only one of its kind in the country with an element of glamour and class woven into the resident owner’s lives. The proud owners of these projects would get attached to an international tag and celebrity status to their address.

    The size of apartment varies from 2500 sq fts to 6000 sq fts. The BSP is Rs 12000 for Micheal Schumacher and Rs 12,500 for Maria Sharopava project respectively. Subvention scheme is also available where in you just have to pay 20% now and 80% at the time of possession.
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  • What Sort of Marble are they putting in ur Basement parking or are they making the entire basement with Birla White cement..????

    6 lacs for one parking.....GGN builders have gone really crazy
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  • Originally Posted by Norway
    Allotment letter received with one month time to sigh the BBA . BSP shown as 9400 ( 8750 + 650 ;parking )


    Is your unit 3bhk above?
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  • just for the sake of knowledge is it possible to cancel the booking now and ask ireo for a refund. If yes are there any charges for the cancellation. If yes, how much. I mean this is just pure sucking. Ireo just aint leaving no stones unturned to suck out every penny from the investors who took a leap of faith in the company s reputation and invested in the soft launch period. A couple of months back the rate I head was dot 8750 for a non plc unit, then suddenly investor gets to know car parking is not included in 8750 and the next you know there would be some other lame excuse from the company to charge more. bloody losers. I mean, I invested around 25L of my hard earned cash nearly 3 months ago and I feel a FD would have fetched me more than this. I
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  • To be fair to Ireo, all brokers were told that the price of 8750 would not include the parking charges. I had also given a cheque but decided to back off after hearing about the parking and insane PLC charges. Since pre-launch is done through brokers, it is ur brokers fault if he didnt pass on the info before submitting the cheque. You can confirm the same with Lazybell or other brokers on the forum. Whether a parking costs 4.5 lakhs or not that a separate issue but it doesnt cost 8750 to deliver a project in the middle of nowhere either.


    Regarding the cancellation, it would be better to sell it off at whatever profit u get. If u go in for cancellation, the builder forfeits 10-15%(Earnest Money). I dont know the exact percentage for Corridors but whether it is 12 lakhs or 20 lakhs, it would be best for u to dispose it off.

    Thanks



    Originally Posted by karan91
    just for the sake of knowledge is it possible to cancel the booking now and ask ireo for a refund. If yes are there any charges for the cancellation. If yes, how much. I mean this is just pure sucking. Ireo just aint leaving no stones unturned to suck out every penny from the investors who took a leap of faith in the company s reputation and invested in the soft launch period. A couple of months back the rate I head was dot 8750 for a non plc unit, then suddenly investor gets to know car parking is not included in 8750 and the next you know there would be some other lame excuse from the company to charge more. bloody losers. I mean, I invested around 25L of my hard earned cash nearly 3 months ago and I feel a FD would have fetched me more than this. I
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  • Originally Posted by manoj2066
    To be fair to Ireo, all brokers were told that the price of 8750 would not include the parking charges. I had also given a cheque but decided to back off after hearing about the parking and insane PLC charges. Since pre-launch is done through brokers, it is ur brokers fault if he didnt pass on the info before submitting the cheque. You can confirm the same with Lazybell or other brokers on the forum. Whether a parking costs 4.5 lakhs or not that a separate issue but it doesnt cost 8750 to deliver a project in the middle of nowhere either.


    Regarding the cancellation, it would be better to sell it off at whatever profit u get. If u go in for cancellation, the builder forfeits 10-15%(Earnest Money). I dont know the exact percentage for Corridors but whether it is 12 lakhs or 20 lakhs, it would be best for u to dispose it off.

    Thanks


    Dear Manoj,

    Do you really think its that easy to sell in secondary market especially after the news of the resale prices having gone in discount besides transfer charges also payable by the seller. please calculate what profit can be taken off the table even after calculation of brokerage discount which god knows when receivable.

    Cheers.

    CA.
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  • Dear CA,

    I wasnt aware that units were selling at less than 8750. Anyways even if they were selling at less than 8750, the loss wouldnt be as great as losing the Earnest Money by taking the cancellation route.

    Btw, there were hardly any brokers offering discount and most people bought units without any discounts. A few were offered 1% for smaller units and 2% for bigger units.




    Originally Posted by Cheeky AlAn
    Dear Manoj,

    Do you really think its that easy to sell in secondary market especially after the news of the resale prices having gone in discount besides transfer charges also payable by the seller. please calculate what profit can be taken off the table even after calculation of brokerage discount which god knows when receivable.

    Cheers.

    CA.
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  • Originally Posted by manoj2066
    Dear CA,

    I wasnt aware that units were selling at less than 8750. Anyways even if they were selling at less than 8750, the loss wouldnt be as great as losing the Earnest Money by taking the cancellation route.

    Btw, there were hardly any brokers offering discount and most people bought units without any discounts. A few were offered 1% for smaller units and 2% for bigger units.


    This less commission means a bigger loss for initial investors. Having missed the initial boats of Ireo to make money, getting into this one in a haste with rough waters around was really not a good idea. Anyway now one has to do what has to be done to minimize the losses. Good Luck to all.

    Cheers.

    CA.
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  • @9850(company's launch price) does anyone think that there is any buyer in the market. I mean if somebody has some inside sales reports from Ireo he can throw some light on this topic. If I were to invest at this time there are pretty other decent options available in the market other than ireo. Before, investing here I was planning to invest in a project in Chandigarh and luckily the prices came down there heavily. Contrary to this, Gurgaon prices are not down yet but the problem is nobody's willing to buy anything here at these exorbitant rates. Prices seem to be inflated too much by brands like ireo, DLF and vatika. Anyway, the point is nobody knows when the bubble might burst.
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  • Originally Posted by karan91
    @9850(company's launch price) does anyone think that there is any buyer in the market. I mean if somebody has some inside sales reports from Ireo he can throw some light on this topic. If I were to invest at this time there are pretty other decent options available in the market other than ireo. Before, investing here I was planning to invest in a project in Chandigarh and luckily the prices came down there heavily. Contrary to this, Gurgaon prices are not down yet but the problem is nobody's willing to buy anything here at these exorbitant rates. Prices seem to be inflated too much by brands like ireo, DLF and vatika. Anyway, the point is nobody knows when the bubble might burst.


    Bubble is unlikely to burst but yes resale will slow don for 6 months... Factoring inflation it corrects automatically


    Sent from my iPhone 5 using Tapatalk
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  • Simply Insane pricing
    Over that 9850 ... I think they have abusive PLC's with a minimum of 1250/sqft? and over 9 lakhs for parking.

    Are they selling flat or a plot? These tactics are just to please (false appreciation) the initial investors who put in their money at 8750/- in prelaunch who are now feeling the pinch of these exorbitant PLCs and parking charges.

    Originally Posted by karan91
    @9850(company's launch price) does anyone think that there is any buyer in the market. I mean if somebody has some inside sales reports from Ireo he can throw some light on this topic. If I were to invest at this time there are pretty other decent options available in the market other than ireo. Before, investing here I was planning to invest in a project in Chandigarh and luckily the prices came down there heavily. Contrary to this, Gurgaon prices are not down yet but the problem is nobody's willing to buy anything here at these exorbitant rates. Prices seem to be inflated too much by brands like ireo, DLF and vatika. Anyway, the point is nobody knows when the bubble might burst.
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  • IREF is full of ominous forecasts... And Life is full of happy investors... I am unable to match past opinions to present reality for lack of patience because of abundance as also the huge dilemma as to whom and where to start with...

    Being a worthy son of Aristotle: I ask myself 'has causation of appreciation in RE prices changed fundamentally?'... The answer I get is 'nothing that I'm aware of, and the doomsayers too have nothing to offer that hasn't got stale.'...

    I think the investors party and the doomsday proponents enjoy IREF...

    Happy posting... And Happy Investing... :)
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  • Originally Posted by Lazybell
    IREF is full of ominous forecasts... And Life is full of happy investors... I am unable to match past opinions to present reality for lack of patience because of abundance as also the huge dilemma as to whom and where to start with...
    Being a worthy son of Aristotle: I ask myself 'has causation of appreciation in RE prices changed fundamentally?'... The answer I get is 'nothing that I'm aware of, and the doomsayers too have nothing to offer that hasn't got stale.'...

    I think the investors party and the doomsday proponents enjoy IREF...
    Happy posting... And Happy Investing... :)



    Well the information provided by a reliable source, 800 flats sold in prelaunch prices and 75 units after launch at the new price , this was about 10 days ago , there may be additional sales in last fortnight ..
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  • Originally Posted by RHSingh
    Well the information provided by a reliable source, 800 flats sold in prelaunch prices and 75 units after launch at the new price , this was about 10 days ago , there may be additional sales in last fortnight ..


    Good News brother ..thanks for sharing :):)
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