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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  • Originally Posted by sh-saxena
    Right... if min resale price would be around 9400 and company price around 9650, why would a buyer go for resale and do the whole flat-hunting rigmarole via brokers & pay brokerage and not even get a unit of their choice.
    I wonder if any resale is actually happening here ?
    I feel resale would be difficult till IREO sells all its good units or raises the price (which it may as it usually does to keep the investors happy).


    for some folks, 250/- is not a meager amount. Multiply it by 1350 and it comes to around 330000 which is a pretty decent amount. Who would not consider the resale option in these tough times?. Anyway the fact that i think is there is no sale of units in this project even by the company. That is why everything is dead. Once the company picks up their sales momentum, some change is inevitable.
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  • Next wave of increase in price in IREO Projects would only come after the GA getS delivered. From the start IREO had been Outlier a midst its peer and has commanded the premium way ahead of its time purely on its projected delivery/quality premise.

    Now they have to deliver as per promise and perception. GA delivery will decide to where IREO goes from here. IVV and Uptown will only strengthen the position. Either ways.

    If GA gets delivered as per promise and atleast 50% of the residents move in within 6 months of the possession then only one can see significant interest coming in IVV,Skyon and Uptown.

    Corridors will have to wait it then.

    If IREO Falters with GA, then rest will got Harmony and Escape way...

    RA
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  • As they say water flows from the top and so does property prices follow from top to bottom. GA should consolidate around 14k level with 50% end users coming in within 6 months. If more than 70% take possession and move in then it will go to 16-17k band.

    With GA's possession Skyon should consolidate at 11-12k level.

    Uptown should reach 9-10 k at possession and if 70% end users comes in at possession then it could reach the level Sohna road premium properties.

    Post Uptown and GA possession IVV to consolidate at 9500-10500 level. If GA+Uptown get 70% endusers in 6 months of possession then IVV will go upto 11-12k by that time.

    Every thing is hazy at the moment and no one can predict the direction right now. Good part of GA+Uptown and to some extent with IVV is that most of the week hands have left these projects and mostly end or long term user are there. So neither the price are going up nor they would come down drastically.

    Direct will only come after GA possession.

    Till then Corridors will have to wait and watch.

    I would like to remind Corridors investors/end users that this state of Corridors is not happening for the first time. Skyon also had gone through this phase. It lasted for 1.5 years. In case of Corridors and on the basis of current economic situation this may extend to 3 years.
    All that you can pray for is that this projects EC should get delayed for the same time as it did for Skyon. Thats the only saving grace.

    This also depends on how IREO wants the project to perform in resale market. Since they are left with 50% of the inventory to be sold, they cannot afford the resale market to kill their prospects. So they will have to go slow on this...

    Disclaimer:-
    Above mentioned theory is a work of fiction. Please believe or reject at your own peril.

    RA
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  • But buyer will need to pay brokerage also for resale. So another 1.5 Lakhs will go out of 3.3 Lakhs.
    Wonder how many people would go through the hassles of brokers & flat hunting to save 1.8 lakhs on a total cost of 1.5 Cr (for 1350 sqft unit) and also may not get the unit of choice.
    Investors should just sit tight for an year or so and things should improve.

    Originally Posted by karan91
    for some folks, 250/- is not a meager amount. Multiply it by 1350 and it comes to around 330000 which is a pretty decent amount. Who would not consider the resale option in these tough times?. Anyway the fact that i think is there is no sale of units in this project even by the company. That is why everything is dead. Once the company picks up their sales momentum, some change is inevitable.
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  • And too where exactly the builder will raise the prices too. It is already at 2014 prices so forget about resale.


    Originally Posted by sh-saxena
    Right... if min resale price would be around 9400 and company price around 9650, why would a buyer go for resale and do the whole flat-hunting rigmarole via brokers & pay brokerage and not even get a unit of their choice.
    I wonder if any resale is actually happening here ?
    I feel resale would be difficult till IREO sells all its good units or raises the price (which it may as it usually does to keep the investors happy).





    Sent from my iPhone 5 using Tapatalk
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  • Got below sms yday from a broker.

    Sale IREO Corridor 1920 sqft Tower B6/B2 @8750+Parking
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  • Got this from broker

    Desperate sale:-

    Ireo Corridors, Sec 67A, Gurgaon
    2br+study, 1506ft, T-C3, 5th floor, Non PLC, 3 side open
    Book-8750, Paid 20%, Demand-8800+Transfer charges 113/- per sq ft
    Layout plan is attached.
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  • these deals are real distress and desperate deals.. as investors are trying hard to recover their principal invested...and would stand to loose at least 6-8 months interest on 20% payment made..

    IREO has failed its investors this time :bab (5)::bab (5):
    Originally Posted by shkhan
    Got this from broker

    Desperate sale:-

    Ireo Corridors, Sec 67A, Gurgaon
    2br+study, 1506ft, T-C3, 5th floor, Non PLC, 3 side open
    Book-8750, Paid 20%, Demand-8800+Transfer charges 113/- per sq ft
    Layout plan is attached.
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  • EC for the project has been rejected, not likely now before second quarter 2014.
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  • Originally Posted by Lazybell
    EC for the project has been rejected, not likely now before second quarter 2014.


    lazybelljee!!!

    Can you please elaborate on your post???

    what does "EC has been rejected" mean?? and also, if we have any precedence of EC being rejected for any other project ?

    From what I have heard EC is either not applied, applied+pending or granted... I havent come across a rejected EC prior to this.
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  • They had applied with data before this monsoon, that data has not been accepted. They have been told to collect fresh 90 days data and then reapply for EC. They had applied in April and case was considered now; similar timelines are likely when they resubmit.
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  • Originally Posted by Lazybell
    They had applied with data before this monsoon, that data has not been accepted. They have been told to collect fresh 90 days data and then reapply for EC. They had applied in April and case was considered now; similar timelines are likely when they resubmit.


    well, does this mean that the excavation for this project will be delayed??
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  • Originally Posted by karan91
    well, does this mean that the excavation for this project will be delayed??


    Yes.
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  • Originally Posted by Lazybell
    They had applied with data before this monsoon, that data has not been accepted. They have been told to collect fresh 90 days data and then reapply for EC. They had applied in April and case was considered now; similar timelines are likely when they resubmit.


    Lazybell,

    There were more than 25 such cases , which were sent back to seiaa and not rejected. lots of them were sent back by seiaa in the very next meeting and within 2 months were approved.

    Unless ireo deliberately wants to delay, this project, it is unlikely what you say will be correct .

    so hope this complete picture gives more clarity to people invested , which will be a disaster for the short term , as lots of us had mentioned before. Unless you have long term 5 years + holding capacity, this is not a good project .
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  • But wouldnt it be better for investors if project gets delayed so that they dont get any more demands.
    By next year hopefully, market would have bounced back.

    Originally Posted by kinjalchato
    Lazybell,

    There were more than 25 such cases , which were sent back to seiaa and not rejected. lots of them were sent back by seiaa in the very next meeting and within 2 months were approved.

    Unless ireo deliberately wants to delay, this project, it is unlikely what you say will be correct .

    so hope this complete picture gives more clarity to people invested , which will be a disaster for the short term , as lots of us had mentioned before. Unless you have long term 5 years + holding capacity, this is not a good project .
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