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 .
Read more
Reply
1985 Replies
Sort by :Filter by :
  • Originally Posted by karan91
    well, does this mean that the excavation for this project will be delayed??


    This thread was started on 18 June 2011 by St_Anger. And yet even after more than 2 years, the excavation hasn't started???

    This is THE major problem with Indian builders and the process they follow in their work

    1. Hire a web and graphics designer to create a glossy brochure (Remember to qualify in micro-fonts that image are for illustrative purpose only and actual layout might (will) be totally different from the one shown above

    2. Pre pre launch a project at X sq ft.

    3. Pre launch the project at X+2000 sq ft. claiming the pre-launch was totally booked BUT few units still left and buy them before next price increase in exactly 9 days and 12 hours and 3 minutes

    4. Now Launch the project at X+4000 sq ft. Always choose an exotic sounding english name like victory valley, Evey, Escencia, Mushroom, Dragon etc. The days of Alaknanda, Ganpati, Sadbhavna are long gone

    5. Collect the money. Remember to mention in the BBA that the project (including the pricing, floor plan, master plan, location and the city can also be changed on discretion of the builder)

    6. a) If this is not your first project - divert money to your other long pending project
    6. b) If this is your project put money in bank. Choose a tenure which pays highest interest and keep it revolving for atleast a decade

    7. Start looking for a land. The closer it is to anything "proposed" the better it is. Nobody buys any property these days which is close to a market, metro or expressway. People want to buy property near proposed metro, proposed hospital, proposed commercial hub. People are forward looking u know. Calculate the time taken to every prominent existing airport, railway station, metro etc at 150-200Km/hr and mention prominently them to be 5-10 mins drive from the project..

    8. Cover the land with boundary of tin mentioning project name. Take care to not let a single opening which might let the people see that u r actually growing onions on that land.

    9. Apply for those 1,000 licences you need.. Someday they will come! Till then sit tight..
    CommentQuote
  • Love the highlighted part :) :)
    I pass Camillas (Magnolias II) site daily, its totally covered with a tin boundary wall with a huge Camillas logo...for all you know DLF has an Onion farm there ...


    Originally Posted by neutral

    7. Start looking for a land. The closer it is to anything "proposed" the better it is. Nobody buys any property these days which is close to a market, metro or expressway. People want to buy property near proposed metro, proposed hospital, proposed commercial hub. People are forward looking u know.

    8. Cover the land with boundary of tin mentioning project name. Take care to not let a single opening which might let the people see that u r actually growing onions on that land.

    9. Apply for those 1,000 licences you need.. Someday they will come! Till then sit tight..
    CommentQuote
  • Originally Posted by sh-saxena
    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.



    Ma'am!

    Yes, you are quite right.. In the short term it would be better for the investors if the project gets delayed.
    But in the long run, it is a product made for the end user... and anything which doesnt benefit the ultimate user for whom it has been designed... is a not so fruitful preposition for all involved... that has been my experience..!!
    CommentQuote
  • Originally Posted by sh-saxena
    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.


    Provided ireo agrees to this bailout package , by not proceeding with EC , even then it is a temporary respite.

    being a close ended fund, it will have to repatriate funds in defined time and hence they cannot afford to not execute projects . and it is understood that they had done cibil score checks on the potential customer and had liquidated about 50% of their inventory at a good rate .

    so they have no incentive to delay for significant amount of time .

    This is my pov and figment of my imagination , maybe i am wrong.
    CommentQuote
  • Yeah, I meant in short term only i.e if no demands for next 8-10 months, investors can breathe easy and the resale price also would be more acceptable next year than now.

    Originally Posted by St_Anger
    Ma'am!

    Yes, you are quite right.. In the short term it would be better for the investors if the project gets delayed.
    But in the long run, it is a product made for the end user... and anything which doesnt benefit the ultimate user for whom it has been designed... is a not so fruitful preposition for all involved... that has been my experience..!!
    CommentQuote
  • For an investor the best and the most easy times in a project come for 2 times in the project's life-span. firstly, when the project is at initial stage and the upfront money is around 20-30%. Second best time for him comes near the completion of this project when flat is ready to move-in for the end customer.

    As the upfront money keeps on increasing by gradual payments, it keeps becoming difficult to sell the flat. In this case the golden period has been hit by the market down trend and the inflated pricing by ireo. My pov is that if investor is not able to do trade now in this project he may only get a chance when this project is ready to move in.
    CommentQuote
  • U are probably undermining a GGN Builder if you can be sure of what they can and cannot do...I am sure they would start excavation as most others do and park another 10% in their banks or land banks..

    Also, there is no way they would have sold 50% inventory at this stage for such a huge project...this is pure speculation..do you have any official communication on that or atleast a reliable source?

    also as someone mentioned if its clearly mentioned that they have to collect further 90 days data..how are you sure that they would get EC in two months..please be reasonable and dont idolize a particular builder...no builder is saint in gurgaon..and even if they are..they must have been shishyas of 'Ass'aram Bapu

    Originally Posted by kinjalchato
    Provided ireo agrees to this bailout package , by not proceeding with EC , even then it is a temporary respite.

    being a close ended fund, it will have to repatriate funds in defined time and hence they cannot afford to not execute projects . and it is understood that they had done cibil score checks on the potential customer and had liquidated about 50% of their inventory at a good rate .

    so they have no incentive to delay for significant amount of time .

    This is my pov and figment of my imagination , maybe i am wrong.
    CommentQuote
  • Originally Posted by aabansal

    Also, there is no way they would have sold 50% inventory at this stage for such a huge project...

    I am 100% sure that they have sold atleast 635 units in pre-launch.. btw people are speculating about 1200 units or so..

    do not ask the soruce but that can be verified by people who have link in Ireo management..
    CommentQuote
  • total number of units are 1780..so even if we assume that they indeed managed to sell 645 in this pathetic market..it is still far less than 50%

    Originally Posted by doobti
    I am 100% sure that they have sold atleast 635 units in pre-launch.. btw people are speculating about 1200 units or so..

    do not ask the soruce but that can be verified by people who have link in Ireo management..
    CommentQuote
  • Originally Posted by aabansal
    total number of units are 1780..so even if we assume that they indeed managed to sell 645 in this pathetic market..it is still far less than 50%


    yes aabansal, i have not commented on 50% sold units. I just shared information that 635 units are the minimum which has been sold.. market was not pathetic when ireo did booking for this particular project.. I even know couple of people who have managed 3-3 units in this particular project (under different family member names) and had seen mad rush among people just because ireo had given very very good returns in past.. though would not like to comment on future of this project.. :D just because no one wants to loose money . people have faith in ireo hence put money in this project..

    I have recently joined IREF , though have a good understanding on gurgoan RE.. and observed that there are people who have made money in past via Gurgoan RE and now treat themselves as RE guru . Their owned properties are better , rest everything is shit.. I would more of connect it with good RE environment during 2008-12 and mad rush for RE PAN India..
    CommentQuote
  • Originally Posted by aabansal
    U are probably undermining a GGN Builder if you can be sure of what they can and cannot do...I am sure they would start excavation as most others do and park another 10% in their banks or land banks..

    Also, there is no way they would have sold 50% inventory at this stage for such a huge project...this is pure speculation..do you have any official communication on that or atleast a reliable source?

    also as someone mentioned if its clearly mentioned that they have to collect further 90 days data..how are you sure that they would get EC in two months..please be reasonable and dont idolize a particular builder...no builder is saint in gurgaon..and even if they are..they must have been shishyas of 'Ass'aram Bapu


    Sir on one hand I am saying it was absolutely a wrong project to invest in and on other hand you are saying you are idolizing a builder :).

    Let us get some facts based on which I made this post .

    Firstly, If you know ireo all their projects have separate escrow account and hence what you are proposing is not possible to a large extent .

    Secondly There are more than dozen projects which were asked to collect the 90 day data and the same was addressed by seiaa and resolved. Please go through seiaa minutes of meeting and you will have your answer, just go through greenopolis thread .

    Thirdly you are assuming that seac sent back today, while the fact is quiet different , so 90 days from now is different from 90 days from June/ July

    Finally I agree there are no saint builders as it is an oxymoron . and the said figure was quoted from people in this forum, who otherwise have been reliable , so yes I do not have irrefutable evidence :). Leave alone idolizing them , I will be abusing them , if they do not deliver whatever they have promised in Grand arch and uptown and many more will be joining us


    Hope it clarifies
    CommentQuote
  • you are again being unreasonable..do you think IREO would start collecting fresh data from the very next day..or even if they do so..would SEIAA meet the very next day IREO completes its 90 day data collection..please see if from an outsider pov which you always does and I have always appreciated your view point as one of the most unbiased ones..

    they have an escrow account...thats fine..but would you ensure that they would not raise another 10% on excavation (without getting EC that is) and such the blood of already beleaguered investor in corridors...

    I know and very well ready to admit the IREO has been way above par and has set decent transparency standards...but again they did everything possible under the sun..directly or indirectly

    - added more floor: ie changed plans midway
    - collected excavation money before EC (i think it was in Skyon) .. advance apology if i have got it wrong on this
    - forced buyers to pay extra charges for some glossy work which one may not prefer
    - delayed Grand Arch (would be possibly delayed by 2 years including grace period before it is delivered in full)
    - differential system of extra charges (my neighbor would have paid more/less PLC than me
    - launched projects at 8750 in pre launch and later on hiked the BSP by adding parking on whatever

    so IREO has very much followed the industry practice...DLF and Unitech were also saints to start with..people used to idolize them as they gave 8-10 times returns to most of GGN investors who invested in late 90s of early 2000s..same is the story so far with IREO.

    sooner we realise the better..
    one front they seem not to fail as of now at least is the build quality..which has been very good so far..

    Originally Posted by kinjalchato
    Sir on one hand I am saying it was absolutely a wrong project to invest in and on other hand you are saying you are idolizing a builder :).

    Let us get some facts based on which I made this post .

    Firstly, If you know ireo all their projects have separate escrow account and hence what you are proposing is not possible to a large extent .

    Secondly There are more than dozen projects which were asked to collect the 90 day data and the same was addressed by seiaa and resolved. Please go through seiaa minutes of meeting and you will have your answer, just go through greenopolis thread .

    Thirdly you are assuming that seac sent back today, while the fact is quiet different , so 90 days from now is different from 90 days from June/ July

    Finally I agree there are no saint builders as it is an oxymoron . and the said figure was quoted from people in this forum, who otherwise have been reliable , so yes I do not have irrefutable evidence :). Leave alone idolizing them , I will be abusing them , if they do not deliver whatever they have promised in Grand arch and uptown and many more will be joining us


    Hope it clarifies
    CommentQuote
  • Originally Posted by aabansal
    collected excavation money before EC (i think it was in Skyon) .. advance apology if i have got it wrong on this


    you are correct mate.. 9-10 months before they got EC
    CommentQuote
  • 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 .


    The precedents you refer to were cases which were cleared by seac and rejected by seiaa, whereas this case is different. It has been rejected by seac itself, never sent to seiaa.

    The clock has been set back quite a bit. Report was submitted by Ireo to seac in April, resubmission can not now happen before Jan 14 and then Ireo reaches where it was in apr this year and the sarkari machine will start the chhakars that will laboriously produce the EC at some time.
    CommentQuote
  • Let me put some twist to the tale. Ireo had initially done allotment of 900 units approx and since they got good response they extended the allotment to approx 1150 units. Now all these allotments were done basis the cheques received and CIBIL check done. I am not sure how many did the stop payment later or whose cheque bounced. But this is the figure I got to know that point of time. I would not harp on about my connections on IREO (Which I dont have actually) but since every one is putting a figure, I thought of sharing mine.

    So far I have been right about the info I got on the projects I track... May be this time someone tells me "Mate your GOOD times are over"... You are Wrong this time.

    RA.
    CommentQuote