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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  • have ireo delivered anything yet?? Grand arch was supposed to be delivered by dec!!!!!!
    any idea nxt payment?? This is proving to be a bad investment decision!! don't think any resale happening in this project...
    was going through this thread, some people were very bullish about this project or was it ireo marketing deptt !!!
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  • Hi

    you dont seem to have been getting right inputs on Ireo Corridors, Some veteran members had clearly questioned the pricing (too high) and timing (stagnant market/not many takers) of this project , Ireo Brokers/Ireo marketing would definitely try to sell this like a hot- cake as its their job to sell even if someone's hard earned investment might go for a toss in the short/mid term...........if you have already invested, Good luck....

    Originally Posted by courtier
    have ireo delivered anything yet?? Grand arch was supposed to be delivered by dec!!!!!!
    any idea nxt payment?? This is proving to be a bad investment decision!! don't think any resale happening in this project...
    was going through this thread, some people were very bullish about this project or was it ireo marketing deptt !!!
    CommentQuote
  • Originally Posted by courtier
    have ireo delivered anything yet?? Grand arch was supposed to be delivered by dec!!!!!!
    any idea nxt payment?? This is proving to be a bad investment decision!! don't think any resale happening in this project...
    was going through this thread, some people were very bullish about this project or was it ireo marketing deptt !!!


    My dear friend there must be only a very few who did not know the hidden Truth. Welcome to the real RE world.

    Cheers.

    CA.
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  • EC for ireo corridors received

    with the receipt of Environmental clearance of ireo corridor , the real pain for the investors will start and the end users will rejoice.

    this proves all those who were claiming ireo has delayed the ec. I will not be surprised if they start work on the site soon enough.

    In the last few months they received ec for the following projects and they immediately strted construction :

    1. Ireo gwal pahadi
    2. Ireo Grand Hyatt.


    so very unlikely it will be delayed.
    -----------------------


    Item No. Environmental Clearance for Setting up Group Housing (37.512 acres) at Sector-67 A, Village-Dhumaspur and Maidawas, District- Gurgaon, Haryana by M/s Precision Realtors Pvt. Ltd.


    The SEAC has recommended this project for Environmental Clearance subject to stipulation stated therein. The Project Proponent has proposed the construction of Group Housing project at Sector-67 A, Village-Dhumaspur and Maidawas, District-Gurgaon, Haryana on a plot area of 151804.3 sqmt (37.512 Acres). The total built up area shall be 812877.08 sqmt. The project shall have 35 Towers in which 4 Cluster (Cluster A- 10 Towers + GF-13 floors), (Cluster B- 8 Towers +GF + 13 floors), (Cluster C- 9 Towers +GF + 13 floors), (Cluster D- 8 Towers +GF + maximum 19 floors). The proposed Group Housing project shall have 1780 no. of DU, 315 EWS units, Club, Nursery School & Primary Schools. The maximum height of the building shall be 73 meters. The total water requirement shall be 2359 KLD. The fresh water requirement shall be 1105 KLD. The waste water generation shall be 1320 KLD, which will be treated in the STP of 2300 KLD (4X575 each) capacities. The total power requirement shall be 15174.72 KW which will be supplied by DHBVN. The Project Proponent has proposed to develop green belt on 45.02% of project area (21.88% tree plantation + 18.93% landscaping). The Project Proponent proposed to construct 20 rain water harvesting pits. The solid waste generation will be 4800 kg/day. The bio-degradable waste will be treated in the project area by adopting appropriate technology. The total parking spaces proposed are 3545 ECS.
    In the today’s meeting the recommendation of SEAC and the project details were taken up for consideration in the presence of representative of the project proponent and consultant. The recommendation of SEAC was examined on the basis of prevalent procedure as prescribed in the MoEF GoI amended notification dated 22-08-2013. Detailed discussions were held regarding existence of revenue rasta, HT line, water requirement, quality of water, green belt development plan, Ambient Air Quality, NOC of DC Gurgaon regarding non-applicability of Aravalli Notification, recycle and reuse of water etc. The representative of the project proponent submitted the NOC of DC Gurgaon regarding non-applicability of Aravalli Notification, assurance of HUDA for supply of water and copies of IDC/EDC paid to HUDA/DGTCP for the services for supply of water, sewerage connection and drainage system. It was noticed that the values of parameter PM2.5, PM10 are exceeding the prescribed limits. The representative of the project proponent was asked to submit plan for controlling PM2.5, PM10 levels and also directed to adopt water sprinkling system to suppress the dust generation. The representative of the project proponent was asked to revise the RWH calculation 45 m/hr and the same was submitted during the meeting. The representative of the project proponent clarified that the revenue rasta will not be encroached and submitted services line plan showing that the revenue rasta is not intercepted, however it was clarified that the Entry and Exit earmarked on the plan is through 24 meter wide road and revenue rasta is part of HUDA road. The representative of the project proponent submitted an undertaking with the declaration that the revised environmental clearance for area earmarked as future development in the layout plan shall be taken before any development is undertaken in the area.
    After detailed deliberations, the Authority decided to agree with the recommendations of SEAC to accord Environment Clearance to this project by imposing the following condition in addition to the usual conditions in practice.
    The project proponent shall ensure that no construction activity is undertaken either on surface or below or above surface of revenue rasta passing through the project area.
    The project proponent shall indicatethe width and length of revenue rasta passing through the project area on sign board and shall display the same at both the ends of revenue rasta stretch, for awareness of public. Sign board shall also display the message that this is public rasta/road and any citizen can use it. There shall not be any gate with or without guards on revenue rasta.
    All system of water supply, sewerage system, STP etc. shall be provided based on revised requirement of @135lpcd. STP will not be below first basement.
    The project proponent shall maintain the distance between STP and water supply line.
    The project proponent shall not raise any construction activity in the ROW reserved/acquired for High Tension Wire passing through the project area and shall maintain horizontal and vertical ROW as required under Indian Electricity Rules, 1956/DHBVN latest instructions.
    The project proponent shall seek the revised Environmental Clearance if any construction is taken up in the left over unplanned area of the project.
    The project proponent shall ensure thatthe stack height is more than the highest tower.
    The project proponent shall ensure proper Air Ventilation and light system in the basements area for comfortable living of human being and shall ensure that number of Air Changes per hour/(ACH) in basement never falls below 15.
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  • Originally Posted by kinjalchato
    plot area of 151804.3 sqmt (37.512 Acres). The total built up area shall be 812877.08 sqmt.


    little confused on how built up area is four times the plot area?
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  • what is this "revenue rasta" thing !! you cannot have gates on the revenue road and it is open for public ?? so this is a troublesome thing for the residents .. is it shown in the site plan of this project???
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  • well can we expect any return or even an exit at par on this investment in near future?
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  • Originally Posted by courtier
    well can we expect any return or even an exit at par on this investment in near future?


    Indeed, that is the million dollar question. Had a chat with a number of brokers day before yesterday and by judging their response, it seems people who had invested in this project thinking they'd be out of it by the third instalment time are in deep trouble now. None of the other ireo projects have performed this bad. But, since the market is also sluggish right now, it adds as a negating factor for this project. Meanwhile, keeping my fingers crossed.

    I, myself had not planned to keep my unit for a long time. Unfortunately I am going to have to cut down on some of my expenses to make the ends meet for the coming instalments.
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  • Originally Posted by kaps2050
    Hi

    you dont seem to have been getting right inputs on Ireo Corridors, Some veteran members had clearly questioned the pricing (too high) and timing (stagnant market/not many takers) of this project , Ireo Brokers/Ireo marketing would definitely try to sell this like a hot- cake as its their job to sell even if someone's hard earned investment might go for a toss in the short/mid term...........if you have already invested, Good luck....


    I agree a lot of well meaning people like cheekyalan, shsaxena , rushilji , stanger and few others had expressed deep concern on the high level of pricing , and the fact that ireo business model will force it to monetize its assets faster .

    besidesthere were other issues like escalation clause as well .

    while it may turn out well for end user , for investors it will be a very tough journey if they start construction .
    CommentQuote
  • Originally Posted by kinjalchato
    I agree a lot of well meaning people like cheekyalan, shsaxena , rushilji , stanger and few others had expressed deep concern on the high level of pricing , and the fact that ireo business model will force it to monetize its assets faster .

    besidesthere were other issues like escalation clause as well .

    while it may turn out well for end user , for investors it will be a very tough journey if they start construction .


    kinjal ji I am even today very skeptical about the ROI that even the end users who bought initially would see on their investment. High debt nursing cost for the buyers located in India would make it tough for them and the NRI buyers located outside India will first of all have to see how long it takes for them to make good the losses they have already suffered in terms of Rupee devaluation which has already taken place. The tide of time goes against both of them.

    We await some quick economic miracle to happen and give relief to all investors and end users. In such a scenario all other projects will piggyback the economic improvement and gain as well.

    Cheers.

    CA.
    CommentQuote
  • Originally Posted by Cheeky AlAn
    kinjal ji I am even today very skeptical about the ROI that even the end users who bought initially would see on their investment. High debt nursing cost for the buyers located in India would make it tough for them and the NRI buyers located outside India will first of all have to see how long it takes for them to make good the losses they have already suffered in terms of Rupee devaluation which has already taken place. The tide of time goes against both of them.



    We await some quick economic miracle to happen and give relief to all investors and end users. In such a scenario all other projects will piggyback the economic improvement and gain as well.



    Cheers.



    CA.



    I had initially pointed out on the issue of exorbitant pricing for the location and dubious clauses such as escalation and parking.

    At the price of close to 10k all inclusive for the said location the builder actually factored the price property would demand in 2016-17 when it comes to delivery. Hence for both the kind of buyers (EU and Investor) its gonna be huge burden.

    We have fought with the builder in greenopolis as a group to get rid of escalation clause and are currently pursuing with builder on other issues such as excess EDC/IDC, Parking charges, club development charges, completion definition, Super area increase clause, super area calculations and many more.

    We so not think that we would be able to push builder on all the counts but are sure we can make a difference on few issues. Escalation clause removal is one such huge but one if the successes we have achieved so far.

    But now the battle gets tough and need more members to prick the thick skin of builders and persistent efforts by association.

    Would suggest that all buyers get together and form an association and fight out these issues. As a fellow group we could help share the learnings if required and our associations with other project associations can take on the greed on builders in general.

    I know that there are some ardent fans of IREO here but believe me the so called different builder (hatke) has no connection now with IREO too... It has joined the prestigious rouge builders of Gurgaon.

    We at Greenopolis Welfare Association are happy to help fellow buyers of RE. Visit the association website (add below)


    Join Greenopolis Welfare Association: Visit greenopolis.wix.com/our-gwa
    CommentQuote
  • There is no doubt that a price of 10k even without any escalation clause was atleast 40%higher than what it should have been.

    Now a few months after launch is anyone even getting the cost price in resale market.


    Originally Posted by krishna99
    I had initially pointed out on the issue of exorbitant pricing for the location and dubious clauses such as escalation and parking.

    At the price of close to 10k all inclusive for the said location the builder actually factored the price property would demand in 2016-17 when it comes to delivery. Hence for both the kind of buyers (EU and Investor) its gonna be huge burden.

    We have fought with the builder in greenopolis as a group to get rid of escalation clause and are currently pursuing with builder on other issues such as excess EDC/IDC, Parking charges, club development charges, completion definition, Super area increase clause, super area calculations and many more.

    We so not think that we would be able to push builder on all the counts but are sure we can make a difference on few issues. Escalation clause removal is one such huge but one if the successes we have achieved so far.

    But now the battle gets tough and need more members to prick the thick skin of builders and persistent efforts by association.

    Would suggest that all buyers get together and form an association and fight out these issues. As a fellow group we could help share the learnings if required and our associations with other project associations can take on the greed on builders in general.

    I know that there are some ardent fans of IREO here but believe me the so called different builder (hatke) has no connection now with IREO too... It has joined the prestigious rouge builders of Gurgaon.

    We at Greenopolis Welfare Association are happy to help fellow buyers of RE. Visit the association website (add below)


    Join Greenopolis Welfare Association: Visit greenopolis.wix.com/our-gwa






    Sent from my iPad using Tapatalk
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  • Well since it was sold at 8750 and at present the market is about 15% below the prices we had in march/april, so I dont how investors who invested at that price would be able to make an exit.

    I get a lot of calls from investors willing to exit at cost to cost basis but there are no takers.

    Some people have bought at the launch price of 9400, they are doomed big time.





    Originally Posted by MikeyProp
    There is no doubt that a price of 10k even without any escalation clause was atleast 40%higher than what it should have been.

    Now a few months after launch is anyone even getting the cost price in resale market.








    Sent from my iPad using Tapatalk
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  • is any resale happening in this project!!! has anyone sold or purchased in resale??? any way out to exit this project?? how long should we be prepared to wait???
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  • Originally Posted by kams..
    is any resale happening in this project!!! has anyone sold or purchased in resale??? any way out to exit this project?? how long should we be prepared to wait???


    There are lot of units up for sale at no premium basis. As for deals, I havent heard of any. This project was doomed the moment Ireo declared the pricing. This was supposed to be a sub 5k project. Even with inflation it should have never crossed 6.5k... Now with the uncertain market conditions it is difficult to say when it would really give any tangible returns. The idea should to be to hold for long term and try to reap benefits. If people cant hold for returns, they should sell at cost ( if feasible.. or for a little less, if not feasible) and deploy "stop loss".
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