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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  • Ireo's so called commitment

    Originally Posted by rushilarora
    Rather then expecting Timely payment discount, I am willing to pay timely delivery premium of INR 500/- to IREO.

    No builder has gumption to do this...

    RA


    Refer to this picture attached from the ireo BBA.

    Clearly it states that they have demanded a time period of 42 months + 180 days grace period.
    Attachments:
    CommentQuote
  • As per the clause 4 years from the date of approval of building plans. If you see there current record for IVV its easily going to be 6 years from the approval of all plans by the time they will deliver this.

    Corridors is much bigger then IVV. It may well break IVV's record

    RA


    Originally Posted by karan91
    Refer to this picture attached from the ireo BBA.

    Clearly it states that they have demanded a time period of 42 months + 180 days grace period.

    However, they haven't used the word 'commitment' or its synonyms anywhere in the clause. Rather they have used the words 'the company proposes' which changes a lot of things on legal grounds.
    CommentQuote
  • Originally Posted by rushilarora
    As per the clause 4 years from the date of approval of building plans. If you see there current record for IVV its easily going to be 6 years from the approval of all plans by the time they will deliver this.

    Corridors is much bigger then IVV. It may well break IVV's record

    RA


    Did the ivv bba had this commitment clause? And if yes, did the investors get the stated compensation??
    CommentQuote
  • Dear CA

    It was just a suggestion.............................

    1. i agree that Almost every builder ( Bad or Less Bad) has either one project to his credit which is either massively delayed or scrapped....most of them actually have more than one. So for me IREO is not different, probably less bad than some of the other big names

    2. I agree that investors took informed decision, however informed decisions can also go massively wrong and can also be corrected or losses can be cut down

    Dear Sh-saxena

    Comparing Uptown and Corridors for Pricing /Refund /Investor's issues is not a like to like comparison, therefore has little relevance specially when we look at the challenge corridor investors r facing ( launch price/ launch delays/different market conditions during launch time/money stuck/no appreciation / significantly difficult to exit at even cost prices/fresh instalments likely from builder)......Uptown is a project nearning completion ...corridors may not see completeness even after 4 more years .......
    CommentQuote
  • Indeed the decision for ireo corridor was with investors and they should take up the onus. Below is perspective and few more shades to it. IMHO. ....

    1) Ireo tried playing one day game cashing in there goodwill by overtly pricing the project. The entire initiative was laced with greed and bruising the customers as if they are winding up biz or this is the only project to cover everything they may have fallen short. But how does it matter and you wrote the cheque to them ......so own it

    2) hype was created through Channel partners by every time floating the info for launched however not actually launched. Thus tried gauging the responce( took more that 1 year to launch project and refer the first post in this forum itself )...... Nevertheless decision is of investor and buyers anyway

    3) Every time project was put on table for lunch the price was increased for 600-700. Well there are ch.....in market to do business and make profit and investor should be smart enough to understand such moves ....at the end decision was of buyers

    4) Ireo sold more than 1000 units during prelaunch itself knowing that there are chances for project to get doomed and there is'nt much potential left to revise and increase the price.

    5) rediculous Plc ( approx 400 a 1200) and car park ( equivalent to Rs 650 / sq feet) charges - these were announced post first booking payment done - could think of anology of blood taken out from a shringe for those invested and entrusted in ireo . .....well it is always like this and if you entrusted now suffer.


    5) Channels partner equally involved and just thought of there 2% and most knew price is not even close in that vicinity. Though claims they are investment consultants -> Many of my known decided to call it off with them who influenced / over sell/ touch base/ followed for the project marketing it as good bet mad mostly saying ... You know it's Ireo. End to the day you took the call.


    6) Ireo / channel partners mis informed about terming project as luxury. It is not the considering the area /unit density and specs. Every thing with glossy pamphlets and brochures is not luxury - lesson learnt . So called reputed / professional builder as well show and prove on the zamat they belong to I.e. builders. Encashing there brand / goodwill in one shot. Well all this besides and agree ......decision is of buyers.

    7) Aware of group of investor took back the cheque/s ( 20-25). Getting to know the specs, layout , number of units etc and exact location the last moment units were allocating / launching. That is exactly is the informed decision. Heard internal sources dissuaded itself to pull back the cheque - not sure to what extent it is true


    Unfortunately most do not gave access to this info. Or could not anticipated. Perhaps again believing on Ireo


    As much as checked / heard on the pulse of market/ dealers/ channel partners post launch, Ireo has heavily lost trust with this move. Goodwill is sold with some price in project Corridor. Let Ireo Launch another project with even 5% more premium and see the response.

    Heard Ireo internal source themselves claimed it was bad move to overprice the project.

    All said indeed those bought / invested anyway need to own up there move ( and suffer) however you lost to gain lesson/ experience
    CommentQuote
  • Interesting and well said enabler !!!!


    Originally Posted by Enabler
    Indeed the decision for ireo corridor was with investors and they should take up the onus. Below is perspective and few more shades to it. IMHO. ....

    1) Ireo tried playing one day game cashing in there goodwill by overtly pricing the project. The entire initiative was laced with greed and bruising the customers as if they are winding up biz or this is the only project to cover everything they may have fallen short. But how does it matter and you wrote the cheque to them ......so own it

    2) hype was created through Channel partners by every time floating the info for launched however not actually launched. Thus tried gauging the responce( took more that 1 year to launch project and refer the first post in this forum itself )...... Nevertheless decision is of investor and buyers anyway

    3) Every time project was put on table for lunch the price was increased for 600-700. Well there are ch.....in market to do business and make profit and investor should be smart enough to understand such moves ....at the end decision was of buyers

    4) Ireo sold more than 1000 units during prelaunch itself knowing that there are chances for project to get doomed and there is'nt much potential left to revise and increase the price.

    5) rediculous Plc ( approx 400 a 1200) and car park ( equivalent to Rs 650 / sq feet) charges - these were announced post first booking payment done - could think of anology of blood taken out from a shringe for those invested and entrusted in ireo . .....well it is always like this and if you entrusted now suffer.


    5) Channels partner equally involved and just thought of there 2% and most knew price is not even close in that vicinity. Though claims they are investment consultants -> Many of my known decided to call it off with them who influenced / over sell/ touch base/ followed for the project marketing it as good bet mad mostly saying ... You know it's Ireo. End to the day you took the call.


    6) Ireo / channel partners mis informed about terming project as luxury. It is not the considering the area /unit density and specs. Every thing with glossy pamphlets and brochures is not luxury - lesson learnt . So called reputed / professional builder as well show and prove on the zamat they belong to I.e. builders. Encashing there brand / goodwill in one shot. Well all this besides and agree ......decision is of buyers.

    7) Aware of group of investor took back the cheque/s ( 20-25). Getting to know the specs, layout , number of units etc and exact location the last moment units were allocating / launching. That is exactly is the informed decision. Heard internal sources dissuaded itself to pull back the cheque - not sure to what extent it is true


    Unfortunately most do not gave access to this info. Or could not anticipated. Perhaps again believing on Ireo


    As much as checked / heard on the pulse of market/ dealers/ channel partners post launch, Ireo has heavily lost trust with this move. Goodwill is sold with some price in project Corridor. Let Ireo Launch another project with even 5% more premium and see the response.

    Heard Ireo internal source themselves claimed it was bad move to overprice the project.

    All said indeed those bought / invested anyway need to own up there move ( and suffer) however you lost to gain lesson/ experience
    CommentQuote
  • Interesting aspects Enabler, well articulated, please keep sharing your knowledge and experience :)

    Feeling so lucky that i could stop myself from getting into this at last minute despite a extremely convincing presentation in IREO office - owe a big thank you to this IREF forum also........

    Originally Posted by Enabler
    Indeed the decision for ireo corridor was with investors and they should take up the onus. Below is perspective and few more shades to it. IMHO. ....

    1) Ireo tried playing one day game cashing in there goodwill by overtly pricing the project. The entire initiative was laced with greed and bruising the customers as if they are winding up biz or this is the only project to cover everything they may have fallen short. But how does it matter and you wrote the cheque to them ......so own it

    2) hype was created through Channel partners by every time floating the info for launched however not actually launched. Thus tried gauging the responce( took more that 1 year to launch project and refer the first post in this forum itself )...... Nevertheless decision is of investor and buyers anyway

    3) Every time project was put on table for lunch the price was increased for 600-700. Well there are ch.....in market to do business and make profit and investor should be smart enough to understand such moves ....at the end decision was of buyers

    4) Ireo sold more than 1000 units during prelaunch itself knowing that there are chances for project to get doomed and there is'nt much potential left to revise and increase the price.

    5) rediculous Plc ( approx 400 a 1200) and car park ( equivalent to Rs 650 / sq feet) charges - these were announced post first booking payment done - could think of anology of blood taken out from a shringe for those invested and entrusted in ireo . .....well it is always like this and if you entrusted now suffer.


    5) Channels partner equally involved and just thought of there 2% and most knew price is not even close in that vicinity. Though claims they are investment consultants -> Many of my known decided to call it off with them who influenced / over sell/ touch base/ followed for the project marketing it as good bet mad mostly saying ... You know it's Ireo. End to the day you took the call.


    6) Ireo / channel partners mis informed about terming project as luxury. It is not the considering the area /unit density and specs. Every thing with glossy pamphlets and brochures is not luxury - lesson learnt . So called reputed / professional builder as well show and prove on the zamat they belong to I.e. builders. Encashing there brand / goodwill in one shot. Well all this besides and agree ......decision is of buyers.

    7) Aware of group of investor took back the cheque/s ( 20-25). Getting to know the specs, layout , number of units etc and exact location the last moment units were allocating / launching. That is exactly is the informed decision. Heard internal sources dissuaded itself to pull back the cheque - not sure to what extent it is true


    Unfortunately most do not gave access to this info. Or could not anticipated. Perhaps again believing on Ireo


    As much as checked / heard on the pulse of market/ dealers/ channel partners post launch, Ireo has heavily lost trust with this move. Goodwill is sold with some price in project Corridor. Let Ireo Launch another project with even 5% more premium and see the response.

    Heard Ireo internal source themselves claimed it was bad move to overprice the project.

    All said indeed those bought / invested anyway need to own up there move ( and suffer) however you lost to gain lesson/ experience
    CommentQuote
  • Originally Posted by kaps2050
    Interesting aspects Enabler, well articulated, please keep sharing your knowledge and experience :)

    Feeling so lucky that i could stop myself from getting into this at last minute despite a extremely convincing presentation in IREO office - owe a big thank you to this IREF forum also........


    There were several of us vociferously opposing this project and were criticized a lot by several people in this forum.

    There was another theory floated that ireo will not start the construction soon and I had specifically said that their model is not so being a fund they need to return the money to their investors and that can happen if and only if they monetize their holdings.

    all the projects that they have launched till now has seen work and hopefullyit is a lesson for everyone not to look at this as a short term investment option.

    I do hope ireo slows down the pace and or offers some additional incentives as end of the day the goodwill of their customers is what has brought them here and help in need is help indeed. Hope their management shows some flexibility for some more time atleast .
    CommentQuote
  • If the market sentiment keeps on worsening, this project would seem to slide along the similar trajectory as NTH.

    Ask the folks who bought into the DLF story in 2007.....
    CommentQuote
  • Originally Posted by kaps2050
    Dear CA

    It was just a suggestion.............................

    1. i agree that Almost every builder ( Bad or Less Bad) has either one project to his credit which is either massively delayed or scrapped....most of them actually have more than one. So for me IREO is not different, probably less bad than some of the other big names

    2. I agree that investors took informed decision, however informed decisions can also go massively wrong and can also be corrected or losses can be cut down

    Dear Sh-saxena

    Comparing Uptown and Corridors for Pricing /Refund /Investor's issues is not a like to like comparison, therefore has little relevance specially when we look at the challenge corridor investors r facing ( launch price/ launch delays/different market conditions during launch time/money stuck/no appreciation / significantly difficult to exit at even cost prices/fresh instalments likely from builder)......Uptown is a project nearning completion ...corridors may not see completeness even after 4 more years .......


    Without any disrespect to you, I would call this wishful thinking. Had Ireo been so considerate and reasonable, they would not have scrapped the project at 5500 and would not have priced later on at 7950.

    In my case, my thanks go to my Consultant who discouraged me at the time of allotment of the unit and I used my wisdom to overcome the greed and let the project pass.

    Anyway we can only hope that we get some wishfully thought political stability which improves the RE sentiment enabling investors to take a respectful exit.

    Cheers.

    CA.
    CommentQuote
  • Fully agree Kinjalchatoji..........aapki insights aur aapkee knowledge sharing capability key fans kee kaafi lambi list hai is forum par, yeh banda bhee unme sey ek hai.............:)

    Originally Posted by kinjalchato
    There were several of us vociferously opposing this project and were criticized a lot by several people in this forum.

    There was another theory floated that ireo will not start the construction soon and I had specifically said that their model is not so being a fund they need to return the money to their investors and that can happen if and only if they monetize their holdings.

    all the projects that they have launched till now has seen work and hopefullyit is a lesson for everyone not to look at this as a short term investment option.

    I do hope ireo slows down the pace and or offers some additional incentives as end of the day the goodwill of their customers is what has brought them here and help in need is help indeed. Hope their management shows some flexibility for some more time atleast .
    CommentQuote
  • haanji Sir, wishful thinking hee hai as in any case, i have zero interest now in whatever IREO does to this project or whatever Project fate is...............

    Good to hear the similarity that you and i both were lucky enough to not invest in it........:bab (48):

    Originally Posted by Cheeky AlAn
    Without any disrespect to you, I would call this wishful thinking. Had Ireo been so considerate and reasonable, they would not have scrapped the project at 5500 and would not have priced later on at 7950.

    In my case, my thanks go to my Consultant who discouraged me at the time of allotment of the unit and I used my wisdom to overcome the greed and let the project pass.

    Anyway we can only hope that we get some wishfully thought political stability which improves the RE sentiment enabling investors to take a respectful exit.

    Cheers.

    CA.
    CommentQuote
  • Originally Posted by kaps2050
    Fully agree Kinjalchatoji..........aapki insights aur aapkee knowledge sharing capability key fans kee kaafi lambi list hai is forum par, yeh banda bhee unme sey ek hai.............:)


    sharminda na karein , there were lot of people who expressed skepticism about this project especially its total cost of ownership part vis a vis the projects in the neighbourhood. just to name a few rushilji, magadhji, sh saxena madam, cheeky alan , manoja and several others had voiced their skepticism about this project.
    CommentQuote
  • :) Sir Jee, complement was on your widely respected comprehensive contribution to various threads on IREF.....ofcourse as mentioned earlier, i owe a big thank you to all the contributions on this thread....unlike CA ( who was advised against the project by consultant), i retracted myself aftergoing through this thread only........

    Originally Posted by kinjalchato
    sharminda na karein , there were lot of people who expressed skepticism about this project especially its total cost of ownership part vis a vis the projects in the neighbourhood. just to name a few rushilji, magadhji, sh saxena madam, cheeky alan , manoja and several others had voiced their skepticism about this project.
    CommentQuote
  • Originally Posted by karan91
    Refer to this picture attached from the ireo BBA.

    Clearly it states that they have demanded a time period of 42 months + 180 days grace period.


    When did they release the BBA for Corridors? I havent received it so far.
    CommentQuote