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.

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.

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

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

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

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........

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 .......

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 .

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.

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.

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.