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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  • Please comment:

    I have been allotted a unit in cluster c. I feel cluster C is situated in the most remote location of the project. I am planning to visit the ireo office tomorrow to get my unit location changed before I hand over them the signed BBA. Please give your pov.
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  • Originally Posted by karan91
    Please comment:

    I have been allotted a unit in cluster c. I feel cluster C is situated in the most remote location of the project. I am planning to visit the ireo office tomorrow to get my unit location changed before I hand over them the signed BBA. Please give your pov.


    If I am not mistaken slection of the unit for allotment was a choice of the investor right from the beginning. There has to be a slip by the broker or somebody else in your case since automatic allotment by Ireo was never an option. You must go and talk to Ireo for exchange of allotment before they come up with the excuse of your request being too late.

    Good Luck and Cheers.

    CA.
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  • I think that depends on what type of flat you have.

    Cluster A & B - 3BHK
    Cluster C - 2BHK
    Cluster D - Bigger 3BHK and 4BHK

    Originally Posted by karan91
    Please comment:

    I have been allotted a unit in cluster c. I feel cluster C is situated in the most remote location of the project. I am planning to visit the ireo office tomorrow to get my unit location changed before I hand over them the signed BBA. Please give your pov.
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  • Just came to know that ireo does not have construction approval from environment ministry. They have just done some excavation to raise additional money from the buyers. Construction is not going to commence till sep 2014
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  • Originally Posted by del_del
    Just came to know that ireo does not have construction approval from environment ministry. They have just done some excavation to raise additional money from the buyers. Construction is not going to commence till sep 2014


    Do not believe in rumours , verify for yourself.

    Please find the environmental clearance document for the ireo corridors project available in their website.

    http://www.ireoworld.com/downloads/EC_for_Web_updation/EC%20for%20Web%20updation/3-%20Ireo%20Corridors_Sector-67A/Environment%20Clearance%20Letter-%20SEIAA-HR-2013-1375.%20Dated.%2012.12.13%20pdf.pdf
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  • But do we really know when they will commence the construction?

    I guess we all want to know when we will be hit by the next demand!!!
    :bab (58):
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  • received an email from Ireo where IREO Team has mentioned (along with snapshots) that excavation work has started after Bhumi Poojan.
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  • Today visited the site from Ansal property...Bang at the entry there is a shamshan bhoomi which has suddenly sprung to visibility...Last month when I visited I could not spot this...Does anyone have idea about this new tangle....
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  • makes me wonder ..as to a new member ( his id very much suggesting it's being made for this very project ) & on his very first ball ...a full on bouncer ...without any evidence of the same ! Can it be possible of some vested interest involved in pulling this project down further deliberately so to get some real cheap resale deals , an added pressure tactic now that the third instalment is around the conner , ( no offence to anyone plz ) it can be a possibility ..but it's just my POV, but plz excuse me if I am wrong :)
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  • Originally Posted by AKUSER
    Need to check whether the crematorium exists and ehat are the future plans. Sad that , no one is checking the details by a real estate analyst, who seem to be doing an independent work which certainly benefits end user /investors and clears a lot of air around misconceptions and mis selling by developers.


    Is it supposed to be a cremation ground or a crematorium? Cremation ground will never move though it will get more organised and developed over the period of time but a crematorium is impossible to move as is always and only built with Govt. approval.

    Cheers.

    CA.
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  • There is no cremation ground or a crematorium ..this is a nasty post made by some property dealer with "vested interest " . I went there ..and spoke to Ireo management . This is a plus plus 2200 Cr project ...they all had a good laugh on hearing this .
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  • ireo credit rating for spv executing corridors project

    It appears ireo has sold almost 55% of the salable area to investor/ end users for this project .

    ------------
    http://www.careratings.com/upload/CompanyFiles/PR/IREO%20GRACE%20REALTECH%20PRIVATE%20LIMITED-04-22-2014.pdf


    Rating Rationale

    The rating for the bank facilities of Ireo Grace Realtech Pvt Limited (IGRPL) derives strength from
    its experienced promoters and management, their established track record in executing real estate
    projects and comfortable capital structure. The rating also takes into account the favorable location
    of the ongoing project, its reasonable sales status, fully paid-up land and all necessary approvals in
    place. The rating is, however, constrained due to high dependence on customer advances, project
    execution risk with significant portion of the cost yet to be incurred and inherent risk associated
    with the real estate industry.

    Going forward, the ability of the company to timely execute the project within the envisaged cost
    and timely recovery of the sales receipts/advances from the customers shall be the key rating
    sensitivities.


    Background

    Incorporated in 2010, Ireo Grace Realtech Pvt Limited (IGRPL) is part of the IREO group, a real
    estate private equity fund with investable assets of USD 1.6 billion. IGRPL was incorporated to
    undertake multiple real estate projects in Gurgaon.

    Presently, IGRPL has launched only one project and it proposes to launch one more group housing
    and three commercial projects in the near future. The said projects are located in Sector 63A & 67A,
    Gurgaon on total area of 87.50 acres (fully paid up) with an estimated cost of Rs. 4,604 crore. The
    entire project comprises of a total saleable area of 76 lsf which would be developed as two group
    housing and three commercial projects. IGRPL has proposed to launch the project in several phases
    spanning over a period of 5 years. Presently, IGRPL has launched one GH housing project (The
    Corridors) on a land area of 37.5 acres comprising of 2,000 units.

    As on December 31, 2013, IGRPL has sold 20 lsf of area out of the total launched area of 37.5 lsf and
    received Rs.366 crore on account of the same and has customer receivable of Rs.1,686 crore. On the
    project execution the company has incurred Rs.335 crore till December 2013, which mainly includes
    Rs.330 crore on the land acquisition and development.
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  • Hi KC, Thanks for this. Just a small observation: I am not sure on the building norms in Haryana, but I guess the FSI multiple for a group housing project is 1.75x...So for a 37.5 acres it amounts to 2858625 sq. ft. (37.5*43560*1.75). If my calculation above is accurate and going by the report you quoted...Isnt the total area sold by Ireo almost 70% (2000000/2858625*100) of the total saleable area!

    This would mean that Ireo has sold off more than 2/3rd of the Project already!

    I understand your figure is taking into account the entire 87.50 acres, but some part of it would be commercial for which a higher multiple would be applicable...

    Again...Im just guessing here...could be completely off the mark...pls enlighten!
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  • Originally Posted by Varun83
    Hi KC, Thanks for this. Just a small observation: I am not sure on the building norms in Haryana, but I guess the FSI multiple for a group housing project is 1.75x...So for a 37.5 acres it amounts to 2858625 sq. ft. (37.5*43560*1.75). If my calculation above is accurate and going by the report you quoted...Isnt the total area sold by Ireo almost 70% (2000000/2858625*100) of the total saleable area!
    This would mean that Ireo has sold off more than 2/3rd of the Project already!
    I understand your figure is taking into account the entire 87.50 acres, but some part of it would be commercial for which a higher multiple would be applicable...
    Again...Im just guessing here...could be completely off the mark...pls enlighten!


    As per the document the entire project comprises of a total saleable area of 76 lsf which would be developed as two group housing and three commercial projects. Presently, IGRPL has launched one GH housing project (The Corridors) on a land area of 37.5 acres comprising of 2,000 units.As on December 31, 2013, IGRPL has sold 20 lsf of area out of the total launched area of 37.5 lsf and
    received Rs.366 crore on account of the same and has customer receivable of Rs.1,686 crore.


    I am not sure what is the basis of their calculation, best to ask them.
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