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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  • Originally Posted by horizonkns
    Just a gentle reminder..Refund from builder is hardly ever 100%. Very rare. Mostly 15% deduction of the total property cost (BSP) is deducted. In the end you might end up getting nothing or loosing a big amount.

    Pls tk note of that. IREO might have done the same thing. Don't be under the impression of 100%. Unless you are legally correct to chase your refund.

    Understand that refund will not be 100%. As of now if you go with standard agreement clauses, IREO will deduct 20% of the total unit cost. So, I am assuming when someone says they have got refund - they would not have had to part with this 20% amount, it would have been some lesser % figure.
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  • Such big builders with so much money & properties , what difference will it make to them if they return the whole amount , if they are sure of their product , they can sell it later anyways , I think it's not morally nor ethically correct of them to eat a part of the hard earned money of an investor , and that too when the investor can't sell the builders name or product in the secondary market , what the fault of the investor , poor investors are just people who are trying to make little bit extra cash for their families in these hard times .....

    The attitude must change of all builders ...

    These Builders just need a big heart that's all ...
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  • Originally Posted by Norway
    Such big builders with so much money & properties , what difference will it make to them if they return the whole amount , if they are sure of their product , they can sell it later anyways , I think it's not morally nor ethically correct of them to eat a part of the hard earned money of an investor , and that too when the investor can't sell the builders name or product in the secondary market , what the fault of the investor , poor investors are just people who are trying to make little bit extra cash for their families in these hard times .....
    The attitude must change of all builders ...
    These Builders just need a big heart that's all ...




    Would u have returned the money if it had increased .. I have seen the mad rush of peole u were one of them my friend ; if I remember correctly u booked 5 units ...

    Mate now hold and watch is mantra for this project .. Why should Ireo return the money . They have launched , not delayed the project , construction is going on at a Good ace; relaxed payment plans what else we can expect from builder
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  • Originally Posted by doobti
    Would u have returned the money if it had increased .. I have seen the mad rush of peole u were one of them my friend ; if I remember correctly u booked 5 units ...

    Mate now hold and watch is mantra for this project .. Why should Ireo return the money . They have launched , not delayed the project , construction is going on at a Good ace; relaxed payment plans what else we can expect from builder


    My dear friend , thanks god ..I wasn't that lucky to book 5 units :D
    I said in good faith and keeping in mind their future projects .....

    Now..as there is no resale , that means either the builders name or his price or both the quations have gone wrong therefore no resale ! Now second point ....it is on The reputation of the builder , the investor puts his money on , so therefore ethatically & moraly the builder should return the money back ..as there is no resale in the secondary market
    It would do his reputation hell of a good .

    After this ..let's see in Ireo's next launch ..how many people will be queing up .
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  • Nice my friend , very few peole will be queuing up for Ireo . Atleast I will not be one of them .. As u already know what they have done in skyon as well
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  • Originally Posted by doobti
    Nice my friend , very few peole will be queuing up for Ireo . Atleast I will not be one of them .. As u already know what they have done in skyon as well


    What have they done in Skyon ? I don't know
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  • Builder like Ireo will skim. Strategy is have brand name first , big marketing budget, glossy brochure etc. Then bruise customers.

    This is exactly what has happened in Corridor. Brand value is encashed and people were duped.. Priced as if there is no tomorrow. Not out of place to mention people greed is core issue . However Ireo was entrusted ad they sold there goodwill

    I think people are prudent now and let them launch another project in a Gurgaon



    Originally Posted by doobti
    Nice my friend , very few peole will be queuing up for Ireo . Atleast I will not be one of them .. As u already know what they have done in skyon as well
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  • Find some lawyer and collect the facts as some people have done and fight against the builder.

    Ireo will complete the structure in another 8 to 9 months and will have the 90% payment because tower height is maximum 14 floors.

    As there are lot of paths to fight and there will be so much of irregularities in project.

    No need to worry as there is court,cm window and town planning board.

    As we will be few to fight so there will not be any problem to ireo to refund.
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  • Let me give example of Superstar Rajnikanth , distributors bought his film rights on this name , but look at the greatness of this man ..when the distributors suffered loss ....Rajnikanth refunded the money , that's how brand value is maintained , this gets trust & loyality of the client / investor .
    But Ireo has gone in the other direction , the DLF way ...punishing investors for trusting them .

    And I think they have thousands of Acres of land ..for further development ..., short sighted they are.
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  • Originally Posted by Icjdelhi
    Find some lawyer and collect the facts as some people have done and fight against the builder.
    Ireo will complete the structure in another 8 to 9 months and will have the 90% payment becuase tower height is maximum 14 floors.
    As there are lot of paths to fight and there will be so much of irregularities in project.
    No need to worry as there is court,cm window and town planning board.
    As we will be few to fight so there will not be any problem to ireo to refund.


    Easier said then done , fighting builder with their money power ..is a heroic task
    Good Lawyers charge lakhs of money , who & how can a investor think about that , Builders have the top most lawyers in their panel , to recover ones 30% .....70% will be spent on legal system without any guarantee , in the meanwhile the builder will be putting 20 % interest on late payment ..and then cancel the allotment .
    And knowing our legal system ....cases takes decades to resolve .
    I don't want to sound pessimistic ..but ...
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  • I don't think it's fair to hold builder responsible for not being able to exit or book profit on this project.
    There was enough information shared, advised given against this project on this very thread. However, lots of people ignored the sane advise and went ahead with the bookings at the obscene price.
    If you were there at the night of allotment of this project at Ireo office, you would have believed that the allotment is for sure the ticket to king Solomons mine.
    There was que till midnight with dealers, brokers, investors jostling up to grab the max unit that they can.
    No body wa willing to see the writing on the wall and ignored the rationale and went ahead with the greed.

    I fully emphathaize with you and I can surely understand the plight of others those who got stuck. But u fortunately this is a story of every second person on NCR. Every one is stuck with more than they can chew square feets.
    And there is no remedy for the same. Someone rightly pointed out above that no one would have parted with their profits with Ireo had they made some money on this project.
    I have gone through both side of the joy ride. Within 12 months of buying I to Skyon I was sitting on 50Lakh of the notional profit. It was insane. And in next 12 months it vanished. And now I have stopped bothering about it.
    Please do check my Oops thread.
    But we have to somewhere own up our own decision.
    Only way you can survive through this phase is to some how manage to sail through trill it gets completed.
    Atleast you are invested with good builder, construction is going on and the quality shall be good.
    Think about those who have paid almost 50% of the apparent entry cost in gurgaon projects and the construction hasn't begun yet or stopped after adding couple of floors...

    Which ever legal option you may try, you will reach a dead end.
    Sometimes when the poison spreads in the larger part of the body, doctors advise to get rid of that limb... Because that's the only way to survive.
    If the pain of emi or demands is getting unbearable then the only option left is to get rid of the project. Cut your losses. Exit today with a minor loss.

    Please excuse me if I had been harsh on my advise but after going through many threads and plight of fellow borders I thought it writing this post..
    Let's not live in fools paradise...
    Understand the reality and gather courage to live with it.

    Adios

    RA.
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  • One of the option could be to cancel the unit citing some mis-information issue..

    Builder can only keep the earnest money of 10% and has to return the remaining.

    I remember someone had tried this by filing a case and was in news sometime ago.
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  • Another way out could be cancellation of unit if these guys delay.

    In this case ; one could get the entire money back.
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  • Dear Rushil very well written, i totally agree with you, by the way do you also own unit in corridors or this is just a advice or you are also on the same boat like we all pride owners are, and guys you do not worry at all at least your money is collected somewhere which might be fruitful after years, after this project will be completed instead IREO forfeiting the 20% of the amount of total BSP. in case of surrendering or failed to make payments. IREO never forced any of us to invest in this project, we all did by our own choice so respectfully accept the consequences of your decision and chill. And read carefully what Rushil wrote in his last few lines. Cheers!!
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  • I am invested in three projects in Gurgaon.

    First one was requirement

    Second one was Investment

    And third one was Greed...
    #beinghuman

    It's the third itch that got me in and hurting me big time. So kinda on the same boat as all others.
    Nevertheless less rather then feeling bad about the decision, I have owned it up and trying to raise the unwanted child...



    Originally Posted by Rahul kmr
    Dear Rushil very well written, i totally agree with you, by the way do you also own unit in corridors or this is just a advice or you are also on the same boat like we all pride owners are, and guys you do not worry at all at least your money is collected somewhere which might be fruitful after years, after this project will be completed instead IREO forfeiting the 20% of the amount of total BSP. in case of surrendering or failed to make payments. IREO never forced any of us to invest in this project, we all did by our own choice so respectfully accept the consequences of your decision and chill. And read carefully what Rushil wrote in his last few lines. Cheers!!
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