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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  • Mail from Ray , showing buildings rising up ! So the Ireo The Corridoors is rising up from ashes of RE Bubble bust of 2013
    They have given finishing contracts also ...so seems like things are on schedule , point to note in their own words " the construction is going at a "intense pace " LOL
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  • Yes Norway it is "Intense pace" the phrase they especially mentioned. But my fear is again the completion after the structure is done,, the development of 37.5 acres....2000 units....it is still a very very long way to go. I say another 4 years at least.... what do you think >>??

    And did any one ever met this Mr. lippy ray ??
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  • Originally Posted by Rahul kmr
    Yes Norway it is "Intense pace" the phrase they especially mentioned. But my fear is again the completion after the structure is done,, the development of 37.5 acres....2000 units....it is still a very very long way to go. I say another 4 years at least.... what do you think >>??
    And did any one ever met this Mr. lippy ray ??


    I think with so much money gone , faster they give better for the investor , with their flex plans for payment ..I think they are them self estimating 1.5 years . And also of their 30 % now and remaning at the time of CC
    Now the law is getting tough , and late delivery charges which has been enhanced by the court ..I think it will be around the estimate time .

    Lippy Ray is a Mrs , not Mr.
    No I haven't , it is very difficult to meet her ...she is the high princess of Ireo
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  • Hope for the same.
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  • Norway, Are you making timely payments as per there CLP plan....??

    In which cluster you have your unit..??

    Mine is in C cluster, And it has raised up to 6th floor,,, and they are sending demands like its raining very fast.
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  • IREO Malpractices

    Hi All

    Please suggest me solutions to my problem -

    I visited IREO main office way back before Corridors launch and their own employee convinced me of the pre-launch and via his personal agent sold me a non-PLC flat at pre-launch. After three installments of around 45 lacs when I received the agreement copies I noticed that they had added PLC for the flat. This IREO employee left IREO by then and spoke to me on phone that IREO is cheating me and this is a non-PLC flat.. Now he has even stopped taking calls. On contacting IREO Customer Care they never agreed that this was a non-PLC flat but gave me two options of other non-PLC flats with bigger areas so essentially I would have to cough up 50+ lacs even further.. I refused to take that option.. When I asked refund there has been silence from their end. Now they have been sending me reminders for the fourth instalment since the last few months even with registered A.D. which means that they have wicked plans.

    I have proof on email from the ex-IREO employee's channel partner who sold me the flat then that this was a non-PLC unit..

    What is the best course of action for me to get my money refund from IREO since they have mis-sold me this flat.. Please helpl
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  • Originally Posted by rdbmsdba
    Hi All

    Please suggest me solutions to my problem -

    I visited IREO main office way back before Corridors launch and their own employee convinced me of the pre-launch and via his personal agent sold me a non-PLC flat at pre-launch. After three installments of around 45 lacs when I received the agreement copies I noticed that they had added PLC for the flat. This IREO employee left IREO by then and spoke to me on phone that IREO is cheating me and this is a non-PLC flat.. Now he has even stopped taking calls. On contacting IREO Customer Care they never agreed that this was a non-PLC flat but gave me two options of other non-PLC flats with bigger areas so essentially I would have to cough up 50+ lacs even further.. I refused to take that option.. When I asked refund there has been silence from their end. Now they have been sending me reminders for the fourth instalment since the last few months even with registered A.D. which means that they have wicked plans.

    I have proof on email from the ex-IREO employee's channel partner who sold me the flat then that this was a non-PLC unit..

    What is the best course of action for me to get my money refund from IREO since they have mis-sold me this flat.. Please helpl


    Suggest you write them in writing sighting written email exchanged with IREO and their confirmation of non-PLC unit. Insist that either the PLC be removed being non-PLC unit as confirmed by them over email or else refund with interest be paid back to you. Give them a months time and if they do not action it thereafter communicate them you will file legal case in Consumer Court. In the meanwhile prepare yourself for filing legal case in consumer court.

    However please do check whether they have stated in application form that if the unit happens to become PLC unit due to modification in location etc, a PLC will be payable by the investor? Also try to understand why PLC is now getting attracted which earlier was not. Is there any change in location of flat or something is now coming in front of your unit which is leading to PLC now...........check out facts carefully before taking legal action.
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  • Thank you for bringing this to the notice of all the people , there are good things and there are not so good things about the outcome .

    1. Good thing is that atleast there is a consumer court which has sought to demolish the one sided provision of a bba .

    2. The unfortunate buyer got his money back at a interest of 7.5%

    However fo not know if these are challanged and stayed in higher courts.

    The eorst deterrence for any ordinary folk is that at the end of such a long struggle the only thing you get is Rs 1.5 lakhs for mental torture inflicted on you . If only the honourable courts can emphathize with the pain of the ordinary citizens and ask the builders to pay 15% interest and a substantive damage for mental harrasment , the builders will think 10 times before taking buyers for granted and will encourage many more to take the legal counsel.

    Hope judiciary activism brings relief to the harrasment inflicted on the ordinary folks by the builders of the country.

    Ireo is just like any other builder .
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  • Yes 7.5% is low. But considering the market conditions, state of the project and infrastructure in that particular sector, i think the consumer is lucky to get his principal amount back. You know IREO offered possesion without developing infra as per BBA. I think this they did just to avoid people asking for their money back as per clause in BBA ( if delay more than a year people can ask for refund with interest) especially considering no appreciation and people not even buying in resale at ireo oriignal sale price.
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  • it is true . investors in Punjab reason have had a big loss in Ireo projects.
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  • Originally Posted by amitgargi
    it is true . investors in punjab reason have had a big loss in ireo projects.




    yes in plots...as these were over priced during boom period.


    Their Ireo-Rise project (Low-Mid Rise Flats) in Sector-99 Mohali has done OK. Now near completion. Launched at 2600-2900 psf and now resale 3600-3700+... Company Rate 4500/-
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  • Ireo is sending demand letters every month now. just received 8th floor demand yesterday for C4. previous demands are still pending, what to do ? i am sure they will make the structure ready and then sit idle for next 1.5 yrs. any idea what is the status of demand on A,B,D blocks ? are they only constructing C block fast because maximum would have bought lower ticket size unit and they end up generating more money by onlu constructing these smaller unit blocks ? something fishy is going on in this project...
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  • ...Oh god !!!! i am in C5. You are right progress of AB& D is very slow.So many payments in such short time is ruining financially .....unable to exit due to huge losses ..... SAD venture
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  • Originally Posted by shakes12
    ...Oh god !!!! i am in C5. You are right progress of AB& D is very slow.So many payments in such short time is ruining financially .....unable to exit due to huge losses ..... SAD venture

    shakes12; & Usfreak; How much payment you guys have made till now???
    i have made almost 50% now, and unable to pay more.... what you guys are planning ??
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