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The Corridors by IREO Developers in Sector 67A, Gurgaon

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The Corridors by IREO Developers in Sector 67A, Gurgaon

Last updated: January 12 2021
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  • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

    Originally posted by Varun83 View Post
    Well, as far as I see, Ireo is shooting itself in the foot and hell bent on scr*wing its reputation day by day. No tier 1 developer raises a demand unless it would have issued the allotment letter. It sadly puts IREO in the league of 3rd grade developers. I am so disappointed with them! Blatantly illegal.
    Without allotment letter, one is not sure on the BSP, other applicable charges like parking, PLC, edc/idc, ifms, club etc; and on top of it no surety on the payment plan! what if these idi0ts ask for another couple of time linked payments from the launch. CLP should be changed to TLP (time linked payment) plan is guess. >:O
    meeting them this weekend on the issue, chip in if you wish Sale27.
    really sad and hugely disappointing .

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    • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

      In ethics there is only one obligation, to honor commitments; in this case things are happening exactly as communicated by Ireo to channel partners. If some channel partner has misguided customer, the customer must make written complaint to Ireo against the channel partner; blaming Ireo is not justified.

      Not following the govt laid law is not unethical, the laws were never made with the intent of being followed; they are there to intimidate by selective prosecution. If not following laws is unethical, then Resale deals are all unethical as they involve undeclared income via cash component.

      Soft launch transactions are ethical as they are by voluntary choice to mutual benefit; those that feel unethical about not following all the govt laws have no option but to be absent from the RE field, this is their only Moral choice. In fact, in India, with the plethora of unreasonable and unfollowable laws, the only Moral choice seems to be to quit Life, but sadly that too is unlawful.
      I sell my Talent to your Reason...

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      • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

        See people who have entered into the project of Ireo at soft launch should be investors in my understanding.
        I think Ireo is supporting its investors by delaying the projects anyways and helping to increase the notional price for his investors.
        Few investors are ready to buy the property 9300 price also.

        Though I agree on the point that Ireo is under huge pressure to deliver project which they havent done yet.

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        • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

          But all investors will need an enduser. Already sales are so sluggish in all high-priced projects whereever an enduser is reqd.
          Anyways, from say a 3+ years holding perspective, its an ok buy (but not a better buy than the other cheaper, better located, similar specs project which dont have undefined escalation clauses).

          Originally posted by ankursharma1 View Post
          See people who have entered into the project of Ireo at soft launch should be investors in my understanding.
          I think Ireo is supporting its investors by delaying the projects anyways and helping to increase the notional price for his investors.
          Few investors are ready to buy the property 9300 price also.

          Though I agree on the point that Ireo is under huge pressure to deliver project which they havent done yet.
          Last edited April 19 2013, 01:17 PM.

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          • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

            The escalation is slowly but surely creeping back into each new launch equation. The big negative here is the non urgency of developer to deliver in time as the customer is picking up the tab.

            It may be a good idea that the developer should give a defined timeframe say 2.5 years to 3 years and any further delay the developer picks up the escalation for the differential time. Anyway the major bulk inputs purchases are done in the initial time periods say between 1-2 years and the escalation clause covers them over and above this period and can be pocketed by developer citing this increase from day 0 till completion and not till each material end day of purchase.

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            • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

              But why will builders not put such clauses which benefit them as long as investors are there to take the whole inventory off their hands. And investors are hoping that they will palm off their units to some unsuspecting enduser before the escalation clause comes in play. Lets wait and see how this ponzi scheme plays off ...

              Comment


              • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

                Originally posted by Lazybell View Post
                In ethics there is only one obligation, to honor commitments; in this case things are happening exactly as communicated by Ireo to channel partners. If some channel partner has misguided customer, the customer must make written complaint to Ireo against the channel partner; blaming Ireo is not justified.

                Not following the govt laid law is not unethical, the laws were never made with the intent of being followed; they are there to intimidate by selective prosecution. If not following laws is unethical, then Resale deals are all unethical as they involve undeclared income via cash component.

                Soft launch transactions are ethical as they are by voluntary choice to mutual benefit; those that feel unethical about not following all the govt laws have no option but to be absent from the RE field, this is their only Moral choice. In fact, in India, with the plethora of unreasonable and unfollowable laws, the only Moral choice seems to be to quit Life, but sadly that too is unlawful.
                What is true by your own personal experience may not be true for everyone . There are many people who follow all the laws of land including not dealing in illegal transactions like undeclared income. So please do not assume everyone indulges in that and hence resale deals are all unethical and that there is no option for law abiding citizen to enter into RE investment. It is absurd to say the least in my experience and my pov.

                an illegal activity has no justification in my books . each to his own. Soft launch without necessary approvals are illegal irrespective of wether it is voluntary choice for mutual benefit or not.

                Comment


                • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

                  Originally posted by Lazybell View Post
                  In ethics there is only one obligation, to honor commitments; in this case things are happening exactly as communicated by Ireo to channel partners. If some channel partner has misguided customer, the customer must make written complaint to Ireo against the channel partner; blaming Ireo is not justified.

                  Not following the govt laid law is not unethical, the laws were never made with the intent of being followed; they are there to intimidate by selective prosecution. If not following laws is unethical, then Resale deals are all unethical as they involve undeclared income via cash component.

                  Soft launch transactions are ethical as they are by voluntary choice to mutual benefit; those that feel unethical about not following all the govt laws have no option but to be absent from the RE field, this is their only Moral choice. In fact, in India, with the plethora of unreasonable and unfollowable laws, the only Moral choice seems to be to quit Life, but sadly that too is unlawful.
                  People will buy all this non sense until they are hopeful of making money.

                  Otherwise IREO will loose its Goodwill as has happened with DLF and unitech.

                  DLF RG guys got stuck; so no one bought Ultima.

                  If people get stuck in this project of IREO;it would be tough to sell future projects.

                  Comment


                  • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

                    Originally posted by teamplayer View Post
                    The escalation is slowly but surely creeping back into each new launch equation. The big negative here is the non urgency of developer to deliver in time as the customer is picking up the tab.

                    It may be a good idea that the developer should give a defined timeframe say 2.5 years to 3 years and any further delay the developer picks up the escalation for the differential time. Anyway the major bulk inputs purchases are done in the initial time periods say between 1-2 years and the escalation clause covers them over and above this period and can be pocketed by developer citing this increase from day 0 till completion and not till each material end day of purchase.

                    The escalation clause, the price of the project in relation to its location/ speculated specification and the fact that much better projects are available at much better price will make this project unviable for the investors, once the 30% mark is exceeded.

                    Just wait and watch . on paper once can always make money when one gets into a resale transaction, one will know the fate of their investment.

                    Comment


                    • Re : The Corridors by IREO Developers in Sector 67A, Gurgaon

                      Hello everybody,

                      Though I am not invested in this project due to my last minute refusal for allotment when I rightly felt that this project due to its layout in nothing special but a mid rise attached houses township. After seeing the picture of the project, I am sure I made the right move by not investing here.

                      Also why is everybody beating and hammering Ireo for whatever is happening? As far as my knowledge goes, this project is not their baby and actually belongs to a bunch of NRI investors and Ireo gets a fixed %age for selling and executing the Project. Most likely real owners are calling the shots. If this information is 100% correct, all new and existing investors might have to change their strategy whether they like it or not. Also if this is the case then Ireo might always not be able to give true picture about this project forget transparency.

                      Matter of great concern could be the time taken in execution of the project of such magnitude and the escalation clause kicking in due to delay.
                      it would be interesting to keep a watch and see till when and what level this project stays viable.

                      One thing is sure-viability of this project will definitely make the investors of other nearby projects laugh all the way to the bank. (my POV).

                      Cheers.

                      CA.

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