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 .
Read more
Reply
1985 Replies
Sort by :Filter by :
  • Originally Posted by Jit2011
    I had also given my cheque 5,500 at end-July to broker who said that depending on response, IREO might even start sof launch (around 10 Aug)at 5200-5250. He called me last week to say that cheques were still lying with them and they had given photocopies to IREO. He also said that IREO would give me booking at 5,900 and not at 5,500. I don't know who is playing games here IREO or the broker???

    IREO never accepted any cheques for this I think. Plus they put ads in all newspapers saying they havent started any bookings for IREO 67A(maybe they had to do that for legal reasons). I think the launch is delayed for few months due to some litigation issues. You may still be able to get a preferential rate when its finally launched as you've given your cheque/photocopy. That said, unless they come up with some really wow specifications, the project is not really looking worth it.
    CommentQuote
  • Originally Posted by Jit2011
    I had also given my cheque 5,500 at end-July to broker who said that depending on response, IREO might even start sof launch (around 10 Aug)at 5200-5250. He called me last week to say that cheques were still lying with them and they had given photocopies to IREO. He also said that IREO would give me booking at 5,900 and not at 5,500. I don't know who is playing games here IREO or the broker???

    Actually so much ambiguity...even the land is not clear technically.
    I fail to understand as why anyone will give cheque and wait for what is in store. You may check with your bank if they will wait for your ok before check goes into clearance. if it suits you may go ahead...
    CommentQuote
  • If at all this project takes off, my understanding is that they will come out with specifications, amenities and basic plans, contact me if I would still be interested, on my concurrence I may be asked for floor prference etc and to sign an application then, they will produce my cheque to the bank.

    Since I am a first timer for soft-launch projects, please correct me if my understanding is wrongs.

    Thanks,
    CommentQuote
  • Originally Posted by Jit2011
    If at all this project takes off, my understanding is that they will come out with specifications, amenities and basic plans, contact me if I would still be interested, on my concurrence I may be asked for floor prference etc and to sign an application then, they will produce my cheque to the bank.

    Since I am a first timer for soft-launch projects, please correct me if my understanding is wrongs.

    Thanks,

    Yes, that is the way reputed builders operate.
    CommentQuote
  • bhaiya which project by any developer in pre/soft launch stage has been allotted the way you are saying ?? The most you can do is tell your broker the floor preference , and he might be able to fetch you a unit of ur preference !!!! No developer calls before banking your cheque and asking for floor preference in a pre launch/soft launch stage . Your cheque is an intent from your side that you want a unit . But yes your broker can call you and ask you if you want to present the cheque to the developer or not , and confirm price and size and your floor preference !
    CommentQuote
  • Do not forget you are talking about IREO...that too at huge premium... this is not going to be a lottery kind of a situation, mad scramble etc etc. It all depends on the person to withdraw the cheque if he desires so.
    CommentQuote
  • Originally Posted by rs2507
    Do not forget you are talking about IREO...that too at huge premium... this is not going to be a lottery kind of a situation, mad scramble etc etc. It all depends on the person to withdraw the cheque if he desires so.


    The right to withdraw is always there rs ji , if you are not satisfied with the price or anything else . But on the floor prefernce etc part i agree with prakash ,you cant do much . Soft launch mei at least at first price when there has been a mad scramble for the project !!!!
    CommentQuote
  • Dear sh-saxena,

    Sorry for the late reply. When I say I am locked in at 5500 I mean that I am in the hope that the rate (for me) is locked in at 5500. I've given a cheque and am hoping the project goes through and I remain locked in.

    At the time of cheque being presented I will most likely have a say on specs etc. but may not have it on floor.

    Dear rs2507, this is a property for end use so from my perspective it may be a negative ROI at the start but in the long run it evens out. I am not looking at it from an investment only perspective.

    Originally Posted by rs2507
    Exactly...I think he mean to say he has a rate locked in 5500/
    I still think this is a costly proposition...
    CommentQuote
  • Originally Posted by varundhamija
    Dear sh-saxena,

    Sorry for the late reply. When I say I am locked in at 5500 I mean that I am in the hope that the rate (for me) is locked in at 5500. I've given a cheque and am hoping the project goes through and I remain locked in.

    At the time of cheque being presented I will most likely have a say on specs etc. but may not have it on floor.

    Dear rs2507, this is a property for end use so from my perspective it may be a negative ROI at the start but in the long run it evens out. I am not looking at it from an investment only perspective.

    I was also looking at this project but didnt give the cheque due to uncertainties around this and also found the price of 5500 high (given that other projects in vicinity with construction already started were cheaper). Lets see what IREO comes up with when they finally decide the launch it.
    CommentQuote
  • Current Status

    Anybody who has an idea on what is the current status of this project. Is it dead or still alive?
    CommentQuote
  • dead heard there is some letigation/clearances are pending
    CommentQuote
  • Is anyone aware of status here ??
    CommentQuote
  • I called up IREO US office today. They said 2 projects are in pre-launch phase one is this one (sector 67A)and another one is super luxury project around 4000 sqft size . For 67A project size will be 1900 sqft (only 1 size). Price= 6300 psft, total ticket size (all inclusive) around =1.4 Cr.
    They are going to conduct a session in NJ ,I am planning to attend this. Here are the details ,in case anybody is interested to come :

    We would like to invite you to a dinner and informational session hosted by the IREO Team and Vijay Amritraj, IREO’s brand ambassador on Thursday, November 17, 2011 at 7PM at Royal Alberts Palace located at 1050 King George Post Road, Fords, NJ 08863.


    Originally Posted by sh-saxena
    Is anyone aware of status here ??
    CommentQuote
  • Thanx SanjayKhanna, do update the forum after you attend the dinner.

    The 4000 sqft one must be the Gwal Pahari project, the last price heard for that was 8000 bsp (for a bare shell apartment).

    The last heard price of 67A was 5900 and now they want 6300 for a project which is dead and don't know if will be revived. Amazing !!
    CommentQuote
  • Revival of 67A

    Yesterday I got call from couple of brokers active with IREO about the possibility of launch in Dec for this project....
    Haven't seen this activity since Aug and if indications are to be believed, IREO is contemplating now of launching it in Dec.

    6300 was the launch price quoted in the month of Aug also so not much surprised about this price now. Also I think its a good strategy to only sell 1900 sq ft appt to NRI to whom few lakhs more will not make much difference.
    If they are able to sell 1900 size in US in good numbers then I dont think there is any hope of getting it below that price in India for smaller units.

    Lets see "Yeah Uunt kis taraf karvat badalta hei" ??


    Originally Posted by sh-saxena
    Thanx SanjayKhanna, do update the forum after you attend the dinner.
    The 4000 sqft one must be the Gwal Pahari project, the last price heard for that was 8000 bsp (for a bareshell apartment).
    The last heard price of 67A was 5900 and now they want 6300 for a project which is dead and dont know if will be revived. Amazing !!
    CommentQuote