The Corridors by IREO Developers in Sector 67A, Gurgaon

#1661

October 19 2013, 07:06 PM
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#1661

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

October 19 2013, 07:06 PM

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Originally posted by JethroNull View Post

Sorry but your friend deserved it. Investing in a project with 20% in pocket is blunder and reason enough to get jittery.

On a lighter note, did you not recommend New Gurgaon/3C Greenopolis to your friend?

Develeraging has just begin. The suckers at the top of market will lose their shirt .

People who can hold on and take deleivery no worry for them
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#1662

November 12 2013, 08:57 PM

courtier

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#1662

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

November 12 2013, 08:57 PM

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IREO has failed its investors this time and realising this they are taking unprecedented steps like making transfer free and allowing the transfer without paying 30% etc... Absurd pricing and absurd PLCs. Huge inventory in the project will always keep the price appreciation in check.. e

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#1663

November 13 2013, 12:10 AM

St_Anger

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Join Date: May 2011
Posts: 1593

#1663

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

November 13 2013, 12:10 AM

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Ireo hasn't failed its investors.. Ireo is just another illegitimate child of the black economy that we have created around us.. People were getting greedy... with the success of Ireo GA and uptown.. wherein investors earned more than what ireo sold the project for ( out of which ireo's profit would be a measly 10--30%) ... So, decision makers at ireo must have thought they are not capturing the greed of the investors fully... when they decided to capture the greed, the result was Corridors.. 

Builders are thugs, per se ( some smaller Ireo, Dlf, emaar.... some bigger spire, mahindra,today) .. Investors need to apply reasoning rather than blind faith to make decisions.. and if someone cant help but invest his blind faith then there are three indelible rules for him

1) He should have arrangement for 100% payment...
2) He should have a long term view
3) He should look only TATA and Godrej housing for blind faith wrt to layouts etc!!"
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Originally posted by courtier View Post

Ireo hasn't failed its investors.. Ireo is just another illegitimate child of the black economy that we have created around us.. People were getting greedy... with the success of Ireo GA and uptown.. wherein investors earned more than what ireo sold the project for ( out of which ireo's profit would be a measly 10--30%) ... So, decision makers at ireo must have thought they are not capturing the greed of the investors fully... when they decided to capture the greed, the result was Corridors..

Builders are thugs, per se ( some smaller Ireo, Dlf, emaar.... some bigger spire, mahindra,today) .. Investors need to apply reasoning rather than blind faith to make decisions.. and if someone cant help but invest his blind faith then there are three indelible rules for him

1) He should have arrangement for 100% payment...
2) He should have a long term view
3) He should look only TATA and Godrej housing for blind faith wrt to layouts etc!!

sigpicWe are the ones who wanna choose..Always wanna play ..but we never wanna loose!!!

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#1664

November 13 2013, 09:11 AM

kinjalchato

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Join Date: Sep 2012
Posts: 5423

#1664

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

November 13 2013, 09:11 AM

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  string(1254) "[QUOTE=St_Anger;1024400]Ireo hasn't failed its investors.. Ireo is just another illegitimate child of the black economy that we have created around us.. People were getting greedy... with the success of Ireo GA and uptown.. wherein investors earned more than what ireo sold the project for ( out of which ireo's profit would be a measly 10--30%) ... So, decision makers at ireo must have thought they are not capturing the greed of the investors fully... when they decided to capture the greed, the result was Corridors.. 
 
Builders are thugs, per se ( some smaller Ireo, Dlf, emaar.... some bigger spire, mahindra,today) .. Investors need to apply reasoning rather than blind faith to make decisions.. and if someone cant help but invest his blind faith then there are three indelible rules for him
 
1) He should have arrangement for 100% payment...
2) He should have a long term view
3) [B]He should look only TATA and Godrej housing for blind faith wrt to layouts etc[/B]!![/QUOTE]
 
The last 3 points are crisp and spot on . 
 
Tata Primanti is the only exception amongst several builders who had a revenue rasta / bundh through their projects but never showed it in the layout , Tata clearly marked out both which says a lot about their integrity."
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Originally posted by St_Anger View Post

Ireo hasn't failed its investors.. Ireo is just another illegitimate child of the black economy that we have created around us.. People were getting greedy... with the success of Ireo GA and uptown.. wherein investors earned more than what ireo sold the project for ( out of which ireo's profit would be a measly 10--30%) ... So, decision makers at ireo must have thought they are not capturing the greed of the investors fully... when they decided to capture the greed, the result was Corridors..

Builders are thugs, per se ( some smaller Ireo, Dlf, emaar.... some bigger spire, mahindra,today) .. Investors need to apply reasoning rather than blind faith to make decisions.. and if someone cant help but invest his blind faith then there are three indelible rules for him

1) He should have arrangement for 100% payment...
2) He should have a long term view
3) He should look only TATA and Godrej housing for blind faith wrt to layouts etc!!

The last 3 points are crisp and spot on .

Tata Primanti is the only exception amongst several builders who had a revenue rasta / bundh through their projects but never showed it in the layout , Tata clearly marked out both which says a lot about their integrity.

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Comment
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#1665

November 13 2013, 11:31 AM

sh-saxena

Veteran Member

Join Date: Dec 2010
Posts: 1720

#1665

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

November 13 2013, 11:31 AM

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  string(1297) "Arent the short-term sort of investors equally to blame to invest in a middle of nowhere, high priced, obnoxious PLCs, specs which are sort of basic in today's times rather than luxury, a hugely congested masterplan, and an undefined escalation clause on top.

Why did the investors not stop and think on who they will be able to offload a flat which is more expensive than IREO's own IVV and Uptown (which have better specs, better location, advanced stage of construction & a much cheaper price), and many other GCX projects. Why will an enduser buy it when they are getting better flats at cheaper rate in GCX itself. When investors think of endusers as fools, then endusers pay them back by doing a vanishing act !!

In my view, investors will be able to get some minimal premium only after two years or so but they will be so much richer in experience atleast. And in a long run, this project will also work out fine so just need to have patience and funds if invested.

[QUOTE=courtier;1024261]IREO has failed its investors this time and realising this they are taking unprecedented steps like making transfer free and allowing the transfer without paying 30% etc... Absurd pricing and absurd PLCs.  Huge inventory in the project will always keep the price appreciation in check..  e[/QUOTE]"
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Arent the short-term sort of investors equally to blame to invest in a middle of nowhere, high priced, obnoxious PLCs, specs which are sort of basic in today's times rather than luxury, a hugely congested masterplan, and an undefined escalation clause on top.

Why did the investors not stop and think on who they will be able to offload a flat which is more expensive than IREO's own IVV and Uptown (which have better specs, better location, advanced stage of construction & a much cheaper price), and many other GCX projects. Why will an enduser buy it when they are getting better flats at cheaper rate in GCX itself. When investors think of endusers as fools, then endusers pay them back by doing a vanishing act !!

In my view, investors will be able to get some minimal premium only after two years or so but they will be so much richer in experience atleast. And in a long run, this project will also work out fine so just need to have patience and funds if invested.

Originally posted by courtier View Post

Last edited November 13 2013, 05:32 PM.

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3

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#1666

November 13 2013, 06:11 PM

Trust123

New Member

Join Date: Nov 2013
Posts: 18

#1666

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

November 13 2013, 06:11 PM

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  string(1802) "Investor should do the due diligence.  Also largely got swayed by Ireo gimmick. It is unfortunate that issues of uptown and VV are surfacing now.

No doubt it is big dent on Ireo reputation and this will haunt them going forward.

Another point though covered above but have diff shade is with glossy brochures and using rhetoric words, claiming specs to be luxury while they are not is cheating.  deceiving and not clear about car park in original price , later include it in revised price is cheating.

Selling huge inventory knowing these things will surface in few days knowing market sentiments is calculated and to shave off investors. Done as if there will be no tomm and is cheating. 


They have lost faith of investors and certainly has lost many time over here 




[QUOTE=sh-saxena;1024596]Arent the short-term sort of investors equally to blame to invest in a middle of nowhere, high priced, obnoxious PLCs, specs which are sort of basic in today's times rather than luxury, a hugely congested masterplan, and an undefined escalation clause on top.

Why did the investors not stop and think on who they will be able to offload a flat which is more expensive than IREO's own IVV and Uptown (which have better specs, better location, advanced stage of construction & a much cheaper price), and many other GCX projects. Why will an enduser buy it when they are getting better flats at cheaper rate in GCX itself. When investors think of endusers as fools, then endusers pay them back by doing a vanishing act !!

In my view, investors will be able to get some minimal premium only after two years or so but they will be so much richer in experience atleast. And in a long run, this project will also work out fine so just need to have patience and funds if invested.[/QUOTE]"
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Investor should do the due diligence. Also largely got swayed by Ireo gimmick. It is unfortunate that issues of uptown and VV are surfacing now.

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Selling huge inventory knowing these things will surface in few days knowing market sentiments is calculated and to shave off investors. Done as if there will be no tomm and is cheating.

They have lost faith of investors and certainly has lost many time over here

Originally posted by sh-saxena View Post

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1

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#1667

November 13 2013, 06:31 PM

sh-saxena

Veteran Member

Join Date: Dec 2010
Posts: 1720

#1667

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

November 13 2013, 06:31 PM

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For 67A, they had told from beginning that Parking was not included in BSP quoted (Rs 8750).
And as per new rules, they had to include parking in BSP later which is what all builders are doing now.

[QUOTE=Trust123;1024927]Investor should do the due diligence.  Also largely got swayed by Ireo gimmick. It is unfortunate that issues of uptown and VV are surfacing now.

No doubt it is big dent on Ireo reputation and this will haunt them going forward.

Another point though covered above but have diff shade is with glossy brochures and using rhetoric words, claiming specs to be luxury while they are not is cheating.  deceiving and [COLOR="Red"][B]not clear about car park in original price , later include it in revised price is cheating.[/B][/COLOR]

Selling huge inventory knowing these things will surface in few days knowing market sentiments is calculated and to shave off investors. Done as if there will be no tomm and is cheating. 


They have lost faith of investors and certainly has lost many time over here[/QUOTE]"
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Atleast the highlighted part is not correct
For 67A, they had told from beginning that Parking was not included in BSP quoted (Rs 8750).
And as per new rules, they had to include parking in BSP later which is what all builders are doing now.

Originally posted by Trust123 View Post

Investor should do the due diligence. Also largely got swayed by Ireo gimmick. It is unfortunate that issues of uptown and VV are surfacing now.

No doubt it is big dent on Ireo reputation and this will haunt them going forward.

Another point though covered above but have diff shade is with glossy brochures and using rhetoric words, claiming specs to be luxury while they are not is cheating. deceiving and not clear about car park in original price , later include it in revised price is cheating.

Selling huge inventory knowing these things will surface in few days knowing market sentiments is calculated and to shave off investors. Done as if there will be no tomm and is cheating.

They have lost faith of investors and certainly has lost many time over here

Last edited November 13 2013, 06:41 PM.

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#1668

November 13 2013, 06:39 PM

Trust123

New Member

Join Date: Nov 2013
Posts: 18

#1668

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

November 13 2013, 06:39 PM

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Initial price 8750 and car park not included.

Revised price was 9800 with car park included. Net net the price revised by only Rs 400. While it looked to investors that price is revised by approx Rs 1000.  Why differential pricing ?. Further Rs 400 revision on original price of Rs 8750 is nothing.

In addition brokers / channel partner claimed that Rs 8750 is offered to only approx 150 people whist I have been told the number is much more.


[QUOTE=sh-saxena;1024950]Atleast the highlighted part is not correct :)
For 67A, they had told from beginning that Parking was not included in BSP quoted (Rs 8750).
And as per new rules, they had to include parking in BSP later which is what all builders are doing now.[/QUOTE]"
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Here is what I was referring to ....

Initial price 8750 and car park not included.

Revised price was 9800 with car park included. Net net the price revised by only Rs 400. While it looked to investors that price is revised by approx Rs 1000. Why differential pricing ?. Further Rs 400 revision on original price of Rs 8750 is nothing.

In addition brokers / channel partner claimed that Rs 8750 is offered to only approx 150 people whist I have been told the number is much more.

Originally posted by sh-saxena View Post

Atleast the highlighted part is not correct

For 67A, they had told from beginning that Parking was not included in BSP quoted (Rs 8750).
And as per new rules, they had to include parking in BSP later which is what all builders are doing now.

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#1669

November 13 2013, 06:51 PM

sh-saxena

Veteran Member

Join Date: Dec 2010
Posts: 1720

#1669

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

November 13 2013, 06:51 PM

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  string(992) "Here's the page which gave the initial BSP (Rs 8750) and Parking costs (Rs 650) when it was being prelaunched so total price was 9400 in prelaunch. Investors were surely aware of this.

[url]https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/16420-the-corridors-by-ireo-developers-in-sector-67a-gurgaon/page92?t=18631&page=92[/url]

And how will IREO revise price more when its not selling at the initial cost price also ??

[QUOTE=Trust123;1024955]Here is what I was referring to ....

Initial price 8750 and car park not included.

Revised price was 9800 with car park included. Net net the price revised by only Rs 400. While it looked to investors that price is revised by approx Rs 1000.  Why differential pricing ?. Further Rs 400 revision on original price of Rs 8750 is nothing.

In addition brokers / channel partner claimed that Rs 8750 is offered to only approx 150 people whist I have been told the number is much more.[/QUOTE]"
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Here's the page which gave the initial BSP (Rs 8750) and Parking costs (Rs 650) when it was being prelaunched so total price was 9400 in prelaunch. Investors were surely aware of this.

https://www.indianrealestateforum.co...=18631&page=92

And how will IREO revise price more when its not selling at the initial cost price also ??

Originally posted by Trust123 View Post

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#1670

November 13 2013, 06:59 PM

Trust123

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Join Date: Nov 2013
Posts: 18

#1670

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

November 13 2013, 06:59 PM

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  string(739) "How's about Ireo went about like this

Original price - 8750 ( excluding Car park)
Revised price - 9150 ( excluding car park)

Whole point was to sell as much in round 1 knowing prices are inflated. It was calculated and known 


[QUOTE=sh-saxena;1024960]Here's the page which gave the initial BSP (Rs 8750) and Parking costs (Rs 650) when it was being prelaunched so total price was 9400 in prelaunch. Investors were surely aware of this.

[url]https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/16420-the-corridors-by-ireo-developers-in-sector-67a-gurgaon/page92?t=18631&page=92[/url]

And how will IREO revise price more when its not selling at the initial cost price also ??[/QUOTE]"
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How's about Ireo went about like this

Original price - 8750 ( excluding Car park)
Revised price - 9150 ( excluding car park)

Whole point was to sell as much in round 1 knowing prices are inflated. It was calculated and known

Originally posted by sh-saxena View Post

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