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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

    Agree with CA. What would the buyers feel if IREO scraps say Uptown and refunds the buyers Rs 3800 (which was the initial price) and then finds new buyers at say 8500 ??
    If that sounds highly preposterous, than so does your suggestion.


    Originally posted by kaps2050 View Post
    To me also as a buyer - its a super greedy pricing - While i do not know what portion of the project has been sold to end users, i seriously doubt how many end users would be interested in buying at 10 K with all the interesting clauses even in 2015 or 2016 ........when there are going to be so many available/UC/RTM options on GCX..................Given the market scenario ......Its better if its not sold out/or got proper response ......IREO accepts the pricing mistake, scraps the project, refund the investor's money who in any case are having hard time in exiting .........rather than digging land and asking for more money from investors......

    PS : If my suggestion sounds radical/impractical to you - please ignore it
    Last edited March 21 2014, 11:01 PM.

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

      Ireo's so called commitment

      Originally posted by rushilarora View Post
      Rather then expecting Timely payment discount, I am willing to pay timely delivery premium of INR 500/- to IREO.

      No builder has gumption to do this...

      RA
      Refer to this picture attached from the ireo BBA.

      Clearly it states that they have demanded a time period of 42 months + 180 days grace period.
      Attached Files
      Last edited March 22 2014, 01:39 PM.

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

        As per the clause 4 years from the date of approval of building plans. If you see there current record for IVV its easily going to be 6 years from the approval of all plans by the time they will deliver this.

        Corridors is much bigger then IVV. It may well break IVV's record

        RA


        Originally posted by karan91 View Post
        Refer to this picture attached from the ireo BBA.

        Clearly it states that they have demanded a time period of 42 months + 180 days grace period.

        However, they haven't used the word 'commitment' or its synonyms anywhere in the clause. Rather they have used the words 'the company proposes' which changes a lot of things on legal grounds.

        Comment


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

          Originally posted by rushilarora View Post
          As per the clause 4 years from the date of approval of building plans. If you see there current record for IVV its easily going to be 6 years from the approval of all plans by the time they will deliver this.

          Corridors is much bigger then IVV. It may well break IVV's record

          RA
          Did the ivv bba had this commitment clause? And if yes, did the investors get the stated compensation??

          Comment


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

            Dear CA

            It was just a suggestion.............................

            1. i agree that Almost every builder ( Bad or Less Bad) has either one project to his credit which is either massively delayed or scrapped....most of them actually have more than one. So for me IREO is not different, probably less bad than some of the other big names

            2. I agree that investors took informed decision, however informed decisions can also go massively wrong and can also be corrected or losses can be cut down

            Dear Sh-saxena

            Comparing Uptown and Corridors for Pricing /Refund /Investor's issues is not a like to like comparison, therefore has little relevance specially when we look at the challenge corridor investors r facing ( launch price/ launch delays/different market conditions during launch time/money stuck/no appreciation / significantly difficult to exit at even cost prices/fresh instalments likely from builder)......Uptown is a project nearning completion ...corridors may not see completeness even after 4 more years .......
            Last edited March 23 2014, 03:20 PM.

            Comment


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

              Indeed the decision for ireo corridor was with investors and they should take up the onus. Below is perspective and few more shades to it. IMHO. ....

              1) Ireo tried playing one day game cashing in there goodwill by overtly pricing the project. The entire initiative was laced with greed and bruising the customers as if they are winding up biz or this is the only project to cover everything they may have fallen short. But how does it matter and you wrote the cheque to them ......so own it

              2) hype was created through Channel partners by every time floating the info for launched however not actually launched. Thus tried gauging the responce( took more that 1 year to launch project and refer the first post in this forum itself )...... Nevertheless decision is of investor and buyers anyway

              3) Every time project was put on table for lunch the price was increased for 600-700. Well there are ch.....in market to do business and make profit and investor should be smart enough to understand such moves ....at the end decision was of buyers

              4) Ireo sold more than 1000 units during prelaunch itself knowing that there are chances for project to get doomed and there is'nt much potential left to revise and increase the price.

              5) rediculous Plc ( approx 400 a 1200) and car park ( equivalent to Rs 650 / sq feet) charges - these were announced post first booking payment done - could think of anology of blood taken out from a shringe for those invested and entrusted in ireo . .....well it is always like this and if you entrusted now suffer.


              5) Channels partner equally involved and just thought of there 2% and most knew price is not even close in that vicinity. Though claims they are investment consultants -> Many of my known decided to call it off with them who influenced / over sell/ touch base/ followed for the project marketing it as good bet mad mostly saying ... You know it's Ireo. End to the day you took the call.


              6) Ireo / channel partners mis informed about terming project as luxury. It is not the considering the area /unit density and specs. Every thing with glossy pamphlets and brochures is not luxury - lesson learnt . So called reputed / professional builder as well show and prove on the zamat they belong to I.e. builders. Encashing there brand / goodwill in one shot. Well all this besides and agree ......decision is of buyers.

              7) Aware of group of investor took back the cheque/s ( 20-25). Getting to know the specs, layout , number of units etc and exact location the last moment units were allocating / launching. That is exactly is the informed decision. Heard internal sources dissuaded itself to pull back the cheque - not sure to what extent it is true


              Unfortunately most do not gave access to this info. Or could not anticipated. Perhaps again believing on Ireo


              As much as checked / heard on the pulse of market/ dealers/ channel partners post launch, Ireo has heavily lost trust with this move. Goodwill is sold with some price in project Corridor. Let Ireo Launch another project with even 5% more premium and see the response.

              Heard Ireo internal source themselves claimed it was bad move to overprice the project.

              All said indeed those bought / invested anyway need to own up there move ( and suffer) however you lost to gain lesson/ experience

              Comment


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

                Interesting and well said enabler !!!!


                Originally posted by Enabler View Post
                Indeed the decision for ireo corridor was with investors and they should take up the onus. Below is perspective and few more shades to it. IMHO. ....

                1) Ireo tried playing one day game cashing in there goodwill by overtly pricing the project. The entire initiative was laced with greed and bruising the customers as if they are winding up biz or this is the only project to cover everything they may have fallen short. But how does it matter and you wrote the cheque to them ......so own it

                2) hype was created through Channel partners by every time floating the info for launched however not actually launched. Thus tried gauging the responce( took more that 1 year to launch project and refer the first post in this forum itself )...... Nevertheless decision is of investor and buyers anyway

                3) Every time project was put on table for lunch the price was increased for 600-700. Well there are ch.....in market to do business and make profit and investor should be smart enough to understand such moves ....at the end decision was of buyers

                4) Ireo sold more than 1000 units during prelaunch itself knowing that there are chances for project to get doomed and there is'nt much potential left to revise and increase the price.

                5) rediculous Plc ( approx 400 a 1200) and car park ( equivalent to Rs 650 / sq feet) charges - these were announced post first booking payment done - could think of anology of blood taken out from a shringe for those invested and entrusted in ireo . .....well it is always like this and if you entrusted now suffer.


                5) Channels partner equally involved and just thought of there 2% and most knew price is not even close in that vicinity. Though claims they are investment consultants -> Many of my known decided to call it off with them who influenced / over sell/ touch base/ followed for the project marketing it as good bet mad mostly saying ... You know it's Ireo. End to the day you took the call.


                6) Ireo / channel partners mis informed about terming project as luxury. It is not the considering the area /unit density and specs. Every thing with glossy pamphlets and brochures is not luxury - lesson learnt . So called reputed / professional builder as well show and prove on the zamat they belong to I.e. builders. Encashing there brand / goodwill in one shot. Well all this besides and agree ......decision is of buyers.

                7) Aware of group of investor took back the cheque/s ( 20-25). Getting to know the specs, layout , number of units etc and exact location the last moment units were allocating / launching. That is exactly is the informed decision. Heard internal sources dissuaded itself to pull back the cheque - not sure to what extent it is true


                Unfortunately most do not gave access to this info. Or could not anticipated. Perhaps again believing on Ireo


                As much as checked / heard on the pulse of market/ dealers/ channel partners post launch, Ireo has heavily lost trust with this move. Goodwill is sold with some price in project Corridor. Let Ireo Launch another project with even 5% more premium and see the response.

                Heard Ireo internal source themselves claimed it was bad move to overprice the project.

                All said indeed those bought / invested anyway need to own up there move ( and suffer) however you lost to gain lesson/ experience

                Comment


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

                  Interesting aspects Enabler, well articulated, please keep sharing your knowledge and experience

                  Feeling so lucky that i could stop myself from getting into this at last minute despite a extremely convincing presentation in IREO office - owe a big thank you to this IREF forum also........

                  Originally posted by Enabler View Post
                  Indeed the decision for ireo corridor was with investors and they should take up the onus. Below is perspective and few more shades to it. IMHO. ....

                  1) Ireo tried playing one day game cashing in there goodwill by overtly pricing the project. The entire initiative was laced with greed and bruising the customers as if they are winding up biz or this is the only project to cover everything they may have fallen short. But how does it matter and you wrote the cheque to them ......so own it

                  2) hype was created through Channel partners by every time floating the info for launched however not actually launched. Thus tried gauging the responce( took more that 1 year to launch project and refer the first post in this forum itself )...... Nevertheless decision is of investor and buyers anyway

                  3) Every time project was put on table for lunch the price was increased for 600-700. Well there are ch.....in market to do business and make profit and investor should be smart enough to understand such moves ....at the end decision was of buyers

                  4) Ireo sold more than 1000 units during prelaunch itself knowing that there are chances for project to get doomed and there is'nt much potential left to revise and increase the price.

                  5) rediculous Plc ( approx 400 a 1200) and car park ( equivalent to Rs 650 / sq feet) charges - these were announced post first booking payment done - could think of anology of blood taken out from a shringe for those invested and entrusted in ireo . .....well it is always like this and if you entrusted now suffer.


                  5) Channels partner equally involved and just thought of there 2% and most knew price is not even close in that vicinity. Though claims they are investment consultants -> Many of my known decided to call it off with them who influenced / over sell/ touch base/ followed for the project marketing it as good bet mad mostly saying ... You know it's Ireo. End to the day you took the call.


                  6) Ireo / channel partners mis informed about terming project as luxury. It is not the considering the area /unit density and specs. Every thing with glossy pamphlets and brochures is not luxury - lesson learnt . So called reputed / professional builder as well show and prove on the zamat they belong to I.e. builders. Encashing there brand / goodwill in one shot. Well all this besides and agree ......decision is of buyers.

                  7) Aware of group of investor took back the cheque/s ( 20-25). Getting to know the specs, layout , number of units etc and exact location the last moment units were allocating / launching. That is exactly is the informed decision. Heard internal sources dissuaded itself to pull back the cheque - not sure to what extent it is true


                  Unfortunately most do not gave access to this info. Or could not anticipated. Perhaps again believing on Ireo


                  As much as checked / heard on the pulse of market/ dealers/ channel partners post launch, Ireo has heavily lost trust with this move. Goodwill is sold with some price in project Corridor. Let Ireo Launch another project with even 5% more premium and see the response.

                  Heard Ireo internal source themselves claimed it was bad move to overprice the project.

                  All said indeed those bought / invested anyway need to own up there move ( and suffer) however you lost to gain lesson/ experience

                  Comment


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

                    Originally posted by kaps2050 View Post
                    Interesting aspects Enabler, well articulated, please keep sharing your knowledge and experience

                    Feeling so lucky that i could stop myself from getting into this at last minute despite a extremely convincing presentation in IREO office - owe a big thank you to this IREF forum also........
                    There were several of us vociferously opposing this project and were criticized a lot by several people in this forum.

                    There was another theory floated that ireo will not start the construction soon and I had specifically said that their model is not so being a fund they need to return the money to their investors and that can happen if and only if they monetize their holdings.

                    all the projects that they have launched till now has seen work and hopefullyit is a lesson for everyone not to look at this as a short term investment option.

                    I do hope ireo slows down the pace and or offers some additional incentives as end of the day the goodwill of their customers is what has brought them here and help in need is help indeed. Hope their management shows some flexibility for some more time atleast .

                    Comment


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

                      If the market sentiment keeps on worsening, this project would seem to slide along the similar trajectory as NTH.

                      Ask the folks who bought into the DLF story in 2007.....

                      Comment

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