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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 del_del View Post
    Just came to know that ireo does not have construction approval from environment ministry. They have just done some excavation to raise additional money from the buyers. Construction is not going to commence till sep 2014
    Do not believe in rumours , verify for yourself.

    Please find the environmental clearance document for the ireo corridors project available in their website.

    http://www.ireoworld.com/downloads/E...2.13%20pdf.pdf

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

      But do we really know when they will commence the construction?

      I guess we all want to know when we will be hit by the next demand!!!
      Last edited December 31 2015, 12:30 PM. Reason: Text formatting.

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

        received an email from Ireo where IREO Team has mentioned (along with snapshots) that excavation work has started after Bhumi Poojan.

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

          Today visited the site from Ansal property...Bang at the entry there is a shamshan bhoomi which has suddenly sprung to visibility...Last month when I visited I could not spot this...Does anyone have idea about this new tangle....

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

            makes me wonder ..as to a new member ( his id very much suggesting it's being made for this very project ) & on his very first ball ...a full on bouncer ...without any evidence of the same ! Can it be possible of some vested interest involved in pulling this project down further deliberately so to get some real cheap resale deals , an added pressure tactic now that the third instalment is around the conner , ( no offence to anyone plz ) it can be a possibility ..but it's just my POV, but plz excuse me if I am wrong
            Last edited March 31 2014, 01:10 AM.

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

              http://ireoworld.com/downloads/Corridors-02.pdf

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

                Originally posted by AKUSER
                Need to check whether the crematorium exists and ehat are the future plans. Sad that , no one is checking the details by a real estate analyst, who seem to be doing an independent work which certainly benefits end user /investors and clears a lot of air around misconceptions and mis selling by developers.
                Is it supposed to be a cremation ground or a crematorium? Cremation ground will never move though it will get more organised and developed over the period of time but a crematorium is impossible to move as is always and only built with Govt. approval.

                Cheers.

                CA.

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

                  There is no cremation ground or a crematorium ..this is a nasty post made by some property dealer with "vested interest " . I went there ..and spoke to Ireo management . This is a plus plus 2200 Cr project ...they all had a good laugh on hearing this .

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

                    ireo credit rating for spv executing corridors project

                    It appears ireo has sold almost 55% of the salable area to investor/ end users for this project .

                    ------------
                    http://www.careratings.com/upload/Co...04-22-2014.pdf


                    Rating Rationale

                    The rating for the bank facilities of Ireo Grace Realtech Pvt Limited (IGRPL) derives strength from
                    its experienced promoters and management, their established track record in executing real estate
                    projects and comfortable capital structure. The rating also takes into account the favorable location
                    of the ongoing project, its reasonable sales status, fully paid-up land and all necessary approvals in
                    place. The rating is, however, constrained due to high dependence on customer advances, project
                    execution risk with significant portion of the cost yet to be incurred and inherent risk associated
                    with the real estate industry.

                    Going forward, the ability of the company to timely execute the project within the envisaged cost
                    and timely recovery of the sales receipts/advances from the customers shall be the key rating
                    sensitivities.


                    Background

                    Incorporated in 2010, Ireo Grace Realtech Pvt Limited (IGRPL) is part of the IREO group, a real
                    estate private equity fund with investable assets of USD 1.6 billion. IGRPL was incorporated to
                    undertake multiple real estate projects in Gurgaon.

                    Presently, IGRPL has launched only one project and it proposes to launch one more group housing
                    and three commercial projects in the near future. The said projects are located in Sector 63A & 67A,
                    Gurgaon on total area of 87.50 acres (fully paid up) with an estimated cost of Rs. 4,604 crore. The
                    entire project comprises of a total saleable area of 76 lsf which would be developed as two group
                    housing and three commercial projects. IGRPL has proposed to launch the project in several phases
                    spanning over a period of 5 years. Presently, IGRPL has launched one GH housing project (The
                    Corridors) on a land area of 37.5 acres comprising of 2,000 units.

                    As on December 31, 2013, IGRPL has sold 20 lsf of area out of the total launched area of 37.5 lsf and
                    received Rs.366 crore on account of the same and has customer receivable of Rs.1,686 crore. On the
                    project execution the company has incurred Rs.335 crore till December 2013, which mainly includes
                    Rs.330 crore on the land acquisition and development.

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

                      Hi KC, Thanks for this. Just a small observation: I am not sure on the building norms in Haryana, but I guess the FSI multiple for a group housing project is 1.75x...So for a 37.5 acres it amounts to 2858625 sq. ft. (37.5*43560*1.75). If my calculation above is accurate and going by the report you quoted...Isnt the total area sold by Ireo almost 70% (2000000/2858625*100) of the total saleable area!

                      This would mean that Ireo has sold off more than 2/3rd of the Project already!

                      I understand your figure is taking into account the entire 87.50 acres, but some part of it would be commercial for which a higher multiple would be applicable...

                      Again...Im just guessing here...could be completely off the mark...pls enlighten!
                      Last edited December 31 2015, 12:31 PM. Reason: Text formatting.

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