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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

    lets join the group

    true Ireo has betrayed us big time ,,,,,,, We should all join watsapp group we have drafted a letter to lodge strong protest against Ireo practices

    Comment


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

      guys i think we need to seek legal advice on this.. Developer cannot make us sign an one sided agreement.. its a sort of blackmail i.e either we sign the agreement or he will cancel our unit and forfeit earnest money!!!! this is Absurd!!! if i don't agree with some conditions in the agreement then i will not sign it.. i have every right to get it amended or withdraw if it is not amended. i am no legal expert but its simple common sense.

      By definition its a BBA (builder buyer agreement) if any of the two parties don't agree then it cannot be enforced....
      Last edited December 31 2015, 12:34 PM. Reason: Text formatting.

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

        Have sent you message to include me and will appeal all to join in as well if you think it is basic to at least question and ask on such one side and unilateral clauses which we have been asked to sign.

        I have signed the BBA yey



        Originally posted by AKUSER
        TO YOU AND OTHER BUYERS HERE.
        ---------------------------------

        Join us ...the group has 9 people in 7 days and is growing everyday.
        Lot of us agree with your points. BUT KEEPING SILENT WILL NOT HELP ESPECIALLY WHEN WE ARE ALREADY COMING TOGETHER TO TALK TO THEM AND EVEN FILE LEGAL CASE. CAPS ARE FOR ATTENTION ONLY.OTHER CASES WERE WON TOO BASED ON BUYERS ACTIVISM.

        Here are some of the suggestions for reducing the cost.

        Get rid of escalation clause clause 3.4.I HAVE EXPLAINED THE IMPACT EARLIER IN MY POST.

        CLAUSE 10.1 SUPER AREA CAN CHANGE BY +/- 10 % ....15 TO 20 LACS.
        CLAUSE 10.3 PLC CAN ALSO CHANGE...IMAGINE CHANGE OF 10 % OR 15 TO 20 LACS.
        CLUB CHARGES WERE NOT KNOWN TO BE MANDATORY AT THE TIME OF APPLICATION.

        WE NEED TO ASK THEM what makes their project expensive than others.
        How did they charge parking and that too at such rates when it was not known at the time of application.


        IF WE HAVE NUMBERS WE CAN HAVE DISCUSSIONS ACROSS THE TABLE.

        HOW ABOUT COMING UP WITH POINTS TO GIVE THEM WAYS TO GIVE REFUND TO THOSE INTERESTED IN THAT OPTION AND REDUCE COST FOR THOSE BUYERS WHO ARE INTERESTED IN RETAINING THE UNIT.
        ----------------------------------------------------------------------------------------

        KEEP CLUB MEMBERSHIP , SWIMMING POOL MEMBERSHIP, YOGA, FEE FOR THOSE WHO WANT IT.

        REDUCE CHARGES ON AMENITIES LIKE CLUB, PARKING, BASKET BALL, SWIMMING POOL, ETC
        DEVELOPMENT CHARGES ARE 327 PER SQFT ...5 / 6.3/ 8 LACS DEPENDING ON SIZE. ONCE WE ASK FOR LESS EXPENSES ON SUCH AMENITIES , THESE DEVELOPMENT CHARGES ALSO COME DOWN.BY THE WAY THE DEV. CHARGES ARE 1800 X 6 LACS (ASSUMED 6 LACS) FOR THIS PROJECT.108 CRORES. THATS A LOT OF DEVELOPMENT AND WE NEED TO DECIDE WHETHER WE NEED SO MUCH DEVELOPMENT OR BETTER PRICE.JUST TAKE A LOOK AT THE CHARGES IN NOIDA FOR 'LUXURY' BUT HIGH DENSITY PROJECTS.


        ADD A TOWER/ANYWAYS THEY CAN CHANGE PLANS/LAYOUTS/FLOOR PLANS AS PER BBA.
        Go for open parking...there are other ways. Tree lined and numbered pathways around the apartments an option?


        IN A NUT SHELL FELLOW BUYERS...ASK FOR YOUR ENTITLEMENT....THINGS DONT END ONCE THE BBA IS SIGNED.IN THE COURT OF LAW IT IS THE ONE SIDED BBA THAT MATTERS AND WILL GO AGAINST THE DEVELOPER.

        PLS DONT IGNORE ....PLS QUESTION AND ADD YOUR INPUTS /IDEAS BUT DON'T IGNORE.

        Thanks.

        Comment


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

          Im not a buyer of this project.

          -I was only pointing out that EDC (External Development Charges) of Rs 327/sqft is the current standard rate charged by almost all builders for all Gurgaon projects.
          -Same for IDC (Infrastructure Development Charges), which is around Rs 50/sqft, again charged by HUDA and similar for all Gurgaon projects.
          -Both IDC and EDC is paid by builder to HUDA.
          -The third charge is RFMS (Replacement Fund cum Maintenance Security), around Rs 100/sqft, thats like a sinking fund for future maintenance. Its charged by the builder but its similar for all projects.

          So instead of bringing up these points which are mandated by the govt hence difficult to change, divert the focus on reducing BSP or PLC or Parking(which is anyway illegal to charge for if being done separately) or removing the escalation clause.

          Originally posted by AKUSER
          Hi,

          Would you know the EDC/ ext dev charges as per HUDA. Are you fine with the BBA , pricing and business ethics used?

          I am talking of development charges which includes, as per bba, the external dev charges , internal dev charges and one more charge. My basis /assumption which is not confirmed yet is that the development of road, power substations, amenities like swimming pool , club house parking, schools, yoga, football and cricket fields will have bearing on super area and dev charges. So if we ask for a scale down or removal of some of the amenities then the corresponding charges should be re looked at. We are trying to figure out how to get to the goals.

          We believe that the project is over priced than its comparable ones and actually a high density project.The number of apartments are quite for it to be luxury project.

          best..
          Last edited June 23 2014, 07:51 PM.

          Comment


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

            Unethical, one sided and arbitrary clauses in IREO BBA...

            Originally posted by sh-saxena View Post
            Just a point, On the Development charges, do you mean EDC ? It cant be reduced as its mandated by HUDA and is charged same amount for all projects. Its not for development inside the project but 'External Development Charges' charged by HUDA.
            Hi
            Greetings

            An audit by DTCP of EDC charged by builders for same year of license in Faridabad was conducted. No two builders were charging the same EDC.

            The mandated EDC is definitely same for a given license year but builders appropriate based on their own whims and fancies. Not that IREO has done it but many builders include
            - finance charges,
            - Bank guarantee charges,
            - Interest on Huda payment schedule opted for by the builder, irrespective of demands from buyers in advance of actual EDC payment by builder, without any benefit
            - Charge 18% delayed payment interest while HUDA charges 12 % in case of reputed builders for delayed payment against agreed schedule.

            However, this though unfair, is still a small cost for buyer(Rs20-100 sqft).

            Larger issues raised by AKUSER http://www.indianrealestateforum.com...-post1792.html which can increase cost between a Rs200-1000 psf are
            - Escalation Charges, already adjudicated as one sided and unethical by CCI in DLFvs Bellaire case
            - Super area increase beyond +/-2%, beyond which it is already adjudcated as one sided and unethical by CCI in dlf vs bellaire case
            - Change in Building Plan, Layout etc require buyer approval as per DTCP notification
            - Community amenities and facilities under the act are mandatory, beyond which they cannot be forced, even if agree in the BBA
            - Change if made in PLC is totally unethical.

            I would suggest buyers to share the complete BBA for a brief look.. some aspects are really new..

            Access to above document links in bold above are shared on request

            Cheers
            Last edited June 23 2014, 07:39 PM.

            Comment


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

              Originally posted by BlessU View Post
              Hi
              Greetings

              An audit by DTCP of EDC charged by builders for same year of license in Faridabad was conducted. No two builders were charging the same EDC.

              The mandated EDC is definitely same for a given license year but builders appropriate based on their own whims and fancies. Not that IREO has done it but many builders include
              - finance charges,
              - Bank guarantee charges,
              - Interest on Huda payment schedule opted for by the builder, irrespective of demands from buyers in advance of actual EDC payment by builder, without any benefit
              - Charge 18% delayed payment interest while HUDA charges 12 % in case of reputed builders for delayed payment against agreed schedule.

              However, this though unfair, is still a small cost for buyer(Rs20-100 sqft).

              Larger issues raised by AKUSER http://www.indianrealestateforum.com...-post1792.html which can increase cost between a Rs200-1000 psf are
              - Escalation Charges, already adjudicated as one sided and unethical by CCI in DLFvs Bellaire case
              - Super area increase beyond +/-2%, beyond which it is already adjudcated as one sided and unethical by CCI in dlf vs bellaire case
              - Change in Building Plan, Layout etc require buyer approval as per DTCP notification
              - Community amenities and facilities under the act are mandatory, beyond which they cannot be forced, even if agree in the BBA
              - Change if made in PLC is totally unethical.

              I would suggest buyers to share the complete BBA for a brief look.. some aspects are really new..

              Access to above document links in bold above are shared on request

              Cheers
              well said BlessU, but the 21 page application for this project was a sort of mini agreement and contained all these absurd clauses, which we all of us have already signed. BBA is just a reinforcement for all these things. IREO i guess anticipated this scenario so they cleverly made us sign on these at the time of application itself..

              I am not sure if these conditions are legally negotiable as we have already signed application .. but we can always form a pressure group to get these corrected...

              Comment


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

                What was the agreement you signed called ?
                Was it on Stamp Paper ?
                Pre-launch itself is not legal, so you can try contesting it incase want to cancel the booking.

                Originally posted by kams.. View Post
                well said BlessU, but the 21 page application for this project was a sort of mini agreement and contained all these absurd clauses, which we all of us have already signed. BBA is just a reinforcement for all these things. IREO i guess anticipated this scenario so they cleverly made us sign on these at the time of application itself..

                I am not sure if these conditions are legally negotiable as we have already signed application .. but we can always form a pressure group to get these corrected...

                Comment


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

                  Originally posted by kams.. View Post
                  well said BlessU, but the 21 page application for this project was a sort of mini agreement and contained all these absurd clauses, which we all of us have already signed. BBA is just a reinforcement for all these things. IREO i guess anticipated this scenario so they cleverly made us sign on these at the time of application itself..

                  I am not sure if these conditions are legally negotiable as we have already signed application .. but we can always form a pressure group to get these corrected...
                  Hi
                  Greetings

                  on the apprehension
                  I am not sure if these conditions are legally negotiable as we have already signed application ..
                  Bellaire guys got escalation, super area, parking etc proved illegal through CCI ( a constitutional civil court) on the basis of facts, AFTER signing, possession and registry.

                  Farmers in manesar got PHHC order for compensation at current circle rate from builders YEARS AFTER builders acquired land, while section 4, 6 notification by HSIIDC were in force. AFTER they signed legally binding conveyance deeds, duly mutated in favour of builders with stamp duty paid to government registration authorities as solemn party in proof and having satisfyingly received agreed compensation from builders!!!

                  Guess all depends on mindset and right legal aspects. Signing a document is viewed accordingly in the eyes of law. Negotiation may not even be the right word.

                  Cheers

                  Comment


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

                    'A Replacement cum sinking fund for the future maintenance for the project' - thats how RFMS was defined to me a couple years back by IREO when I first asked about it. I think its mandated by the Govt to maintain such a fund though Ive seen the amount varying from Rs 50 to Rs 100 with different builders.

                    My point is that its somewhat futile to focus on these 3 charges (EDC,IDC,RFMS) as IREO will simply throw up their hands saying its mandated by HUDA and they cant do anything.
                    So better to focus on things which are totally in IREO's hand like BSP, Parking, PLC, escalation clause.

                    Cutpasting the details for RFMS from IREO site for Victory Valley : maintenance security along with a sinking fund to be used in due course for the replacement of capital equipment installed in IREO-Victory Valley. The initial corpus of such RFMS shall be contributed by the Applicant Rs. 100/- (Rupees One Hundred only) per sq. ft. of the Super Area of the said Apartment to be paid in accordance with the Payment Plan.


                    Originally posted by AKUSER
                    Appreciate your inputs.
                    Why do you call it sinking fund?

                    Thank you.

                    ****
                    FELLOW BUYERS - 1.5 lacs plus 40 % for interest in 4 odd years = 2.1 lacs per apartment = 3600 lacs. Why should we pay 36 odd crores to a sinking fund...assuming there is a better way.

                    I will find out about dev. charges and that = 1800 x 6.3(327 rs per sqft x 1920 sqft) = 11340 lacs (average taken for 3+s, actual will be lesser by some percentage points).

                    ****
                    Last edited June 24 2014, 07:26 PM.

                    Comment


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

                      Pricing for amenities and Club etc is same for all owners, one cant really pick and choose.

                      Dont want to dishearten you but it will take years of sustained battle for a builder to reduce the pricing for such a massive project. If you are ready for that, all the best to you.
                      Else, if a set of users create enough noise and threaten media & legal exposure, IREO may just quietly refund them without forfeiting anything, have heard of builders doing that in rare cases.

                      Originally posted by AKUSER
                      Also , what are your suggestions to bring down the bsp. Please add to the points I mentioned about reducing bsp , no parking charges (open parking), no club charges and also reducing plc . Please see my post on this earlier. Rather amenities keeping club, membership, swimming, yoga centre, school primary and high school etc etc only for those who would like to avail that.

                      I have some ideas but checking how effective and possible they are.

                      thanks.
                      Last edited June 24 2014, 07:32 PM.

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