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 :
  • well i think the time has changed. market is a lot more subdued now with high inventory over hang. Overall absorption rates are much lower. Therefore the question is whether the rate of appreciation can be the same at current price levels. Shouldn't one therefore focus on fundamentals -- location and certainty of project completion within a well defined time frame
    CommentQuote
  • Originally Posted by manoj2066
    Well,

    As per my knowledge the EC can be filed only after the license is received and once the license is received the builder is allowed to launch the project. However the construction cannot be started until you receive the EC. So Ireo was not at fault as legally it is allowed to launch the project after receiving the license however the committee that issues the EC in Harayana was disbanded and there was no authority who could approve the EC for about 18 months.

    I dont really think there was anything Ireo could do about it.

    I happen to be a skyon owner and let me tell you the good thing about it from an investor's point of view.

    Skyon was launched at 6500, today the resale price for 2bhk is 10,250 types with just 32.5 lakhs paid(about 30%). You can do the math, I dont think any investment will get you this kind of return anywhere in the world.

    Thanks


    Manoj, I agree with you on the investor perspective. I was an investor in Skyon and also existed recently though not at the rate you mentioned but thats another debate.

    I was just making a pointo to support your argument that Ireo will not launch unless they know that their is just a processing time issue and not a legal tangle in play. So I am sure if they launch the court tangle is already cleared. As far as approval at el (Land, Ec and others), they would have filed for all of them, but not necessarily received them, which in my (Limited) Skyon experience was not an issue. The only issue was the rate of growth of price in the resale market, but the minute the approvals came the rate caught up and gave good returns.
    CommentQuote
  • Interesting discussion. I think it is ethically incorrect for a company to sell a project which does not have EC , without informing the customer. eventhough it may be legally okay. But i guess it is asking too much except for companies like Tata, because of their DNA.

    Having said that , Ireo has confirmed that they do 25years + of checking on the land title before it buys, so maybe on that front they are okay.

    In case of 67a, the Licence is also not been received as the DTCP site is updated for Licences as of 6th december, 2012. Ireo has been indicating that it is on the verge of being received.

    EC situation today is different than what was during skyon, it was a one time event when the tenure of committee had elapsed and a new committee was to be formed, which government took more than a year to decide. Hence all projects stuck during the time did not receive any EC. Now the committee is meeting regularly and is clearing piled up cases. so it may be delayed still compared to the normal pace, but it may be received.

    Lastly i still believe to msaigal point that IVV is a much better project from all angles and at 8.5 k , it is a steal , especially for those towers which have got 30% payment and also if one is looking at end use.

    I strongly believe that returns on IVV will fast outpace 67a , as long as one can pick up the right towers. Till there is a significant uptick in IVV resale price & or 67a comes up with a higher than expected specs ( vis a vis IVV ), it is not a very attractive buy on a relative scale.

    It may stagnate for a while till IVV market picks up . Pricing relative to IVV resale in the near future. This is compounded by the fact that there is no infra at all today connecting the site and it depends on huda , when can they come up with the sector roads, approved in masterplan 2031 and how succesfull is huda in getting the stay vacated, if not done so already.
    CommentQuote
  • punjab high court clears sector 67a / 63 a

    Please find the high court judgement in this case where CWP No.11684 of 2011 (O&M) Date of decision:03.10.2012 in Bimal Kumar dutta vs state of haryana.

    The court has dismissed the PIL and verdict in favour of haryana government.

    Hence the legal case status for these new sectors is clear, if and when the licence is approved, there will be no issues which is a bottleneck for this project.

    For thoise interested in more details please refer to the judgement below

    http://lobis.nic.in/phhc/showfile.php?sn=AAAMQ5AAJAACUEpAAF
    CommentQuote
  • Anyone been able to get genuine broker to help book and get a discount? Their was mention of Channel Partners, hence the question
    CommentQuote
  • manoj ji and kc ji if any news comes plzzz update
    CommentQuote
  • Hi,

    I have spoken to another channel partner and this guy has good contacts in Ireo, he said there is no point submitting any cheques at this point of time, the brokers are just creating hype right now. The company has not come out with any clarity as to how many units will be given to each channel partner. This guy asked me to check in the last week of december.

    I feel there wont be too many units going to the channel partners, rather most of them are already oversubscribed. For e.g. a partner who is expecting to get 5 units already has 20 cheques with him at least thats what he said, so I asked him why are u asking for a cheque from me when you already have more than your alloted quota. Maybe they are coming up with this kind of stuff so that customers dont ask for a discount but we are seeing an ireo launch after a long time, so I do expect it to be oversubscribed.

    I have spoken to a few more people they are not committing on any discount, though one of them was willing to offer 2.5 via credit note. I am not sure whether a credit note is reliable as most of them are not honoured, if the discount is not adjusted in BSP, then there is a chance that u might not get it at all.

    Thanks
    CommentQuote
  • Originally Posted by manoj2066
    Hi,

    I have spoken to another channel partner and this guy has good contacts in Ireo, he said there is no point submitting any cheques at this point of time, the brokers are just creating hype right now. The company has not come out with any clarity as to how many units will be given to each channel partner. This guy asked me to check in the last week of december.

    I feel there wont be too many units going to the channel partners, rather most of them are already oversubscribed. For e.g. a partner who is expecting to get 5 units already has 20 cheques with him at least thats what he said, so I asked him why are u asking for a cheque from me when you already have more than your alloted quota. Maybe they are coming up with this kind of stuff so that customers dont ask for a discount but we are seeing an ireo launch after a long time, so I do expect it to be oversubscribed.

    I have spoken to a few more people they are not committing on any discount, though one of them was willing to offer 2.5 via credit note. I am not sure whether a credit note is reliable as most of them are not honoured, if the discount is not adjusted in BSP, then there is a chance that u might not get it at all.

    Thanks

    manoj ji we know that we cant trust channel partner lest if we 4 to 5 people go together to company office directly
    i know that we will not get discount but i think we can get assurd unit
    what u say and Kinjalchato ji what u think ?
    CommentQuote
  • Abhay,

    I feel we should wait and watch for some time there is no point adding to the hype, the company would prefer selling directly anyways as it would be able to save on the broker discount, so getting a unit without broker discount should not be very difficult I guess. If we are not getting a discount why should these greedy brokers get a commission, we should buy it from ireo directly.

    Lets see how things unfold and then we will take it from there.

    Thanks



    Originally Posted by abhay1991
    manoj ji we know that we cant trust channel partner lest if we 4 to 5 people go together to company office directly
    i know that we will not get discount but i think we can get assurd unit
    what u say and Kinjalchato ji what u think ?
    CommentQuote
  • manoj ji and kc ji

    no doubt company prefer direct boooking but company customer care is slightly unresponsive
    as u have given the number
    the person pick up phone and i askabout the project when it is comming i want to book directly he says no information and end the phone
    he has not even ask my name and contact number so that he will infom
    CommentQuote
  • Originally Posted by rkcools
    Brother i am investing a property of almost 1.5 cr ...so everybody can give me some good suggestions .... everybody have senses...everybody can give me some suggestoins apart from the location you are aware or not...


    Even u invest in 5 cr property .... It does not make a sense to ask a question unrelated thread... Pls do not create unnesscary spam in every thread... Ask ur query in relevant thread
    CommentQuote
  • Abhay,

    I think too many people called him but dont worry I have a couple of other contacts in Ireo and since I am gonna be selling my skyon unit soon so I would be meeting those guys again. I would let you know once I have some info regarding the same.

    Thanks





    Originally Posted by abhay1991
    manoj ji and kc ji

    no doubt company prefer direct boooking but company customer care is slightly unresponsive
    as u have given the number
    the person pick up phone and i askabout the project when it is comming i want to book directly he says no information and end the phone
    he has not even ask my name and contact number so that he will infom
    CommentQuote
  • The more people contact these brokers, the more hype will get created (which is what IREO wants..). A channel partner told me also that no point giving cheque, it will just lie with him and to wait till Dec end/Jan begin.

    In any case, seems more & more unlikely that brokers would give discount for this so best to directly buy from IREO...
    CommentQuote
  • Originally Posted by sh-saxena
    The more people contact these brokers, the more hype will get created (which is what IREO wants..). A channel partner told me also that no point giving cheque, it will just lie with him and to wait till Dec end/Jan begin.
    In any case, seems more & more unlikely that brokers would give discount for this so best to directly buy from IREO...


    agree with sh saxena ji instead of brokers we should go directly
    we should go in group of 5 to 6 people so that compay will confirm allotment and also i think they will save 3 % and they wil give atleast 1 to 2 % on form to us and even if they don't give but we will get confirm allotment
    CommentQuote
  • Originally Posted by abhay1991
    agree with sh saxena ji instead of brokers we should go directly
    we should go in group of 5 to 6 people so that compay will confirm allotment and also i think they will save 3 % and they wil give atleast 1 to 2 % on form to us and even if they don't give but we will get confirm allotment


    both abhay and sh saxena suggestion makes immense sense . group buying from individuals has still not taken off and forums like iref are enablers of such initiatives , Great to see and wish it reaches logical conclusion.
    CommentQuote