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 .
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  • Dear All

    Just heard from the broker that apartment # allotment happened today. Does somebody has more details.

    Also is it true that 21 pager was revised. what are the changes if anybody has seen both

    The first version contained few odd clauses like (1) price escalation (2) 10%+- super area increase (3) FAR to builder and (4) slightly higher late payment penalty

    Regards
    CommentQuote
  • Another crappy clause was relating to maintenance charges, they were charging 1 year maintenance in advance or something. The entire agreement was full of crap. Havent seen the new one though

    One more was saying something like "I havent been influenced by brochures and other artistic designs etc and I have fully understood the offering".

    Thanks







    Originally Posted by Veeejay
    Dear All

    Just heard from the broker that apartment # allotment happened today. Does somebody has more details.

    Also is it true that 21 pager was revised. what are the changes if anybody has seen both

    The first version contained few odd clauses like (1) price escalation (2) 10%+- super area increase (3) FAR to builder and (4) slightly higher late payment penalty

    Regards
    CommentQuote
  • anyone with banked cheques yet ?
    CommentQuote
  • Originally Posted by manoj2066
    Another crappy clause was relating to maintenance charges, they were charging 1 year maintenance in advance or something. The entire agreement was full of crap. Havent seen the new one though

    One more was saying something like "I havent been influenced by brochures and other artistic designs etc and I have fully understood the offering".

    Thanks


    wow very consumer friendly BBAs, I must say.
    CommentQuote
  • Price escalation clause...what exactly did that say ?
    Is IREO also following DLF now !!!

    Originally Posted by Veeejay
    Dear All

    Just heard from the broker that apartment # allotment happened today. Does somebody has more details.

    Also is it true that 21 pager was revised. what are the changes if anybody has seen both

    The first version contained few odd clauses like (1) price escalation (2) 10%+- super area increase (3) FAR to builder and (4) slightly higher late payment penalty

    Regards
    CommentQuote
  • Originally Posted by sh-saxena
    Price escalation clause...what exactly did that say ?
    Is IREO also following DLF now !!!


    not just DLF, Revanta has same clause.
    CommentQuote
  • Arrogance of success and taking customers for granted; this may be the beginning of the end. DLF and Unitech showed similar traits few years ago and now find it difficut to sell their property.

    Raheja and ireo also appear to be going down the same lane.
    CommentQuote
  • Originally Posted by abc111
    Arrogance of success and taking customers for granted; this may be the beginning of the end. DLF and Unitech showed similar traits few years ago and now find it difficut to sell their property.

    Raheja and ireo also appear to be going down the same lane.


    Arrogance of success ? understand that for Unitech and DLF but what success you are talking about for IREO and Raheja. IREO hasn't delivered any project till now and only one residential project by Raheja which is Atlantis, if we exclude Raisina which was a JV with TATA.
    CommentQuote
  • Originally Posted by abc111
    Arrogance of success and taking customers for granted; this may be the beginning of the end. DLF and Unitech showed similar traits few years ago and now find it difficut to sell their property.

    Raheja and ireo also appear to be going down the same lane.



    I don't understand all this hype about Ireo . Remember, it still has to deliver its first Project .


    Investors/end users need to be cautious here . Please don't get swayed by the marketing .


    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/27719-property-developers-adopting-to-unusual-techniques-like-viral-marketing-for-branding-positioning?t=29687

    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/27075-do-savvy-builders-are-using-internet-forums-using-affiliate-marketing-techniques-such-as-blogging-writing-reviews?t=29030


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  • My broker said my cheque should have been sent for clearing yesterday. I will check tomm in my bank if it has been encashed. Don't have online banking. Also, I have not been told yet as to what I have been allocated, PLCs etc. Have asked for a non-PLC unit and yes, have filled the now infamous 21 page form.
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  • Here is the exact clause:

    10. The Applicant understands and agrees that the Basic Sale Price of the said Apartment has been calculated based on the prevailing purchase rates of raw materials and input costs including all services at the time of original booking (‘Input Costs’). The escalation, if any, in the Input Costs, on the expiry of the Grace Period or the handing over of possession of the said Apartment, whichever occurs earlier (‘Chargeable Period’), to the extent of ___% thereof shall be absorbed by the Company and balance shall be paid by the Applicant. Furthermore, such escalation shall be charged on such percentage of the Basic Sale Price, being the deemed Input Costs to the Company, as assessed by the Company at quarterly intervals. As on the date of this Agreement, the Input Costs shall be deemed to be ____% of the Basic Sale Price (“Chargeable Escalation”).

    The benchmark of determining the escalation in the Input Costs shall be the Wholesale Price Index derived from the monthly indexed rates for ‘All Commodities’ published on the website of the Economic Advisor to the Government of India, Ministry of Commerce and Industry at “http;//eaindustry.nic.in” (”WPI”). The escalation in the Input Costs shall be calculated as the difference between the published WPI for the month in which the original booking for the said Apartment is made (”Base WPI”) and the WPI for the last month of the Chargeable Period (”Escalated WPI”). The Applicant shall be liable to pay the Chargeable Escalation on demand by the Company, in accordance with the super area of the Apartment, irrespective of its Payment Plan.

    The Applicant agrees that if at any point during the Chargeable Period the Government of India stops publishing the WPI due to any reason(s), the Base WPI as well as the Escalated WPI shall be derived from alternative indexed rates published by the Government of India or any national institute of repute.


    Originally Posted by sh-saxena
    Price escalation clause...what exactly did that say ?
    Is IREO also following DLF now !!!
    CommentQuote
  • Just to understand this better, is this agreement in any way different from that of other builders? I thought it is the same clauses used by all builders including the escalation clause and the super area clause.
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  • I waited for long to say anything, but sometimes it feels good to be proved right "that the hype and gloss will come off soon and alternatives will emerge" and one cant resist writing...or should I say I'm just satisfying my ego by writing this :).. well who gives a damn

    Read Post 25 on the attached thread..

    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/37042-medium-and-long-term-investment-options-in-gurgaon/page3?t=38797&page=3

    I think its too early to write doomsday scenarios....and lets be objective...IREO may have started making mistakes but they are long way from committing serious blunders so I dont think the story is dead..their ability to conceptualise and capability to execute continues to be exceptionally strong and far superior to others.

    But at the same time, one must admit that the gloss has started to come off, well even sooner than i thought.. When I wrote that post, someone asked "Where will the alternatives emerge from"? and I'll say what I said before...alternatives dont always emerge from other's success, they also emerge from one's own failures and arrogance...and in case of IREO its the latter that's causing alternatives to emerge now...

    The law of nature never goes wrong, come what may...its just that the die hard fans sometimes let the gloss make them too blind to see the long term future...

    Hope IREO learns and doesnt tread the wrong path...god bless them and I hope god showers some wisdom on investors who are just failing to read the writing on the wall with these nonsensical launches at absolutely stinking prices
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  • I tried comparing IREO 67A to Tata Sec 113 project. I thought the major advantage IREO has over Tata is the price. Now with the PLC of 1250, IREO is over 10k per sq feet. It was still sounding logical to buy this product at 8750. In all matters of opinion, this PLC amount is insane. I am not very confident confirming my booking in IREO.
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  • Well not all projects have escalation clause. I havent seen it Skyon or Heritage one. Further these projects were launched at far lesser prices 5k, 6k types. "The CORRIDORS" is being launched at 10k and add to that a parking of 6 lakhs, and yet the builder wants the buyers to bear the escalation cost, "HEIGHT OF GREEDINESS"


    Originally Posted by SunnySM
    Just to understand this better, is this agreement in any way different from that of other builders? I thought it is the same clauses used by all builders including the escalation clause and the super area clause.
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