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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  • Originally Posted by "MANOJa


    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



    Probably that's why, they are including the clause that "I have not been influenced by marketing" in the BBA now :)
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  • Originally Posted by GurgaonBuyer
    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


    very sensible post as has been the norm for you.

    as to the conclusion of the nonsensical launches , i have posted and echoed your views multiple number of times and so have several other people.

    I also sincerely hope that ireo does not deviate from the path which it had promised to its customer and that can be gauged by :

    1. what reflected in its agreements with its customer
    2. the transparency in answering its customers.
    3. its result on the timeliness of delivery and quality of its project.
    4. the return that it provides to its customer.
    5. Is there a reasonable progress in line with expectation on its projects and the track record of people to whom project has been subcontracted to wether construction, architecture, landscaping etc. etc.
    6. Does the company have the financial capability to continue to execute the projects validated from independent sources

    Till date in the 2 projects that i have invested with them , i can say that i have not been disappointed by ireo as far as point no. 1 & 2 and have been very happy with the point no. 4 and 5. Point no. 6 has limited independent sources from people like ICRA and i am happy with the same.

    As to point no. 3 , we will know by Q4 of 2013 if and when GA is delivered and followed by Q1 2014 if and when uptown is delivered and till then i will hold my judgement on this point.

    As rushilji has said many times ireo is not a saint and they have lot of issues with them and they are yet to deliver any project . But untill and unless i am let down on point no. 3 at the end of q3/ q4 2013 , i will not revise my view of them gloss or no gloss.

    As to the pricing of corridor project & the unreasonable terms and conditions of the same , it does not impact me and i can only hope that they have the sense to learn from others mistakes and not to take their customers for granted as otherwise they will be doomed like others.

    Finally if track record of delivery in Gurgaon ( timely & good quality or otherwise ) is concerned only a handfull can be counted like DLF, Unitech, Bestech, Vipul and rest are all on the same league having not delivered anything or delivered 0.3 projects or 1 project :) and when your run these balance builders against the yardstick of transparency , financial health hardly anyone remains, that is the unfortunate reality of Gurgaon builders today :). Till a normal builder emerges, with an excellent past and an excellent future , we all have to make our choices and live with them i guess.
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  • By Inference regarding IREO Online marketing working shrewdly is proving to be quite accurate.
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  • Socrates - "When the debate is lost, slander becomes the tool of the loser." :)

    Socrates again - "Slanderers do not hurt me because they do not hit me."

    "In nine times out of ten, the slanderous tongue belongs to a disappointed / frustrated person."

    My best wishes to the slanderers in the online world , may god let them be at peace with themselves and the world.:)
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  • Couldn't agree more. And the result can be seen by all. Without laying a brick these guys have taken a price of this project from 5500 to 9300 plus other add on like plc, car park, escalation clause.
    I don't know why they are also putting efforts to deliver their projects on time when just by online marketing they can double the price in a years time.

    I am sure their HR would be going to Du colleges this year to scout for bright talent from English Honours batches to write blogs for them.




    Originally Posted by abc111
    By Inference regarding IREO Online marketing working shrewdly is proving to be quite accurate.
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  • Question is of the illusion of premium regarding IREO as a brand.

    Otherwise most of the projects of GCX have given decent returns in last 2-3 years and none of the GCX project is stuck as there is continuous cash flow because of the presence of a lot of end users.
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  • So is it true with Ireo only? Name any builder which is launching projects at below market price or at not so greedy price. Do we as investor or end user are the only ones entitled to earn premium. I if by putting few lakhs we have been making multiple returns then why won't these builders make money who invest in crores.

    The best way to show ones disagreement is by not buying such projects at these price levels. Unlike in our country where we don't have an option to select none from the list of candidates in election, atleast in real estate this option can be exercised.

    But the fact is none will do it. It's not the image of the builder that is illusionary... Rather this mad race of making multiple times of return through Re is illusionary. I may rant about high prices in All the threads on this forum or in private but the moment I would have some surplus with me, and I would run to gurgaon to see if I can invest and make some quick gains


    Why is greed only associated with the builder. can you find one good Samaritan in the market who is willing to sell his project at justified and ethical price in gurgaon. no one is willing to leave even 100 Rs of premium out of this so called illusionary market price... No one boss.

    So why this fuss all about? While we point our finger to these builders we don't see the three pointing back to us. Woh Karein to chor aur hum Karein to maakhanchor...





    Originally Posted by abc111
    Question is of the illusion of premium regarding IREO as a brand.

    Otherwise most of the projects of GCX have given decent returns in last 2-3 years and none of the GCX project is stuck as there is continuous cash flow because of the presence of a lot of end users.
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  • Originally Posted by rushilarora
    So is it true with Ireo only? Name any builder which is launching projects at below market price or at not so greedy price. Do we as investor or end user are the only ones entitled to earn premium. I if by putting few lakhs we have been making multiple returns then why won't these builders make money who invest in crores.

    The best way to show ones disagreement is by not buying such projects at these price levels. Unlike in our country where we don't have an option to select none from the list of candidates in election, atleast in real estate this option can be exercised.

    But the fact is none will do it. It's not the image of the builder that is illusionary... Rather this mad race of making multiple times of return through Re is illusionary. I may rant about high prices in All the threads on this forum or in private but the moment I would have some surplus with me, and I would run to gurgaon to see if I can invest and make some quick gains


    Why is greed only associated with the builder. can you find one good Samaritan in the market who is willing to sell his project at justified and ethical price in gurgaon. no one is willing to leave even 100 Rs of premium out of this so called illusionary market price... No one boss.

    So why this fuss all about? While we point our finger to these builders we don't see the three pointing back to us. Woh Karein to chor aur hum Karein to maakhanchor...


    Poor Builders.
    Quite agree with this; we should allow them also to make money.
    200% margins are so less for them.

    Mercedes and BMWs are so outdated.
    Poor Builder's should at least have a jet of their own.

    And elections are coming.
    And who will sponsor the need of Builder's friends (or masters ) Politicians.
    Friend in need is Friend indeed.

    Inflation is so high.
    So what if Builder's include the escalation clause; what' wrong in it.
    Builders's with their meagre resources can't hedge the inflation risk but wives of India are extremely smart.They will manage the inflation risk and pay whatever money builder demands at the time of possession.

    Builder's Legal team is quite efficient and believe in fair and safe play.
    And they are quite clear that advertisements are just advertisements.
    If someone's gets fooled by them ; its not the mistake of Builders.
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  • And regarding Investors flocking to Gurgaon; its the human Psychology.

    A lot of us have been trained to follow the herd; to do what others are doing so that I can't be blamed for the decision if it turn out to be wrong.

    Peer and family pressure sometimes force people to take the plunge even though many may be reluctant to take the plunge.

    And we give too much importance to recent history in the decision making process.
    Gurgaon has given phenomenal return in last few years and people think that party will continue forever.

    Its the big fat financiers and investors who have made money by leveraged buying, cornering of floating share and thus deciding the price and rapid flipping.

    The illiquidity in the resale market; tension and anxiety of dealing with cash; a lot of projects getting stuck is making normal investors realize that picture is not as rosy as it is made out to be.
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  • Originally Posted by rushilarora
    So is it true with Ireo only? Name any builder which is launching projects at below market price or at not so greedy price. Do we as investor or end user are the only ones entitled to earn premium. I if by putting few lakhs we have been making multiple returns then why won't these builders make money who invest in crores.

    The best way to show ones disagreement is by not buying such projects at these price levels. Unlike in our country where we don't have an option to select none from the list of candidates in election, atleast in real estate this option can be exercised.

    But the fact is none will do it. It's not the image of the builder that is illusionary... Rather this mad race of making multiple times of return through Re is illusionary. I may rant about high prices in All the threads on this forum or in private but the moment I would have some surplus with me, and I would run to gurgaon to see if I can invest and make some quick gains


    Why is greed only associated with the builder. can you find one good Samaritan in the market who is willing to sell his project at justified and ethical price in gurgaon. no one is willing to leave even 100 Rs of premium out of this so called illusionary market price... No one boss.

    So why this fuss all about? While we point our finger to these builders we don't see the three pointing back to us. Woh Karein to chor aur hum Karein to maakhanchor...




    LOL:D. U seem to have taken over the cause of Builder's lobby .


    Everybody/ every legal Business is supposed to earn money, that is the basic essence of business transactions .

    ...............but who defines the percentage of those Profits & who controls the ways & means by which these Profits are earned & often multiplied by dubious means ???

    Do these Builders meet internationally acceptable industry standards for professional competence, ethics and client care ????





    Code of Ethics:



    -To conduct business affairs with professionalism and skill .

    -To provide the best housing value possible through the use of quality materials, services and construction methods .

    -To build homes with high standards of safety, sanitation and livability .

    -To comply with building codes, laws, and regulations for the betterment of the home building industry and for the health, safety, and progress of the community .

    -To comply with internationally acceptable industry standards .

    -To seek to resolve business controversies & customer related issues in accordance with clearly predefined grievance procedures .
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  • Disappointed by the escalation clause, soon this will become a norm for the remaining builders too and will be a standard too like the uncalled for High PLCs which everyone is charging now.
    Still for GCX, I dont find anything better than the ongoing IREO projects and Heritage One. Like KC said projects have to be gauged by the progress and confidence that the builder will complete the project without excessive delays apart from obvious things like specs/location etc.
    I was waiting too for 67A but now putoff by the PLCs, separate parking charge, and now this escalation clause, and all this for a location which is a mystery, no connectivity and not sure abt state of water/power/sewerage. Hence for now will wait & watch on where 67A goes.

    Originally Posted by manoj2066
    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.
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  • Being in 40 acres ..if it ends up being better planned & designed than VV & uptown, don't see the reason why this project price should not appreciated in a year or two, anyways if the bubble will burst ..everything would go down !
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  • Originally Posted by manoj2066
    Btw, dont think the project is selling very well, My broker had told me he wasnt able to manage the smallest size and was asking to buy the 2+1 study one. I asked him to cancel it and I am not interested. Today he called back saying he has spoken to Ireo and he would be able to arrange the smallest size :)

    Dont know what that means but dont think there are too many takers.

    Thanks


    Dear manoj2066,

    I have had to return a cheque for 2B, do share the details of this good broker, my client will be very happy... :)

    Regards.
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  • Mostly investors are rushing towards this hoping to make good returns after an year (or earlier), but they would also need an enduser at the end of this ponzi game.
    Think from an enduser's viewpoint. Suppose Im an enduser ambling around GCX after 1 or 2 yrs and looking for a 3BHK. I see Uptown ready, IVV almost ready with an amazing iconic design. On GC road side, a small but nice Heritage One also ready and Pioneer Presidia almost ready. And all of these at lesser cost, comparable specs and better location !!
    So what do you think an enduser would choose ??

    Originally Posted by Norway
    Being in 40 acres ..if it ends up being better planned & designed than VV & uptown, don't see the reason why this project price should not appreciated in a year or two, anyways if the bubble will burst ..everything would go down !
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  • Originally Posted by sh-saxena
    Mostly investors are rushing towards this hoping to make good returns after an year (or earlier), but they would also need an enduser at the end of this ponzi game.
    Think from an enduser's viewpoint. Suppose Im an enduser ambling around GCX after 1 or 2 yrs and looking for a 3BHK. I see Uptown ready, IVV almost ready with an amazing iconic design. On GC road side, a small but nice Heritage One also ready and Pioneer Presidia almost ready. And all of these at lesser cost, comparable specs and better location !!
    So what do you think an enduser would choose ??



    Well then we do have to wait for the Specs before we condem it to be over priced ..( my info says this is going to be a super lux project), .....The nice heritage one, pioneer & uptown not in competition here !

    Anyways this project will be ready much later than all the projects you have mentioned ..by then this place would be full of end users ..! Ppl with higher budget would of course prefer better specs , a km here there won't make much difference
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