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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  • Where do you get inspiration to keep writing such good posts and pov? If you decide to stay in IVV after possession to khoon jamengey rang... It's aap, mein aur.....


    By the way if Ireo is actually doing allotment after checking the Cibil the check then don't you think this will curb hoarding by underwriters? I and if they are deliberately keeping underwriters or hoarders away then they for sure be under tremendous pressure to sell over 2000 units via retail route.

    Would be interesting to see where this confidence is stemming from... It's from brand, product, or financial back up?

    Ra


    Originally Posted by kinjalchato
    This is my pov for all these new launches

    Fair question and the key is the trueness of the ' sold out ' part . As i keep on mentioning that parking your inventory with your authorized/ unauthorized agents and proclaiming ' sold out ' is not sustainable .If the traditional long term players capable of holding on well beyond the 30% are part of the sold out story , however based on my interactions it may be more of the short term 30% kind. Now as very well articulated by cheeky, if around the 30% milestone , the resale price is not significantly high and the builders keep on releasing more and more inventory at these prices, the 30% players will be under lot of stress and if many default on the payments, the project roll out is bound to suffer. unless these builders do not build at all , going against the norms of their previous projects ( especially for Tata & ireo ).

    when i said detoriation in quality , i meant the quality of people invested in the project in terms of their capability of holding on to the project till its completion. In the absence of the sustained cash flows, a project execution is bound to be impacted. Even if builders are of sound financial health , they can not sustain project roll outs in the absence of sustained cash flows from their customers.
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  • Originally Posted by Magadh_Pride
    I agree with your "meltdown at 30%" postulates but we have also seen examples when Builders by design delay or slow down the projects and it helps better the ROI for investors - and realise better original sales for builders themselves

    You mention Tata and Ireo- but you would agree that a large reason for ROI in Raisina and Skyon is on account of delays ....Skyon rose from 6500 to 10500 without a brick being laid or a pin hole in the ground...

    I guess what i am saying is that If the resale market is not healthy at the 30% stage, all that ireo has to do is to keep sitting on the money and not proceed any further till it picks up. Excuses cud be lack of water to lack of EC... Investors won't mind it anyways ....


    Small Delays are fine; but if things get delayed too much then Brand Value is affected.

    Unitech is a perfect example of what happens if the things are delayed too much.
    Nowadays even some b grade builders are commanding premium over Unitech.
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  • Originally Posted by Magadh_Pride
    I agree with your "meltdown at 30%" postulates but we have also seen examples when Builders by design delay or slow down the projects and it helps better the ROI for investors - and realise better original sales for builders themselves

    You mention Tata and Ireo- but you would agree that a large reason for ROI in Raisina and Skyon is on account of delays ....Skyon rose from 6500 to 10500 without a brick being laid or a pin hole in the ground...

    I guess what i am saying is that If the resale market is not healthy at the 30% stage, all that ireo has to do is to keep sitting on the money and not proceed any further till it picks up. Excuses cud be lack of water to lack of EC... Investors won't mind it anyways ....


    i unfortunately may not agree with you on the delay by design arguments for both tata & ireo either in the past or going forward in the future.

    In raisina, it was not by design , in order to overcome the negatives of first project in a new sector there should be a catchy wow element, not replicating existing concept . Hence in my personal view it is slightly outdated. once the area develops it will overcome its laggard status .

    on skyon it was not design as the facts are indisputable that EC committee was not constitued by government for more than a year and all builders who had not got the ec from the earlier committee , were delayed.

    on future projects, ireo being a closed ended fund, will be seeing periodic redemption pressure from its investors and hence it is unlikely they will delay their projects.

    Tata is tata , i have no doubt they will not delay their projects as a matter of principle :). It has not happened with primanti, inspite of the status of spr, which is a most admirable quality in any builder.

    so with these 2 builders, for different reasons, projects will not be delayed and that will impact investing at such high levels.
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  • Originally Posted by BEWOLF
    On reading all of this discussions today, i dont think there is any relevance in defending or speaking against the "prices" of a project .

    One has the option to buy or not buy this at this price .
    one can discuss the pros and cons of location/builder specs etc , but as rightly point out by RA ... noone is forcing you to buy .

    And FYI , escalation clause has been in every project of ireo after skyon launch . So nothing new . They have mentioned it in the booking form . If you are not ok with it , one is still open to withdraw . They have not banked the cheques and revealed this clause . This clause is available beforehand .So calling them words like chor and cheats would be non sensical and unfair .

    P.S. I am not invested in any of the ireo projects , just have high respect for their work ethics .


    Why "prices" and "escalation clause" should not be discussed?

    They are also important inputs in taking a decision.

    If "My Way or The Highway is the Approach"; then what is the use of having a forum at all.

    Let cartel of builders decide whatever they want and each individual can do as he wish.
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  • Originally Posted by rushilarora
    Where do you get inspiration to keep writing such good posts and pov? If you decide to stay in IVV after possession to khoon jamengey rang... It's aap, mein aur.....


    By the way if Ireo is actually doing allotment after checking the Cibil the check then don't you think this will curb hoarding by underwriters? I and if they are deliberately keeping underwriters or hoarders away then they for sure be under tremendous pressure to sell over 2000 units via retail route.

    Would be interesting to see where this confidence is stemming from... It's from brand, product, or financial back up?

    Ra




    doing a cibil check is a very good positive step and will address some of the problems, however a good part would have to do with how they dilute their requirement if and when they do not find sufficient takers .

    secondly a cibil check can not tell you the intent of the buyer to stay beyond 30% . most of the guys whom i spoke to in my professional circle are not ready to stay invested beyond the 30%.

    The underwriters are one part of the story and a cibil analysis to the best of my knowledge will have a check on credit history . Now the underwriters of the kind i know , do not use convention credit sources to be tracked by cibil , i may be wrong .

    The risks of people defaulting are getting higher and that is probably prompted ireo to consider a cibil check at this stage itself .

    finally if someone with a good cibil score, has any intention / capability to stay invested in a project beyond the 30% , why would he even look at these rates, when he can much better pricing in the resale market .
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  • Originally Posted by "kinjalchato


    i unfortunately may not agree with you on the delay by design arguments for both tata & ireo either in the past or going forward in the future.

    In raisina, it was not by design , in order to overcome the negatives of first project in a new sector there should be a catchy wow element, not replicating existing concept . Hence in my personal view it is slightly outdated. once the area develops it will overcome its laggard status .

    on skyon it was not design as the facts are indisputable that EC committee was not constitued by government for more than a year and all builders who had not got the ec from the earlier committee , were delayed.

    on future projects, ireo being a closed ended fund, will be seeing periodic redemption pressure from its investors and hence it is unlikely they will delay their projects.

    Tata is tata , i have no doubt they will not delay their projects as a matter of principle :). It has not happened with primanti, inspite of the status of spr, which is a most admirable quality in any builder.

    so with these 2 builders, for different reasons, projects will not be delayed and that will impact investing at such high levels.


    I guess we have to agree to disagree then :)

    I brought up Raisina as there are parallels in the 2 locations -Just like Raisina, Corridors location In a middle of nowhere, will not have another Neighbour for at least some more time to come. It's a matter of record when was Raisina launched, and when will it be completed. And how this delay helped better the ROI. Tata or not, I have not heard any credible reasons for this delay- please enlighten us.

    As for Skyon, whether the delay was by design or not is not the question. And there are no reasons to believe that EC or DC for Corridors will not be or cannot be delayed. For now, we don't even know if it even has a license - claiming it has clearances in place to start construction without delays is a far fetched theory....
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  • Originally Posted by Magadh_Pride
    I guess we have to agree to disagree then :)

    I brought up Raisina as there are parallels in the 2 locations -Just like Raisina, Corridors location In a middle of nowhere, will not have another Neighbour for at least some more time to come. It's a matter of record when was Raisina launched, and when will it be completed. And how this delay helped better the ROI. Tata or not, I have not heard any credible reasons for this delay- please enlighten us.

    As for Skyon, whether the delay was by design or not is not the question. And there are no reasons to believe that EC or DC for Corridors will not be or cannot be delayed. For now, we don't even know if it even has a license - claiming it has clearances in place to start construction without delays is a far fetched theory....



    Raisina was launched on August 4, 2008 which was the first phase . They have delivered 2 towers of this first phase which took them about 4 years 3 months from date of launch . Which is not bad by gurgaon standard . Though your point on being the first project in this area presently uninhabitated ( except the village :) ) having an impact is true.

    as i mentioned the redemption pressure on ireo is what governs it to strive to complete its projects . It has Licence for the corridor project as per DTCP . Ofcourse you are correct that one can only theorize now as to when will they start construction . :)
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  • Cheque banked .., .now what's next
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  • Regarding the closed ended nature of IREO ........

    Is IREO is really a single fund or is it a fund manager handling the 401(k) accounts for various entities. I don't know for IREO, but generally the house will have their investments in a basket of funds with multiple investment horizons, asset classes and hedging
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  • Originally Posted by Norway
    Cheque banked .., .now what's next


    Has everybody's cheque been banked ??
    Mine has not yet...
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  • At least my cheques were not presented in my bank till today banking hours. Though I have withheld my bookings, I wouldn,t be surprised if my cheques get encashed and oversight could be the excuse.

    Cheers.

    CA.
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  • Fo
    Originally Posted by Cheeky AlAn
    At least my cheques were not presented in my bank till today banking hours. Though I have withheld my bookings, I wouldn,t be surprised if my cheques get encashed and oversight could be the excuse.

    Cheers.

    CA.


    Cheeky Sir , inside info ..Ireo honchos are hell bent after your money and making you a Client in their doomed project ;)
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  • Originally Posted by Cheeky AlAn
    At least my cheques were not presented in my bank till today banking hours. Though I have withheld my bookings, I wouldn,t be surprised if my cheques get encashed and oversight could be the excuse.

    Cheers.

    CA.

    These appear to be fabricated stories...any genuine person with common sense would have blocked cheque also and would not prefer to sit on edge hoping Ireo doesn't commit the oversight.
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  • Is there any merit in questioning an individual's integrity? The beauty of the virtual world is that there are no real identities..for all you know the alias that you see on the forum may well belong to your own neighbour or someone you know very well...so why challenge people's character?

    I'm sorry I'm not taking a dig at you, just trying to make a general point...it has become too fashionable nowadays to question people's character on the forum merely based on disagreements..and what I personally fail to understand (this may just be me) is that what outcome are we intending to achieve by doing it...discredit him/her .. and then move on to the next person...there are 90,000 members ...how many will you challenge and how long will it take and then what purpose will it acheive and more importantly on what basis do we question...just that you may have a different view, hence the other person should be made to feel like a jerk ???

    We are all adults (assuming) here and if someone gets too swayed by the views expressed on the forum and clouds his/her own judgement then the person him/herself is to be blamed, not the one creating noise, there's noise and bias everywhere and how much will you control......and if we are all mature individuals then lets just let go and not get swayed...

    My 2 cents... and let me reiterate that its not a personal attack at you..just a general observation, too often we all challenge simply because we dont agree rather than the merit of the argument....

    I generally dont believe in arguments and wont write further on this point...you have every right to disagree and trash it..



    Originally Posted by golu11
    These appear to be fabricated stories...any genuine person with common sense would have blocked cheque also and would not prefer to sit on edge hoping Ireo doesn't commit the oversight.
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  • Originally Posted by GurgaonBuyer
    Is there any merit in questioning an individual's integrity? The beauty of a virtual world is that there are no real identities..for all you know the alias that you see on the forum way well belong to your own neighbour or someone you know very well...so why challenge people's character?

    I'm sorry I'm not taking a dig at you, just trying to make a general point...it has become too fashionable nowadays to question people's character on the forum merely based on disagreements..and what I personally fail to understand (this may just be me) is that what outcome are we intending to achieve by doing it...discredit him/her .. and then move on to the next person...there are 90,000 members ...how many will you challenge and how long will it take and then what purpose will it acheive and more importantly on what basis do we question...just that you may have a different view, hence the other person should be made to feel like a jerk ???

    We are all adults (assuming) here and if someone gets too swayed by the views expressed on the forum and clouds his/her own judgement then the person him/herself is to be blamed, not the one creating noise, there's noise and bias everywhere and how much will you control......and if we are all mature individuals then lets just let go and not get swayed...

    My 2 cents... and let me reiterate that its not a personal attack at you..just a general observation, too often we all challenge simply because we dont agree rather than the merit of the argument....

    I generally dont believe in arguments and wont write further on this point...you have every right to disagree and trash it..

    the transaction value in question is minimum 15 million INR....I am just giving an Idea to him that if he doesn't want to enter then "block the cheque' instead of 'writing the blog'.
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