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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  • No one would have felt bad for you had you got stuck with this project in a short term. So dont feel bad for your broker.
    If investment was for short term then I guess it was a good decision to let it go.




    Originally Posted by vgupta123
    I read all the posts since yesterday evening and finally decided not to go ahead with IREO booking. I tendered my apology to my broker friend and he was slightly disappointed and saying this is gold and will give 1000/- premium in 6-8 months and company has already increased prices. I humbly refused him though i did feel bad about him as he has really worked hard and visisted my office and residence no of times for one document or the other.

    So finally as someone rightly said - Consumer is King. !!! Let's not help these brokers and builders create a bubble. Because when bubble bursts it is the people like us suffer.
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  • CA,
    Here is the link to Heritage One. I think the resale likely between 7600-7800 range currently for good units.

    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/10658-heritage-one-conscient-infrastructure-sec-62-gurgaon/page22?t=12986&page=22


    Originally Posted by Cheeky AlAn
    .

    What was this Heritage I on GCX? Please throw some light on this one!

    Thanks in anticipation of advise and Cheers.

    CA.
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  • Whether we like the project/pricing or not, it is important to fully understand the offering.

    Some members have stated there is escalation clause but the formula/method has not been discussed.

    Those who have filled the "25 page" form please enlighten everyone on escalation clause. It would be interesting to compare it with DLF's methodology.
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  • Originally Posted by Magadh_Pride
    CA,
    Here is the link to Heritage One. I think the resale likely between 7600-7800 range currently for good units.

    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/10658-heritage-one-conscient-infrastructure-sec-62-gurgaon/page22?t=12986&page=22


    Thanks for your prompt reply Magadh_Pride!

    This should be of help and after visiting this link, I would see what has been written about this project on its thread and raise my queries therein.

    Cheers.

    CA.
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  • I am very positive about this project , in this business it's all about reputation & looking at their past record & knowing they have 700 acres more to sell , they aren't going to screw every thing up for 40 acres, my POV ..am happy with my unit :)
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  • Originally Posted by Norway
    I am very positive about this project , in this business it's all about reputation & looking at their past record & knowing they have 700 acres more to sell , they aren't going to screw every thing up for 40 acres, my POV ..am happy with my unit :)



    GIVE THIS A THOUGHT

    After tremendous success of the grand arch, Victory valley & skyon, Ireo brings the luxury residential complex in sector 67a, Gurgaon, 1 km from golf course extension road.
    Cohesive urban design to include roads, Street furniture, Street lighting, Paving and signage.
    Ireo as a renowned builder has already constructed so many residential and commercial projects in gurgaon and other cities. After successful completion of all its residential and commercial projects in different cities, Ireo is now coming up with its new residential project in gurgaon, "ireo the corridors", In sector-67a, Gurgaon. This housing project i.E. "ireo the corridors" is offering 2 to 4 bedroom apartments which will be available for sale and to let out. This new project of ireo is offering luxurious lifestyle with world class facilities that one can experience a new level of living with peace and with the feelings of living in nature. Facilities like green area, Park, Swimming pool, Tennis court, Gym and yoga centre, Tracking and jogging track, Shopping centre etc. Are some facilities which are offered inside this residential complex i.E. "ireo the corridors". Other amazing facilities like answering the front door, Adjusting the curtains, Pre-Scheduling electrical gadgets, Setting the safety alerts etc. Are offered with all its housing units of "ireo new project the corridors". The other important feature which is offered by "ireo the corridors" is to tie together the best technology to control home, Offering all the best solutions for a selection of everyday needs. Ireo is offering all facilities to make its all housing units and residential complex as highly in demand and ready for future demand.
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  • Can you share details of escalation clause?

    Originally Posted by Norway
    I am very positive about this project , in this business it's all about reputation & looking at their past record & knowing they have 700 acres more to sell , they aren't going to screw every thing up for 40 acres, my POV ..am happy with my unit :)
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  • The clause was reproduced by manoj2066 earlier on -


    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.


    Originally Posted by connectanuj
    Can you share details of escalation clause?
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  • Originally Posted by MANOJa
    The clause was reproduced by manoj2066 earlier on -


    Very cleverly drafted clause leaving everything fluid.
    The % absorption, the % of base price used for calculation are left blank. Also the components of the cost / heads of the construction or input costs not mentioned.

    This is a dangerous clause. One must ask the current breakup of costs estimated to arrive at BSP to understand what all are considered to establish the base price.
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  • yaa... DLF atleast filled in those blanks in the application form itself.

    Originally Posted by krishna99
    Very cleverly drafted clause leaving everything fluid.
    The % absorption, the % of base price used for calculation are left blank. Also the components of the cost / heads of the construction or input costs not mentioned.

    This is a dangerous clause. One must ask the current breakup of costs estimated to arrive at BSP to understand what all are considered to establish the base price.
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  • Well the whole agreement had lot of blanks :)

    Thanks

    Originally Posted by connectanuj
    yaa... DLF atleast filled in those blanks in the application form itself.
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  • Hi

    I am getting call from my broker that he still can provide the allotment in this project at opening price i.e. 8750 . Seniors, please advice, is it worth going into this after seeing not such a good response from many of the so called investors or end users ..

    Is it really the kind of fire which should be avoided at any cost else there is a big danger of being getting burnt in future..

    All your expert guidance will deeply be appreciated..

    cheers
    newjoinee
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  • Originally Posted by krishna99
    Very cleverly drafted clause leaving everything fluid.
    The % absorption, the % of base price used for calculation are left blank. Also the components of the cost / heads of the construction or input costs not mentioned.

    This is a dangerous clause. One must ask the current breakup of costs estimated to arrive at BSP to understand what all are considered to establish the base price.


    Totally agree . Very clever of Ireo . If they want to misuse this, they can do it pretty easily . It is open to interpretation .
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  • Originally Posted by manoj2066
    Well the whole agreement had lot of blanks :)

    Thanks

    this act can only be done by a highly unprofessional set up ...what happened to all the Ga - Ga over Ireo 'clean work ethics', customer centric nature etc etc!!

    Application form is 21 pages...but most critical information for customers has been left blank?

    Ireo is wearing a veil...hiding his real greedy nature but now that has started to come off!!
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  • Originally Posted by golu11
    this act can only be done by a highly unprofessional set up ...what happened to all the Ga - Ga over Ireo 'clean work ethics', customer centric nature etc etc!!

    Application form is 21 pages...but most critical information for customers has been left blank?

    Ireo is wearing a veil...hiding his real greedy nature but now that has started to come off!!


    Golu Sir, and which builder is not greedy
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