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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  • Correctly said.. a seth ji from delhi will always get a good cibil score since he would have never used credit card and loan facility. I personally believe , it might be wrong from other perspective too.. that they have to create this price hype since they would be releasing new inventory in existing projects and new project launches in Ireo city. It was absolute essential for ireo to have a certain luxary price tag on 67a to accomodate price tag for new launches in ireo city.. It is amazing that they have justified this rate when IVV is trading at same rate in resale..

    anways it is important for ireo to justify that an association with ireo does not come cheap..it is my pov so no offence meant for investers in ireo 67A...

    if you do not like it please ignore it..

    Originally Posted by vgupta123
    You will make a very wise decision at this time. I stopped my cheque last week.

    Also brokers are struggling and offering to get the booking done at 8750/- today also.

    Also CIBIL check is quite humilating as if they are giving us loan.

    It is customer who should do the check on their financials but it's quite surprising that they are doing check on customers.

    In my view some of the good work they have done on Grand Arch till now has gone to their heads which is bad. One should be humble and time changes very fast.

    Besides the rate of 8750/- and then hyping that first rate closed and rate revised to 9540/- itself is a joke.

    I am quite thrilled that the customers have given a big jolt to them in this project and proven again 'Customer is King'. If treated well he can make service provider else break.

    I have interacted with IREO in past and my POV is that they will definately take corrective action post this flop launch.
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  • Rushil ji,, we even do not know that it exists or not :D

    Originally Posted by rushilarora
    You forgot to add that they are opportunist also. Chupkey Chupkey apna land bhi bech rahey hein... Woh bhi Bina clients ko bataaye...
    This is sheer cheating as people still think ireo city is if 600 acres.... In reality it has reduced by 30 acres...

    I am with you . ireo murdabaad, murdabaad murdabaad...
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  • Yes Bhalla ji, rightly said .. there are good resale deals happenings in market where a intelligent buyer can get real good deal either for short term or long term..

    Originally Posted by amit.bhalla
    I am talking about Resales on Eway/ New ggn / Ext , Resale has gone slow for projects where Large amount of Cash is involved
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  • So much negative abt the project. I hve given a cheque still not banked but broker saying it will ne banked after tat credit clearance . In next 2 days maybe. Im only lpgoing to make 20 to 25 percent payment and looking for investment return of about 300 rs. Should i stop d cheque. Or there is good possibility of return here.
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  • Originally Posted by Sagar cool
    So much negative abt the project. I hve given a cheque still not banked but broker saying it will ne banked after tat credit clearance . In next 2 days maybe. Im only lpgoing to make 20 to 25 percent payment and looking for investment return of about 300 rs. Should i stop d cheque. Or there is good possibility of return here.


    300 Rs on a unit size of ?

    Is the 1st transfer free ? What about brokerage and short term capital gain ?

    Even if you decide to take the premium in cash then is the hassle worth ?
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  • Originally Posted by Sagar cool
    So much negative abt the project. I hve given a cheque still not banked but broker saying it will ne banked after tat credit clearance . In next 2 days maybe. Im only lpgoing to make 20 to 25 percent payment and looking for investment return of about 300 rs. Should i stop d cheque. Or there is good possibility of return here.


    First transfer is not free. Ireo have 30% locking period so you would be required to pay 30% before you can dispose off. you deduct atleast 200 Rupees (for transfer and broker commission ) and interest part of your deposited money.
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  • I have same view too...

    For a 2BHK (1296 sqft), as per my calculations, you would need to pay up about 24 Lakhs in the first 45 days. Then if you are able sell at 300 Rs gain after that, your premium is around 3.8 Lakhs out of which you need to pay brokerage (which works out as 1.3 Lakhs if assumed at 1%) and the transfer charges to IREO (assume Rs 100/psf) so another 1.3 Lakhs, so net premium would be just 1.2 Lakhs and have not even considered the interest cost here.

    Not worth the headache and the risk if such short term view.

    Originally Posted by Sagar cool
    So much negative abt the project. I hve given a cheque still not banked but broker saying it will ne banked after tat credit clearance . In next 2 days maybe. Im only lpgoing to make 20 to 25 percent payment and looking for investment return of about 300 rs. Should i stop d cheque. Or there is good possibility of return here.
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  • 20-25% payment and then exit ? Forget Corridoors, pick any project and it's a gamble at best. I would keep money in the bank.

    Picked a unit here myself though, very proud, and in for the long haul! Don't care about short term but will ultimately win with patience.

    I know folks talk about resale being better option. Of course, it will always be, but with much more capital outlay. You could buy VV ~8500 but think about shelling out 1.5-2 CR, then calculate the ROI. Not saying resale is not a good option vs. new launch, but solely based on price it's comparing apples and oranges.

    At the end of the day, it's courage, luck, and of course fricking economics. I am not smart enough to time the market. All I know is to keep the leverage low, pick good location and builder, think longer term, and enjoy the ride!

    POV is mine, constructive criticism is always welcome so I can continue to learn

    Good luck to all



    Originally Posted by Sagar cool
    So much negative abt the project. I hve given a cheque still not banked but broker saying it will ne banked after tat credit clearance . In next 2 days maybe. Im only lpgoing to make 20 to 25 percent payment and looking for investment return of about 300 rs. Should i stop d cheque. Or there is good possibility of return here.
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  • Awsome!!

    Originally Posted by hesitant_buyer
    20-25% payment and then exit ? Forget Corridoors, pick any project and it's a gamble at best. I would keep money in the bank.

    Picked a unit here myself though, very proud, and in for the long haul! Don't care about short term but will ultimately win with patience.

    I know folks talk about resale being better option. Of course, it will always be, but with much more capital outlay. You could buy VV ~8500 but think about shelling out 1.5-2 CR, then calculate the ROI. Not saying resale is not a good option vs. new launch, but solely based on price it's comparing apples and oranges.

    At the end of the day, it's courage, luck, and of course fricking economics. I am not smart enough to time the market. All I know is to keep the leverage low, pick good location and builder, think longer term, and enjoy the ride!

    POV is mine, constructive criticism is always welcome so I can continue to learn

    Good luck to all
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  • Just to update everyone, I have stopped my cheque. I did get a call from IREO sales team and have to say that was quite impressed with the way the person handled my arguments. A few points for people who are planning to invest:

    1) The escalation percentage that was left blank in the 21 page form, is now filled up in the new form. He said he will let me know by phone when I brought up the issue.

    2) He mentioned that the escalation clause is now industry standard and all builders will have it in future.

    3) On the price, he mentioned that for the location, it is much more cost effective than most other new launches and the value will continue to appreciate. (I took it with a pinch of salt. He was a good salesman)

    On the whole, I came out much more positive opinion of IREO after the conversation.

    Note: These are just my opinions and may not be relevant to all. Do not wish to get into any argument or justify any of the above points.
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  • Capital outlay and ROI...

    music to my ears... :)

    ps. waltz, not the jungle beat... :)

    Originally Posted by hesitant_buyer
    20-25% payment and then exit ? Forget Corridoors, pick any project and it's a gamble at best. I would keep money in the bank.

    Picked a unit here myself though, very proud, and in for the long haul! Don't care about short term but will ultimately win with patience.

    I know folks talk about resale being better option. Of course, it will always be, but with much more capital outlay. You could buy VV ~8500 but think about shelling out 1.5-2 CR, then calculate the ROI. Not saying resale is not a good option vs. new launch, but solely based on price it's comparing apples and oranges.

    At the end of the day, it's courage, luck, and of course fricking economics. I am not smart enough to time the market. All I know is to keep the leverage low, pick good location and builder, think longer term, and enjoy the ride!

    POV is mine, constructive criticism is always welcome so I can continue to learn

    Good luck to all
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  • has anyone got the opportunity to have a look at the site plan??? I heard that they have shared it with some brokers.. only hard copy!! BTW when are they going to announce this project formally??
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  • Golu sir... can u name a single developer who is ethical in Gurgaon... (barring TATA.) i mean this is how things are in ggn real estate...IREO is still one of the best developers despite all its shortcomings.. so far they have done exceptionally well considering the fact that they have started their operations only few years ago...
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  • Mahindra as well
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  • Originally Posted by kams..
    Golu sir... can u name a single developer who is ethical in Gurgaon... (barring TATA.) i mean this is how things are in ggn real estate...IREO is still one of the best developers despite all its shortcomings.. so far they have done exceptionally well considering the fact that they have started their operations only few years ago...

    boss, the only difference is that jo galat kaam dlf, unitech ne jawani mai kiye woh to Ireo nai 'TODDLER' ke age mai hi kar liye.

    teenage hote hote Ireo kya- kya gul khiyalega...just imagine!!
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