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The Corridors by IREO Developers in Sector 67A, Gurgaon

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The Corridors by IREO Developers in Sector 67A, Gurgaon

Last updated: January 12 2021
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  • St_Anger
    started a topic The Corridors by IREO Developers in Sector 67A, Gurgaon

    The Corridors by IREO Developers in Sector 67A, Gurgaon

    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 .
    Last edited October 3 2016, 02:56 PM.

  • ZorawarFromGurgaon
    commented on 's reply
    Decisions like this makes me FEEL GOOD.

  • MANOJa
    replied
    SC directs IREO Grace Realtech to refund buyers' money with 9% interest

    The apex court held that the 42 months' period of the agreement for handing over possession of the apartments would be required to be computed from the date on which Fire NOC was issued, and not from the date of the building plans being sanctioned.
    NEW DELHI: The Supreme Court (SC) of India on Monday ordered IREO Grace Realtech to refund buyers of phase 2 its project -The Corridors with 9% simple interest while directed phase 1 buyers to take possesion of their flats offering them compensation for the project delay as well.

    The builder had filed an appeal under Section 23 of the Consumer Protection Act 1986 against the National Consumer Disputes Redressal Commission (NCDRC) decision which ordered them to refund the amount deposited by apartment buyers of The Corridors situated in Sector 67-A, Gurugram.

    NCDRC had held that since the developer had failed to deliver possession of the allotted flats to the buyers, it amounted to deficiency in service, and the complainants were entitled to refund of the amount alongwith appropriate compensation.

    Haryana RERA while hearing a plea of another buyer of the same project had said the developer was liable to pay interest of 10.75% per annum on the amount deposited by the complainant, upto the date when the possession was offered. However, keeping in view the status of the project, and the interest of other allottees, the authority was of the view that refund cannot be allowed at this stage. Hence, the developer was directed to handover possession of the apartment by June 2020.

    Consequently, NCDRC also made other judgements in favour of buyers ordering builder to refund money with interest.

    IREO Grace Realtech hence moved the apex court against all the cases. Several home buyers had also filed separate pleas against the builder in the apex court which were heard together.

    || The Department of Town and Country Planning (DTCP) granted a license to Precision Realtors Blue Planet Infra Developers and Madeira Conbuild for developing a group housing colony comprising of 1,356 apartments. Subsequently, the license for construction was transferred to IREO Grace Realtech.

    The developer opened booking for the apartments in 2013. It however received Fire NOC in 2014. (according to the pleas filed in the court) ||

    The buyers, represented by advocates Piyush Singh and Aditya Parolia of PSP Legal, said that possession was to be handed over within a period of 42 months from the date of approval of the building plans, with a grace period of 180 days, which expired in 2017. The project is still delayed even if we assuming that the date for possession would begin in 2014 and end in 2018. The OC is yet not obtained for phase II of the project.

    The grant of Fire NOC was not a pre-condition for commencement of construction work. In fact, the developer had started the construction before the grant of Fire NOC. The developer had also sought payment of the first three instalments prior to receiving the Fire NOC.

    In its plea, the builder said that the period of 42 months for handing over possession would commence only after the conditions mentioned in the building plans were fulfilled. Since the fire safety approval was obtained in Novermber 2014, the period of 42 months would commence from this date. Further, the developer had not taken any instalment prior to Fire NOC was granted. In any event, the apartment buyer is being paid delay compensation for the period of delay which has occurred during the course of construction.

    The builder also submitted that some of the buyers are defaulters since they had paid only between 30 to 40% of the total consideration. Despite this, the developer had made an alternate offer of similar units in the completed towers in Phase 1 of the project where the occupation certificate had been granted.

    It also contended that the decision of the RERA must be given primacy over the NCDRC. By July 2017, the construction of Phase I of the project had been completed, which comprised of Towers A6 – A10, B1 – B4, and C3 – C7, for which the OC was issued in May 2019 and an offer of possession was made to the apartment buyers.

    With respect to the remaining Towers in Cluster-A comprising of buildings A1 to A5; Cluster-B comprising of buildings B5 to B8; and, Cluster-C comprising of buildings C8 to C11, the application for grant of part Occupation Certificate was submitted on September 2019, which is pending approval.

    After hearing both parties, the apex court held that the 42 months' period of the agreement for handing over possession of the apartments would be required to be computed from the date on which Fire NOC was issued, and not from the date of the building plans being sanctioned.

    The bench comprising of Justice Indu Malhotra, Justice D.Y.Chandrachud and Justice Indira Banerjee further said that the terms of the builder-buyer agreement are oppressive and wholly one-sided, and would constitute an unfair trade practice and the developer cannot compel the buyers to be bound by the one-sided contractual terms contained in it.

    The court then categorised buyers into two categories:

    1. Apartment Buyers whose allotments fall in Phase 1 of the project comprised in Towers A6 to A10, B1 to B4, and C3 to C7, where the Developer has been granted occupation certificate, and offer of possession has been made

    2. Apartment Buyers whose allotments fall in Phase 2 of the project, where the allotments are in Towers A1 to A5, B5 to B8, C8 to C11, where the Occupation Certificate has not been granted so far

    The apex court said that first category buyers are obligated to take possession of the apartments, since the construction was completed. The developer is however obligated to pay delay compensation for the period of delay which has occurred from November 2018 till the date of offer of possession was made to the allottees.

    For the second category the court said that although the developer has made an alternate offer of allotment of apartments in Phase 1 of the project, the allottees cannot be made to wait indefinitely for possession of the apartments allotted to them, nor can they be bound to take the apartments in Phase 1 of the project.

    The SC held that they are entitled to refund of the entire amount deposited by them with 9% simple interest per annum from November 2018 till the date of payment of the entire amount. The refund will be paid within a period of three months from the date of this judgment. If there is any further delay, the Developer will be liable to pay default at 12% simple interest per annum.

    The developer shall not deduct the earnest money of 20% from the principal amount, or any other amount, on account of the various defaults committed by the developer, including the delay of over seven months in obtaining the Fire NOC.













    IREO The Corridor: SC directs IREO Grace Realtech to refund buyers' money with 9% interest, Real Estate News, ET RealEstate (indiatimes.com)


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  • MANOJa
    replied
    Court orders FIR against Precision Realtors over non-delivery of flat

    In her complaint lodged against Precision Realtors and its directors, Mehta alleged that the company had cheated her of her hard-earned money.
    NEW DELHI: A court here has directed the police to lodge an FIR in connection with allegations that a real estate company failed to hand over the possession of a flat in its upcoming housing project in Gurugram within the specified time.

    Additional Chief Metropolitan Magistrate Neha directed the Patel Nagar Station House Officer (SHO) to lodge an FIR under the relevant provisions of law and file a compliance report on the complaint of a Delhi-based home buyer, Ritika Mehta.

    Mehta, represented by advocate Arpit Bharghav, said she had paid Rs 2.4 crore to Precision Realtors Private Limited since February, 2013 for its project, Ireo Corridors, and requested the company to return the money after it failed to hand over the possession of the flat even after the passing of the due date.

    However, the company refused to return the money, she alleged.

    In her complaint lodged against Precision Realtors and its directors, Mehta alleged that the company had cheated her of her hard-earned money.

    She also alleged that the company aggressively advertised its project and falsely assured home buyers that possession of apartments would be handed over within 42 months from the date of application.

    According to the terms of the agreement, the apartment should have been handed over by January 2017. However, Mehta alleged that she was neither given possession nor any information regarding it.

    The complaint alleged that the project site was abandoned.

    It claimed that funds were collected from gullible customers and thereafter, misappropriated with a dishonest intention.
















    https://realty.economictimes.indiati...-flat/74615487

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  • MANOJa
    replied
    Delhi police detains Ireo Group's two directors

    The directors had been declared proclaimed offenders by a court in Saket last year in a case filed by a homebuyer of ‘Ireo The Corridors’, a residential project in Sector 67A in Gurgaon.Bagish Jha | TNN | Updated: February 19, 2020, 08:18 IST

    GURUGRAM: There were dramatic scenes outside NCDRC, the national consumer court, on Tuesday morning as a Delhi Police team detained for questioning two directors of real estate developer IREO.

    The directors had been declared proclaimed offenders by a court in Saket last year in a case filed by a homebuyer of ‘Ireo The Corridors’, a residential project in Sector 67A in Gurgaon.

    Multiple cases have been filed by homebuyers of the project at different courts, and on Tuesday, it was in connection with one such case —being heard by the National Consumer Disputes Redressal Commission (NCDRC) — that the two directors were present.

    “A case was registered against the accused at Safdurjung Enclave police station and they were asked to appear before the magistrate, failing which an order was issued by the court to arrest them under relevant sections,” said a senior Delhi Police officer.

    TOI approached IREO for a comment but got no response to calls and messages.

    The Corridors was launched in 2013 and was expected to be completed by 2017. Spread over 37.5 acres, it has 37 towers of 19 floors each, housing a total 1,780 units. Homebuyers have alleged various irregularities in the project.

    Sandeep Mittal, a homebuyer, said, “We came to know that the directors were appearing before court. After confirming their presence on the premises, we informed police.”

    Another homebuyer, Nitin Chopra, said it was in connection with a case filed by him that the two directors were detained. Chopra has alleged, among other things, irregularities in ownership of land for the project.














    https://realty.economictimes.indiati...ctors/74200847

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  • anuvita
    replied
    Hello Everyone

    Finally we received Notice of Possession from IREO, it has been a really long wait.

    I have a query regarding the same if someone could guide....IREO is asking for Stamp duty charges to be paid to IREO along with the final instalment. Is it the normal thing to do? Or such charges can be paid later post-handover or at time of registration etc.?

    Leave a comment:


  • san1012
    commented on 's reply
    agree, i dont think that they have much cash to pay delayed compensation

  • ShauryaRoy
    commented on 's reply
    Joamon, Could you please share the details of this said timeline starting from Nov 2014. Which clearances are these and could you please share a copy if possible. Thanks

  • Joamon
    commented on 's reply
    Though the plans were approved in July 13, they got some other approvals only in November 14. So, they are taking the stand in some of the court cases against them that delivery period should be considered from November 14. Delay compensation is only after 42 months + 6 months grace period as per agreement. So, in my opinion, the delay compensation comes into effect only from November 18 if you go by the stand taken by IREO.

  • ggnhomeowner
    replied
    Originally posted by tsmathur View Post
    Guys - has anyone contacted IREO for delayed compensation? I think we are entitled since its more than 42 months (+6 months of grace period) since approvals

    Let me know if anyone has approached ... and how does it work

    What compensation will they give.....they have already filed for bankruptcy for their project/s in Punjab.

    Leave a comment:

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