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Uptown by IREO Vs Milano by M3M - Gurgaon

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Uptown by IREO Vs Milano by M3M - Gurgaon

Last updated: December 14 2011
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  • Uptown by IREO Vs Milano by M3M - Gurgaon

    Hi all,

    I am a new member to this forum, who wants to buy a property in GGN with a long term view (atleast 5years).I am looking at the GCX area for buying the property for a BSP of around 5500/- , preferabley original bookings.

    I am getting a offer of around Rs6000/- in uptown (resale). I would like to know from all you experienced people out there .. is the property actually worth that (considering it was launched at Rs4000 less than 2yrs back). Also, at such high prices can i really expect it to continue to appreciate by 10-20% year on year.

    Another thing, between Uptown 6000 (resale) and M3M Milano 6100 (original bookings), which would you consider to be a good value for money ?

    Thanks in advance for your help.

    Regards,
    Vivek.
  • #2

    #2

    Re : Uptown by IREO Vs Milano by M3M - Gurgaon

    the original bookings at rate mentioned( 5500) are in SPR.. unitech CV and SP.
    between Uptown and Milano uptown should be a better investment over a long period. uptown investment though will require large upfront and cash.



    Originally posted by vivekraina View Post
    Hi all,

    I am a new member to this forum, who wants to buy a property in GGN with a long term view (atleast 5years).I am looking at the GCX area for buying the property for a BSP of around 5500/- , preferabley original bookings.

    I am getting a offer of around Rs6000/- in uptown (resale). I would like to know from all you experienced people out there .. is the property actually worth that (considering it was launched at Rs4000 less than 2yrs back). Also, at such high prices can i really expect it to continue to appreciate by 10-20% year on year.

    Another thing, between Uptown 6000 (resale) and M3M Milano 6100 (original bookings), which would you consider to be a good value for money ?

    Thanks in advance for your help.

    Regards,
    Vivek.

    Comment

    • #3

      #3

      Re : Uptown by IREO Vs Milano by M3M - Gurgaon

      Hi Amit - Thanks for your response.

      I also personally feel that Uptown is a better investment but my concern is that Uptown has already appreciated by 30-40% over 2 years to reach 6000/-BSP ... whereas Milano is right now availabe for 6100 BSP after a pre launch discount of 750rs..

      Doesnt that mean that
      a) as soon as pre launch is over for Milano (2-3 months), prices will automatically go up 750rs (12%) ???

      b) the quality of construction etc would b better for Milano, since they are building a property worth 6000-6750 BSP, whereas Uptown only built a property worth 4000, but it has not appreaciated to 6000 .... ???

      Comment

      • #4

        #4

        Re : Uptown by IREO Vs Milano by M3M - Gurgaon

        Hi Vivek,

        Welcome on board. I am sure advise from fellow member will help you in taking a right decision.

        First and foremost congratulations for taking the first step right - That is having a horizon of 5 years for investment.

        However, please let us know if you want it purely for investment or for end use as well.

        Once this is clear then it would be easier to assess.

        Comment

        • #5

          #5

          Re : Uptown by IREO Vs Milano by M3M - Gurgaon

          Vivek, I chose IREO Uptown for investment purpose over M3M Merlin few months back though Merlin was just launched and Uptown had already escalated from 4000 to 5300 levels. Im listing the reasons I chose IREO Uptown over Merlin below (most of the points will be valid for Milano as well).

          - Uptown has better location than Merlin (or Milano).
          Location really matters and Uptown at Sec 66 has good projects and retail establishments around, so this area is expected to be a prime area after 5-6 years.

          - Uptown was more VFM than Merlin and still ticked all items in my checklist (Club/Pool/Gym/VRV/Modular kitchen/Power backup etc ). Merlin claimed to be luxury specs but couldnt find exactly what was better than Uptown except a 'Lazy River'.

          - In my 'newbie to Real Estate' mind, IREO seemed more trustworthy than M3M (this is highly subjective, but I formed this perception based on my interactions with IREO and M3M Sales/CRM and inputs from friends/brokers & this forum & the fact that for Uptown I got all details clearly such as Floor plans/specs/site visits organised by Sales staff whereas for Merlin I was getting conflicting details, since it was a prelaunch I couldnt even get a confirmed floor plan).

          - I was equally convinced about quality of construction for both Uptown and Merlin. (Uptown is being built by Pratibha, Merlin I couldnt find who's building it but M3M would surely use some good builder).

          - Since Im a newbie, I couldnt really think like an investor but always thought as an enduser and whether I would like to live in the flat. I found the floor plan very efficient in Uptown. In 2012 sqft, they have managed to create a quite nice 4BHK + SQ (smallish rooms though but have niches for Wardrobes so the room wont look that cramped). This would really suit a family well who's looking for a 4BHK but doesnt want to spend upwards of 3 Crs. By comparison I didnt really like the Floor plans of Merlin or even Milano (e.g their 3BHK had only 2 bathrooms and a huge terrace which I didnt want to waste money on).

          - Uptown was expected possession in Mar 13. Considering that the structure is expected to be completed in next 6-8 months, Oct 13 or Dec 13 possession does look feasible if speed maintains. The approach roads etc are already made so people can live in this area when possession is given.

          There have been some issues raised by Uptown owners in recent times about IREO adding 2 floors in some towers, IREO responded to all questions raised and reiterated their legal right to build extra floors depending upon Govt permissions and the issue seems to have died a natural death now. Apart from this, there havent been any issues. Construction is going at good speed (I just paid installment for 8th floor milestone y'day and the 11th floor milestone installment is also due now next month).

          Like Rushil said, its important to tell your purpose first. If end-use, then I would advise to go for Uptown for the reason that its a good project in a good location and you can start living in it after 2 years. If investment, then I would leave it to the more experienced people here to advise since Uptown would take a hefty investment right now, being already reached 11th floor stage in some towers.
          All the best.
          Last edited December 13 2011, 02:21 PM.

          Comment

          • #6

            #6

            Re : Uptown by IREO Vs Milano by M3M - Gurgaon

            Great Post Ms Saxena.... Your buying decision was based on very carefully selected reasons for elimination/selection for the project. Would advise most of the buyers to apply the same process while making a decision.

            I would like to repeat my often repeated word of caution again in this thread :

            2012 would be a watershed year in RE market in India and specially in NCR


            I would like to explain the new developments I foresee based on following Idiom/phrases :-

            1. When the Ship Sinks - The RAT jump of First :- Most of the over leveraged position will see their first stress test post March 2012. As mentioned earlier most of the investor that entered in NCR RE market in last two years were in expectation of huge returns in the RE market. Now most of the projects are sitting on those returns (30-100% ROI). These returns will start diminishing from now on as the projects would reach 50% and above development stage and almost 70% of the money would have been called.

            Out of approx 1Lakh new apartment launched in NCR I assume 50% of them would have been lapped up for Investment purpose. For any investor it will not be tempting enough to hold the inventory any further and enjoy the diminishing returns.

            I can already see signs of RATs jumping of the ship with many distress sales coming in the market. If we look at IREF new posts, I see lots of new members posting their apartment up for sale with just 200-300 Rs premium.

            Unfortunately lots of new,small or big builders hard sold their inventory by incentive's brokers with Mercs,BMW,Foreign jaunts etc apart from high payout of upto 8%. This unprecedented hard selling has already pushed up the pricing all across. Now how many of the new investors would be willing to cough up additional premium + 70% payment gone to the builder at such high interest rates ?

            2. Kharbuje to dekhkar Kharbuja Rang Badalta hei :- Just because few of the earlier projects got sold out in a particular location, new builders and new projects have also started demanding premium. Because Raheja Revanta was launched at 5k+ rate in 70 sector,others have started launching projects at 5500+ rate on NH-8. Just because few projects in Gcx have given good return and were sold as Luxury, now most of the projects on Gcx are launched as super luxury projects at rates of 9k and above. See more such projects coming soon. Now you see luxury everywhere,SPR,NH-8,Dew etc...

            2009 was a year of nervousness as we were just coming out of recession and builders weren't sure if they will be able to sell at higher rates. So most of the projects came at with some price rationale (though even then they were considered pricey seeing the market...Remember Grand Arch or Uptown).

            2 years hence most of them are sitting on huge premium. Good thing was that the premium of the project was earned by the investor or the end user.
            But now the builder/developer nexus cant let the premium go to aam janta. They want to garner maximum themselves. So that is left in the market is peanuts. People will still invest seeing the part returns but will not get the same returns any more. Most of it has already gone to the builder now.

            With above mentioned "Greediose" development, I would recommend following for your consideration while making investment in 2012.

            1. Select the builder with least dept and ample finance (Self) to complete the project on time.

            2. Select the location which justifies the project. Luxury/Premium in Gcx/SPR against a Luxury/premium in Dew, NH-8 now .

            3. Select a project which will be absolutely livable at the time of completion.

            4. Select a project which gives the maximum bang for your bucks. Every sqft that you buy should be of real use for end user.

            5. Select a project which is the best in the category not because of the brand name of the project but because of location and specification. Be very clear of the category you are investing in - Luxury,Premium and affordable.

            Uptown Vs Merlin Vs Milano dilemma has been beautifully addressed by Ms Saxena so wont comment further.

            I feel there is another 1000 Rs appreciation left in Uptown but it will come when the project is nearing completion. You may get cheaper projects with less upfront payment,but go for the one which will tick all the boxes above and I see Uptown satisfying most of the criteria.

            All the best.

            Happy Investing !!!

            Originally posted by sh-saxena View Post
            Vivek, I chose IREO Uptown for investment purpose over M3M Merlin few months back though Merlin was just launched and Uptown had already escalated from 4000 to 5300 levels. Im listing the reasons I chose IREO Uptown over Merlin below (most of the points will be valid for Milano as well).

            Like Rushil said, its important to tell your purpose first. If end-use, then I would advise to go for Uptown for the reason that its a good project in a good location and you can start living in it after 2 years. If investment, then I would leave it to the more experienced people here to advise since Uptown would take a hefty investment right now, being already reached 11th floor stage in some towers.
            All the best.

            Comment

            • #7

              #7

              Re : Uptown by IREO Vs Milano by M3M - Gurgaon

              Thanx Rushil for your appreciation, was just sharing my recent experience.
              Your points on where does it go from now are so valid. Investors need to be cautious and very clear on ROI expectations and for end-users, its the time to hunt for good deals.

              Comment

              • #8

                #8

                Re : Uptown by IREO Vs Milano by M3M - Gurgaon

                Vivek,

                I was in same dilemma when I was making a choice between few options but end-up buying a small unit in Milano. I have preferred Milano over Uptown for few reason which I beleive are justified to take the decision:
                1. There is no comparison of ameniies in Milano & Uptown. In Milano, there are Aroma Garden, Aravali View, Observatory Deck overlooking Aravalis, Yoga Garden, Themed Valley of Flowers, Green Maze, Roof top Cafe, Mechanical Car Wash, Laundromats and an Italian themed restaurant which is not present in Uptown and any other project in the vicinity. It gives a feeling of Healthy Homes.
                2. In Uptown there is addition of floors by IREO which means the same services are to be shared with more no. of residents.
                3. No doubt location of Uptown is close to major developments but there will be all big buildings around it while in Milano one side is occupied by Aravalis where no additional building can be constructed. Glolden green golf course is near to Milano.
                4. The rate has already appreciated hence not much appreciation is expected in Uptown from 3800 to 6200. While the rate in Milano is 6100 minus broker discount+TPR looks a good deal with all highend specs.

                Well, do analyse all the options before taking any decision!!

                Comment

                • #9

                  #9

                  Re : Uptown by IREO Vs Milano by M3M - Gurgaon

                  Thanks Rushil & Saxena for your insightful comments .. this definitely helps me clear out my brain out & think rationally.

                  To answer your question about investment or end user, I think i would call myself an end user.Even though i dont see myself living in that house for the next 5-8yrs, I know that i wont be selling this house in the medium term even if it appreaciates 100% (since this is going to be my first self owned house... Although yes, i do intend to put it out on rent
                  whenever its possible, to earn some steady income out of it.

                  One more thing, I wanted to ask .. could you please list out the pros & cons of Orginial Bookings vs Resale .. since in this case Milano is original booking & Uptown would be a resale


                  Thanks,
                  Vivek.

                  Comment

                  • #10

                    #10

                    Re : Uptown by IREO Vs Milano by M3M - Gurgaon

                    The only difference between original booking and resale is the amount of money required upfront. Apart from this drawback of resale today is the B component required to buy a property.

                    As reiterated earlier,enough property has been bought in past 2 years with the mindset of having a very low entry cost in fresh booking. But at the end of the day resale property needs to be bought in the market to give some return to the seller.

                    Just imagine 5 years from now when all the projects would be up for possession and as an end user what would be your criteria to buy a property for end use.

                    To buy uptown you would need to shell out 40L in cash apart from another 40L required to be paid to IREO. If you can afford it then go ahead with it. This property would be livable right at the time of possession which is due in next 18 months.

                    Milano specs are definitely much better than Uptown and M3M has positioned all its projects very well . If specs offered by M3M outwits the location advantage of Uptown for you,then M3M could be a better option. Also the entry cost would not be much.

                    Regarding Cash required in a resale, if you search well, you may find many sellers who would want to sell with maximum white component.

                    Hope this helps.

                    Happy Investing !!


                    Originally posted by vivekraina View Post
                    Thanks Rushil & Saxena for your insightful comments .. this definitely helps me clear out my brain out & think rationally.

                    To answer your question about investment or end user, I think i would call myself an end user.Even though i dont see myself living in that house for the next 5-8yrs, I know that i wont be selling this house in the medium term even if it appreaciates 100% (since this is going to be my first self owned house... Although yes, i do intend to put it out on rent
                    whenever its possible, to earn some steady income out of it.

                    One more thing, I wanted to ask .. could you please list out the pros & cons of Orginial Bookings vs Resale .. since in this case Milano is original booking & Uptown would be a resale


                    Thanks,
                    Vivek.

                    Comment

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