Dear members,

I want to know if anyone of you have some update on Spire South project if they have got the required licence and approval or not.

Also please advise if I should continue with this project or not.

Thanks

Millennium Spire Ltd presents its new residential project Spire South in Sector-68, Gurgaon. Presenting a unique and new concept in housing, Millennium Spire South offers apartments customized to your lifestyle and desires, means it is you decide everything about the interiors from the colour and type of the tile to the type of paint on wall and ceiling and the fixtures in the kitchen and bathrooms. Millennium Spire South offers 2 and 3 bedroom apartments with areas ranging from 900 Sq ft to 1500 Sq ft.
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  • The biggest proof is only when the builder or these companies make it official, not some mediator reporting it.

    The same authentic sources were clueless about Meriyll Lynch and Lehmann Brothers when they doomed.

    Its not about my personal call, its about whether the builder is projecting something else and doing something else.

    And you still have not addressed my areas of doubts which i have clearly stated. 9 out of 10 investors based on such doubts would back out despite the project would have been credible
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  • Originally Posted by Amit1319
    Well this is an open forum, if you have your own units in Spire south, I can understand that, but please as moderators, don't exhibit friendship club here, everyone has a right of an opinion.

    You also stated " it very well looks " which is an estimated guess, not an absolute fact.

    Prove me wrong, I will be more than happy !! Till the time you are not able to, don't flame me politely.




    There is no friendship club going on here .

    amit001 posted some articles, whether u believe in them or not is your problem .

    I simply stated that from the articles, it seems that India Infoline is invested here & amit001/nobody can produce any documents/balance sheet to prove this .

    I hope u get my point clearly & please STOP raising fingers on Moderators at the drop of the hat .
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  • Each one to it's own

    Hey, look Amit - no one has a ethical responsibility to respond to your questions doubting he project. You raised a point that the person you spoke with denied indiainfoline, Amit showed some public weblinks that it is not true. Pick it up with that employee of Spire who was too naive or state that you do not believe in these links and that is the end of it.

    At the end, it is each to it's own - this is not a broker's forum that someone is hell bent on making u buy it..so research it out and take a call. This is me talking from personal experience, what shin for me is that w/t any pressure tactic EDC was reduced and Escrow account was established...that shows genuinity of builder. I am no big RE investor but do believe in simple things such as these gestures, and i do know that they are not going to run away with money...had that been the need why do all the construction work. I just received the next demand with the pictures of T2 reaching 1st floor..so all is pretty ok here..considering we all are the new age iPad / wikimapia surfer investors and do not conduct the due diligence that our parents still conduct before buying a airconditioner. This is just a healthy post to notch down flares a li'l bit.


    Originally Posted by MANOJa

    There is no friendship club going on here .

    amit001 posted some articles, whether u believe in them or not is your problem .

    I simply stated that from the articles, it seems that India Infoline is invested here & amit001/nobody can produce any documents/balance sheet to prove this .

    I hope u get my point clearly & please STOP raising fingers on Moderators at the drop of the hat .
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  • Only somebody who has absolutely no knowledge of PE investments will try to refute these links for renowned websites.

    India infoline fund invests $20m in gurgaon, mumbai projects - AVCJ

    DealCurry.com : IIFL PE Acquires Stake In Mumbai And Gurgaon Housing Projects

    http://www.altassets.net/private-equ...es-i-fund.html

    Now its upto all sensible members, whether to believe it or not. Everybody on the forum is educated and will understand, whether these links are true or not.

    Its extremely funny that now people dont even believe news on the renowned investment websites.
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  • I am putting here 5 different news sources, all confirming the investment of Indiainfoline in Spire. Now if somebody says that he does not trust all these sources, then I would say that the person is biased completely and is just looking to settle scores:

    Live Mint - IIFL fund invests in Gurgaon, Mumbai - Livemint

    Indian Business Insight - Article: IIFL FUND INVESTS IN GURGAON, MUMBAI (has infused Rs115 crore in two... | AccessMyLibrary - Promoting library advocacy

    Asian venture Capital Journal - India infoline invests in real estate project - AVCJ

    Haryana Tribune - IIFL fund invests in Gurgaon, Mumbai | Haryana Tribune

    Askfinancial Annual Review - http://askfinancials.com/downloads/AnnualNewsLetter-2012.pdf

    Deal Curry - DealCurry: Spire World
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  • kya Amit ji , Kabhi Sadak ko leke justification dete ho kabhi Spire ko leke , Chhodo yaar , Aap paise kamaa rhe ho naa dono jagah , Logon ka kaam hai bolna........


    Kaam karne waale log zaada bolte acche nahi lagte.....Yaad rakhna meri baat ko , Khush rahoge
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  • Bhallaji I am the most unbaised member. I have investment all across ggn D way/SPR/GCX/NH 8 :) :)

    Two of these are based on your recommendations.
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  • Assess objectively without baing baised

    While I have been patiently reading through the various posts, I have to concede that the spire team should not be so uninformed. I also agree the branding is just not good enough to give prospective and current customers confidence on market presence. CRM being the way it is seems to be something that everyone seem to have taken in their stride.

    There are positives too such as escrow ac and pictures being sent with demand letter. Also the pace of construction is encouraging however the most important question now remains when and by whom will the new approch road be constructed.

    Anyone having this information should surely share for the benefit of others.

    It is important that the assessment of the situation be carried our in an objective manner rather than in a baised way. Afterall who are we trying to fool by doing this.... It is ourselves only :)
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  • Price reflects reality

    Over a period of time market forces tend to reflect the true price of the asset in question while short term aberrations are possible. The current situation has quite a few negatives including
    1. No access road to the project
    2. Hugely delayed project with investors having little faith in the builder
    3. Poor quality CRM and apparent lack of interest by the Company to do any PR to improve the image of the project or to instil investor confidence

    The current resale price of approx 4200 Rs per sq ft appropriately reflects a discount of 1000 Rs to the surrounding area which a situation like this deserves.

    To me the story around this project seems to be the following : Spire Millenium launched this project with local developers who failed to deliver. Work stopped. There could have diversion or misappropriation of funds which we are not aware of. Fresh Infusion of funds was required from Private Equity firms to continue the work wherein the likes of Edelweiss and IIFL came in. The Private equity firms have strict norms and look for a timely exit as any delays reduce the return on their equity.
    I would expect therefore that this project will get completed in record time from now providing the required exit to the PE firms. Won't expect too much on the quality of the project/construction and neither of the two PE firms are in this one to establish a brand name for themselves or the original promoters.

    So, don't expect too much from the promoters. However, as things move forward they will start reflecting in the resale prices and we all know that resale prices are the true reflection of the project value.
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  • The last two posts are a clear example of constructive criticism, which is very healthy for all stakeholders. Well written guys. You have shown the real picture of the project.
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  • yes that a good point.

    Infact spire does really very impressive marketing in their commercial projects but have put in virtually no effort in marketing their residential projects. I cant understand the reasons at all.

    See attached, some of their marketing campaigns for their commercial project. They looks good. I wish they would do something like this for their residential projects:
    Attachments:
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  • Boss - You were always wrong on the Indiainfoline point, which I have clearly proved wrong with proof from 6-7 different media sources. I am amazed you are still hung up on the same point.
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  • Happy holi to all Spire South investors. May this holi bring colors of prosperity and happiness to all.
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  • Visited the sight today after months and saw some visible difference. The pace of construction seems to have picked up however the labour was missing as the security gaurd mentioned that work has slowed due to holi and will pick up again next week onwards.

    Some more land adjoining seems to have been acquired and the recent update is that there will be 25 towers in all. The wheat produce is nearing harvest and then the land will be cordoned off.

    Need some of the informed members to suggest if there is any update on the approach road and timelines for this.

    Would anyone have a clue on why the times property does not record and publish the average price psf. It provides an indicative price for every sector apart from sector 68. Has it got something to so with the sector roads being absent.
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