We were surfing through a leading classified recently when we came across a new offering by IREO called nuspark at South Gurgaon aka Sohna. South Gurgaon has been an area of our interest given the buzz it is creating in an otherwise slow Delhi NCR market. Recently a group of 11 builders did a joint campaign to promote South Gurgaon as a relatively affordable option to an expensive Gurgaon. In addition to these players, IREO, US$2 billion fund, with a track record of project development and delivery in Gurgaon, launched its new offering nuspark at Sector 4 of Sohna.
Sector 4 Sohna is little inside the main Gurgaon-Sohna highway towards the famous Damdama lake. Ahead on this road one can find Taj Gateway resort and later the Damdama lake. As per the plans a road is planned to link this area with Gurgaon’s sector 63, further linking it to Golf Course road. South Gurgaon, as described in our earlier notes, is coming up as a destination of choice for schools and colleges. Already KR Mangalam and GD Goenka operate here. There are other infrastructure improvements planned along side development of properties here.
Nuspark is redefining the way one thinks about residential spaces. IREO is known to create exclusive features in their projects and this one lives to their creativity. The apartments which are being constructed here are of 2 and 3 BHK with 9 towers in phase I (G+14 structures).
We spoke to the marketing team at the company and were told that core theme of the project is “fundamentals of living” – water, air, hygiene and electricity. We then went through the offering to understand what it all meant. The company is setting a project level water treatment plant (WTP) which will ensure clean water supply across all tap in the house. One would not need to purify the water again through RO treatment etc, moreover the taps and showers in the bathroom will provide only clean water. Imagine benefits of purified water for your bath, brushing and cleaning hands. To ensure fluctuation free power supply there are plans to install a Centralised Automatic Voltage Regulator (AVR) in order to avoid damages and accidents due to voltage fluctuations especially during the summer. In order to provide for clean air and ambience in the project IREO is building a specially reinforced basement slab of higher load bearing capacity to allow for an enhanced soil depth necessary for planting taller trees.
The provision of pre-laid conduits allows for easy installation of fibre optic cabling for fast internet speeds. As far as security is concerned, they have designed a 3-tier security system, comprising of entry gates with boom barriers, card access system in entrance lobby and basement lobby of each tower, and CCTV surveillance across main entrance gate, tower entrance lobbies and lifts. They are also using pre-fabricated Panasonic Unit Bath Systems (UBS) designed for enhanced seepage control. The range of features that comes along with it are glass panels for segregation of wet and dry areas within, false flooring design, easier plumbing and drainage system, anti-slip and quick dry-floors designed for quick drainage of water, fewer joint lines and smooth surface finishing among others.
The product overall looks futuristic – smart homes, gadget friendly, hygienic with great surroundings. Though it obviously comes at a price, as company has launched the product at about Rs. 5,400 per sq ft, the box price of a 2BHK will work out close to Rs. 90-95 lacs to begin with.
Ireo is a property developer, established in 2004. The first and one of the largest private equity funds, Ireo has been investing since 2004 through an offshore fund. Both as a financier and developer of its projects the firm is motivated towards execution. Their focus in on Delhi NCR (including Gurgaon), Punjab, Tamil Nadu and regions of Goa, and has approximately 4,500 acres of owned land. Till date, the group has launched 23 projects largely across Gurgaon, Mohali, Ludhiana and Pune. It has alliances with developers and operators like Ascendas, Panchshil, Grand Hyatt and Banyan Tree. IREO delivered Grand Arch in Gurgaon and is fairly advanced in several other projects