2016 would go down as a momentous year for the vast NCR real estate market. It wasn’t just the slowdown in sales which was a concern to a large section of realty players but the ever increasing consumer grievances pertaining to protracted delays in handover of residential projects. Only a handful of real estate developers operating in this region could keep the pace with project delivery, quality and commitments. IREO, with its four residential projects at handover and occupation stage now, has taken a giant leap in competitive league tables & diligently created a niche for itself in the millennial city of Gurgaon. Over the last 7 years IREO is one of the few players, nationally, who can claim to have built a trustworthy brand that resonates with buyers as well as its competition. With 1260+ residences already handed over and all its current projects seeing rampant progress, IREO stands unfazed by slowdown.
IREO is developing its ambitious township project – IREO City, a 600+ acre endeavour, at Gurgaon. Its current residential portfolio, at advanced stages, largely within the township, consists of – Grand Arch, Skyon, Victory Valley and Uptown. It is also developing residences at Ireo Corridors and Gurgaon Hills. Among these it launched a staggering 2500+ units and has successfully offered 1260+, nearly half of those launched, units for possession. Over 1000 families have moved into their respective IREO homes and others are in the process to do so. In the next two years its projects Skyon and Victory Valley will also reach completion. Such massive numbers were achieved in less than a decade of starting operations at Gurgaon and looking at the pace of construction at IREO project sites one can appreciate its dominant position in the industry and credit it with adding architectural landmarks to city’s growing skyline.
IREO : Residential Projects
IREO’s real estate ventures are all disruptive to the sector in various ways viz eco-friendly designs, expansive common & internal infrastructure and exclusive tie ups. One can easily find evidences of cohesive community living at the Grand Arch as well as Uptown, which saw nearly eighty percent occupancy within one year of handover. The interaction among residents is further enhanced due to flourishing amenities that foster – competitive sports, social gatherings, festivities and community events. Even for those investors who prefer to rent out their properties, IREO developments will be a big draw with potential tenants as these residential communities offer everything that a modern day family needs. Its commitment to futuristic designs, landscaping and abundant amenities is to be experienced at the completed projects of The Grand Arch and Uptown, and at its near completion residences – Skyon and Victory Valley.
All IREO projects feature low density living, plush yet functional amenities, smart home features and unique architecture. For example the Grand Arch, its first delivered residential project, boasts of the tallest residential Arch, has 755 dwelling units spread over a massive 21 acres. Its eclectic combination of mid-rise and high rise construction and prominent glass façade lends it an appeal that stands out in Gurgaon’s skyline.
Be it the driveways, the central and peripheral greens or the high speed elevators, a visit to this apartment complex is worth for every potential home buyer or investor before making his next real estate decision. Grand Arch’s 35,000 sq ft club house consists of a well-appointed sporting arena, multi cuisine restaurants, lounges, temperature controlled pools and globally-renowned salon & spa. IREO residences come with air conditioning and modular kitchens. Every unit has a potential for being a smart home with last mile connectivity of optical fibre provided by the developer.
At Ireo Skyon, which is seeing handing over currently, the developer offered its buyers a complete smart home experience.
IREO’s offerings at Gurgaon include residential plots to 51 storied residential towers, under development at the Victory Valley. IREO Victory Valley will cater to the specific needs of luxury, lifestyles and aplomb for the elite. Keeping pace with the timeliness IREO has begun handover of homes at Victory Valley as well.
IREO : Excellent Connectivity
Extension Road which is just off the Golf Course road will have speedier connectivity via the under construction – Rapid Metro & signal free road corridor upto Cyber City along NH8. Moreover, one can drive West on the Extension road and reach Sohna Road enroute NH8. The connectivity to rest of Gurgaon about to receive a further boost since the Southern Peripheral Road is nearly complete and would soon be linked to the Northern Peripheral Road (Dwarka Expressway). The metro link from HUDA Metro station through Golf Course Extension Road will also provide residents of IREO City and other ventures a fast connectivity within NCR.
This farsighted approach to land acquisition and timely construction is fetching IREO and its consumers well deserved rewards too. For example the Grand Arch units were launched at about Rs. 5,000 per sq ft, today the base price this project commands is approximately Rs. 10,000 per sq ft; such is the case with almost every development of IREO.
IREO : Construction Partners
IREO has a distinct proposition of being a foreign investment fund (FDI) turning into a developer in India. It isn’t the first time someone tried it but it is hard to think of any other player who has achieved similar success.
Being unique in that regards IREO institutionalized systems, processes and practices, unlike many other players in this region of NCR. Even more interesting is the fact that the developer has efficiently distributed the construction contracts with stalwarts in the industry including Larsen & Toubro, Shappoorji Pallonji, BL Kashyap among others. By doing so it has de-risked itself from being excessively dependent on one contractor. This practice of partnering a marquee contractor separates IREO from hundreds of other developers in the region who rely on relatively unknown construction partners. To achieve high standards of quality and delivery, reliable contractors are a must and this aspect is well covered by IREO.
Several developers of Gurgaon are facing the heat of market slow down and have made little progress on their projects, some even abandoning construction, but IREO remains on track by partnering dependable contractors and through meticulous project management. Beyond Gurgaon, IREO is developing a 500 acres township “Waterfront” at Ludhiana, a kind of development that in unparalleled in the northern state of Punjab.
IREO City, Gurgaon
IREO City will be developed as an exclusive neighbourhood featuring branded residences, offices, retail and hospitality offerings from global majors – Hyatt, Ascott, Trump and Hines. In addition an elegant shopping experience is coming up at the IREO City Central. IREO is thus establishing itself across all segments of realty assets – offices, residences, SEZ and Hospitality and catering to a wider segment of upper middle class and those in higher echelons of India’s economic strata.
IREO’s various residential projects are well sandwiched between Gurgaon’s fast growing commercial districts of Cybercity leading into Golf Course Road, Extension Road and Gurgaon-Faridabad road; all this in the backdrop of the protected Aravallis, whose views can be relished from several projects. Occupiers of its various developments will thus be able to enjoy the true global township experience of walk to – school, work, shops, recreation, etc.
IREO’s competitive advantage also stems from the fact that it owns the most prime and well-connected land parcels at Gurgaon.
IREO was a little-known name when it launched the Grand Arch in the year 2010, but today a drive along the Extension Road abounds in IREO’s delivered and under construction projects. As discussed earlier, IREO’s promise can be experienced at its ready and under construction projects. Healthy investment returns, sophisticated living and value proposition of its creations justifies “The Big Multiplier”, its tagline. At this pace of project delivery IREO will out do its competitors very soon, having already differentiated itself from many in the market.