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Neha Deshmukh
Horizon Iridia: My investment's future looks hazy
Moved into Horizon Concept Iridia last month, and honestly, thoda frustrate ho gaya hoon. Booking ke time jo total cost dikhai thi, possession ke baad usmein itne hidden charges add ho gaye hain. Maintenance costs toh sky-high hain, nobody told me about these before. Mera pura ROI calculation bigad gaya hai. Soch raha tha ki rental income acchi aayegi, but ab lag raha hai isse zyada toh EMI aur society charges mein hi ja raha hai. Builder ne brochure mein kuch aur dikhaya tha, actual mein quality aur service mein farak hai. Isse toh resale value bhi affect hogi na? Kisi aur ko bhi Horizon Iridia mein similar issues aaye hain? Kya karein ab, iska exit strategy kya ho sakta hai?
#horizon-iridia#hidden-charges#maintenance-cost#roi#resale-value
Comments
It's tough when expectations don't match reality, especially with such a big investment. The hidden charges are a common pain point across the industry. For exit strategy, you could try exploring rental options through property management firms, they might have better luck finding tenants who don't mind the maintenance if the location is good. Also, track the property prices in your specific tower/phase within Horizon Iridia on Propmyna and other platforms. Sometimes, a project might pick up value after initial teething issues. Don't panic sell immediately, try to ride it out a bit if possible, unless the financial strain is too much.
Before booking, didn't you guys do due diligence on the builder's past projects or read the fine print in the agreement? Horizon Iridia ka price range ₹47 L se ₹1.2 Cr tak tha, which is pretty standard for a project of this scale (720 units) in Noida. It's a completed project, so the issues should ideally be less than under-construction ones. Maybe the rental market itself isn't as strong as you anticipated?
Sahi baat hai U10. Due diligence karte hain, but builder itne clauses daal dete hain ki samajh hi nahi aata. Mere ek friend ne Ajayabpur mein ek project mein invest kiya tha, pre-RERA. Uska bhi yahi haal hua tha. Brochure mein bade bade gardens dikhaye the, actual mein ek chhota sa patch mila. Rental income toh chhodo, usko tenant hi nahi mil rahe the us price point par. Noida market mein rental yield expectations vs. reality mein kaafi gap hai, especially with so much supply.
Bro, fine print mein sab kuch clear nahi hota. Aur brochure photos, they are always misleading. Koi bhi builder apna project kharab nahi dikhayega. Plus, as first-time buyers, humein itna experience nahi hota ki kya kya dekhna hai. They exploit that lack of knowledge.
This is a serious concern about resale value. If so many people are facing these issues, who will buy it from us later? Noida mein waise bhi market thoda slow chal raha hai for resales, especially in areas like Alistonia Estate where new projects keep coming up. If the quality isn't what was promised, then the value will definitely take a hit. Mera toh pura investment plan hil gaya yeh sunke. Kya Horizon Concept ka track record pehle bhi aisa raha hai?
Bhai, can you elaborate on what kind of hidden charges? Like, society formation charges, IFMS, or something else? And when did you get possession? I remember this project was supposed to be delivered around June 2022. Was there any delay? This is crucial for us first-time buyers.
Exactly! They bait you with a good price, then nickel and dime you to death after you're trapped. It's a common builder tactic now. Frustrating!
Haan, jaise aapne bataya, society formation, IFMS, then specific charges for power backup connection, gas pipeline connection, even some 'convenience fees' for facility management. Possession date was indeed 2022-06-01. Mine was almost on time, but the post-possession shock is real. The project is fully completed with 720 units, so they have a captive audience now.
Oh man, this is exactly my fear! I'm still scouting for my first home, and hidden charges is the one thing that keeps me up at night. Horizon Iridia toh suna tha kaafi reputed project hai. Builder ne brochure mein sab smooth dikha dete hain, but reality checks like yours are so important. Thanks for sharing, it's a huge eye-opener.
Sahi keh rahe ho. Mera bhi aisa hi haal hua tha jab maine Alpha I Greater Noida mein flat liya tha 3 saal pehle. Maintenance charges initially told were ₹2.5/sqft, but after possession, it jumped to ₹4.5/sqft within a year! They said electricity backup, club charges, sinking fund - sab alag se lagenge. Iridia ka price range ₹47 L – ₹1.2 Cr hai, toh maintenance bhi ussi hisaab se hoga, but hidden costs are just not fair. Builder ko transparent hona chahiye.
Totally agree. Brochure mein sab gold dikhta hai. Ye hidden charges ka scene toh almost har project mein hai, especially after RERA. But Iridia mein itna zyada? Bhai, you should check their RERA filing (UPRERAPRJ6473). Sometimes, they list all charges there, just buried deep in the documents.