iamgsprabhu

Dear friends,

Hiranandani Panvel will be launching by next week at the rate of Rs 3600 psf on [super]builtup area.

I was reading through the new housing bill legislature passed by and was signed by Hon. VILASRAO DESHMUKH (Chief Minister) dated 23 July 2007, that builder have to sell the property on carpet area rate and not on builtup or super built up.

For those who are intrested in buying an apartment/villas/penthouse in Hiranandani panvel project please insist the builder to book on carpet area.

Here are the official link for Housing bill legislature:
http://www.maharashtra.gov.in/pdf/HPeng.pdf

Also see the very intresting article in Indian express about the (the Maharashtra Ownership of Flats Act, 1963,)
http://www.indianexpress.com/news/ol...ilt-up/366208/

This mail is just to educate investors and the individual buyers about the new option.

Regards

Rita Basu

Hello Mr G.S Prabhu
I tried telling the sales guys there at HIRCO about Mr Vilas Rao Deshmukh's declaration and that the sale should be on the Floor Space area. To that they replied that in that case the Per Sq Foot price would go up to Rs 5000 instead of Rs 3600.
What do you say to that?
Regards Basu.

iamgsprabhu

Good Morning Ms Rita,

First of all thanks for the followup on the matter. I truly appreciate that.

Even if the rate is Rs 5000 psf, it would be way less then Rs 3600 psf just do the maths.

Say there minimum sq feet they are selling is 1395 for 2 BHK.

so as per the Built up area calculation it is $3600 *1395 = 50,22,000 lahks
as per the carpet are calculation it is $5000 * 904.5 = 45, 22,500 lahks

so you have a straight saving of Rs 5 lahks.

also all the annual maintenence, registration and stamp duty will get you a saving of approx 2 lahks.

Hope that explain.

Regards
Prabhu

amit_2009

3600/psft in Panvel.. ah! I have the tajmahal and the howrah bridge to sell... such buyers please do contact me!

makaan99

too high a price for a project located in the outskirts of a city with little infrastructure to support such so called large township

divya

We are designing our new 280-acre Hiranandani Palace Gardens residential township in Panvel to be one of the foremost communities in Mumbai and the country.
Palace Gardens will feature primary and secondary schools; healthcare facilities; a hospital; community, sports, and entertainment centres; high-quality shopping facilities; a bus terminal; and parking sufficient for its population.
The preliminary master plan for Palace Gardens calls for 16.5 million square feet of residential space – a mix of flats designed to capture the increasing pent-up demand for these types of residences.
The large acreage allows for attractive, large open spaces with park-like settings and pedestrian corridors, offering a premium lifestyle at affordable prices.
In line with Hiranandani’s sustainable building philosophy, Hirco’s Panvel township will have a backup power substation, and its own water storage and wastewater treatment facilities.

amit_2009

1000/psft on carpet area would be a reasonable price to pay in Panvel... It is so far away from all civilization! I wonder how people are going to commute to Mumbai on a daily job!!!

divya

I too think its too highly priced

iamgsprabhu

it is very very expensive for Panvel, but it is our mistake that we encourage the builders to sell it at higher rate. If there are no buyers then seller will come down to the correct price and government should also curb on the price increase but introducing some strict laws.

devroop.dhar

All of Hirannandani's properties are high priced it seemed. The new one coming up at Chembur has been priced at 13,000 psf + parking etc. A 2BHK is coming to abt 1.6 cr. It's time they bring the prices down to a reasonable level.