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I came to this forum to check the rates of HIRCO chennai and I saw a bunch of insults hurled at one another. I would strongly suggest we stick to issues, this forum is a fantastic forum to share opinions about the property market in india. Let's not insult the very foundation of what has been built by denegrating a community of investors looking to seek an honest conversation.
- For the benefit of the tribe ...pls do not rush into this project
Residential Projects/News in State Capital Region (SCR) - Page 89 - SkyscraperCity
Loan defaults stall two mega townships - The Times of India
Hirco claims to have more than 66 million sq ft of development in the two township projects being built by its subsidiary, Hiranandani Palace Gardens. Following the default, the residential township outside Chennai, the Hiranandani Palace Gardens, is under threat of a takeover by the lenders, TOI has learned.
HDFC had advanced around Rs 500 crore in two tranches to the Chennai project jointly promoted by Niranjan Hiranandani and his daughter Priya. (Both have since stepped down from the Hirco board.)
It is being built in three phases on an over-200 acre sprawl.
The lender has already classified the first tranche as an NPA (non-performing asset) and will classify the second tranche similarly. It plans to send a notice to the firm for repayment under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI).
If Hirco fails to pay up, HDFC will attach the Chennai property estimated to be worth several times the loan. The property would then be auctioned off. Market sources said one of the Hiranandanis may bid for it.
"Because of a family dispute, neither family member is willing to bring in the fresh capital required for the project. With RBI norms becoming stricter on project lending, there cannot be any progress unless promoters bring in money,'' said sources familiar with the development.
Early this year, Tata Finance Capital Services dragged the company to court for a term loan default of Rs 76 crore, and demanded the company's liquidation for non-payment.
Hirco's chief financial officer, Samir Shroff, did not respond to text message and phone calls seeking comment.
A Hiranandani Constructions spokesperson said, "Niranjan Hiranandani resigned from Hirco Plc around 22nd December 2010. This knowledge is in public domain. Hence the details of the companies, which you are seeking now, is not available with us." It is learned that Hiranandani has made an offer to buy out the company.
"It's a mismanaged company," said a senior executive who resigned more than a year ago. "A 1.75 million sq ft commercial building in the Panvel township is 75% complete. It could easily fetch Rs 500 crore."
Hirco, listed on the London Stock Exchange's Alternative Investment Market, was set up in 2006 to invest in residential and commercial complexes.
On June 27, chairman David Burton said in the company's half-yearly statement that progress on the developments appeared somewhat subdued with only moderate progress over the last 6 months. The company had said in its annual financial statement in September 2012 that the completion of both the Chennai and Panvel projects remained at least a decade away.
"While information flow on the projects remains unsatisfactory and we have no real clarity over who is really in control of the projects, what does seem clear is that completion will need substantial further investment of both equity and longer-term debt," Burton had said.CommentQuote0Flag
- Seeing some crap regional discrimiation posts here! People are not matured and still blaming a city for their hatred. Each city is different and has its unique character in its own way. I love chennai and chennaites. Greed is there is almost all cities in India. Please stick with the topic of the thread or mods should try to close this thread.CommentQuote0Flag
Those posts were almost 4 years old and members of this forum have chosen to ignore it for the right reasons .But why did you want to dig it out ? Let the past be past and move on.Originally Posted by nbalanSeeing some crap regional discrimiation posts here! People are not matured and still blaming a city for their hatred. Each city is different and has its unique character in its own way. I love chennai and chennaites. Greed is there is almost all cities in India. Please stick with the topic of the thread or mods should try to close this thread.CommentQuote1Flag
- Sorry my bad! I didnt see the dates. Thanks for pointing it out! I should start looking at dates. Hope I can remove my posting.CommentQuote0Flag
- Hi all,
Please note that there is already a thread running on Hiranandani Palace Gardens here https://www.indianrealestateforum.com/forum/city-forums/chennai-real-estate/5639-hiranandani-palace-gardens-house-of-hiranandani-oragadam-chennai?t=6689
We prefer not to have parallel threads running on the same topic as this dilutes the information shared. Request you all to repost your comments on the above posted link.