No exclusive thread for Hiranandani Upscale OMR project. Thought of creating one so that we can follow the developments, Rental yields, Issues and other topics.

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  • Originally Posted by k11

    There are many better places in city for that money.

    Paying Rs 20,000 per sqft in the core city area, it gives rental return even less
  • When prices start cracking beyond Rs 40-50 Lakhs, options becoming wider and wider across spectrum and less competitive irrespective of the location, quality and other aspects.

    For end use it makes sense to go for a premium (without Kanchana factors) in good locations but for investment, the buyer is even more clever in avoiding expensive non-performing ones!

    HIRA milked the buyers through transaction charges (Rs 500 each side) without having to complete the project. With recent regulation demanding registration of construction agreement, this practice may not be in force.
  • Originally Posted by lovebirds43k
    Paying Rs 20,000 per sqft in the core city area, it gives rental return even less

    I think you misunderstood me.

    20K psft in resale market is the rate in posh streets of city.
    Alternatives to dumpyard and marshland areas, are not posh streets.

    All I was saying is that there are better places to invest in city than paying 9500+ for a second hand Ceebros boulevard. For a threee bedroom, we are talking about 1.75+ crores.

    For that money you can a good get second hand flat in many places in city.
    Might not be in posh streets, but there will be something for sure in better locations.

    I am not going to comment on whether OMR rents are more or city rents are more.
    It might be true.

    But for end user perspective, I would not put this much money in such areas,
    Others in the forum might think this is a deal, not me.
  • I know there is a NEW 3 unit community in heart of the city (3 bed 2250 sq ft) KGS for nearly Rs 12,500 psqft (negotiable)
  • Originally Posted by maverick007
    What is ailing Hira on the returns front is a much different issue.

    Area chosen by Hira was way too early for development where Hira style premium can not flourish/command especially for a staid city like Chennai. They tried a Powai and were proved wrong. Sobha did the same mistake. Prestige learnt from them and avoided the same mistake and got it nearly right with Bella Vista. Prestige Downtown is very atypical of how Prestige chooses their location - but they learnt the taste of Chennaites and adapted quickly :)

    If Hira had picked up a location in the first 12KM of OMR stretch, they could have commanded any price for their brand. Ceebros launched Boulevard in 2010 at Rs 5250 which quotes at > 9500 today. Hira thought of milking the brand to the hilt and took a chance on a dirt cheap land bought for 10L/acre which makes the land cost a non-factor and thought of making a killing.

    Certain brands have to get the placement right to realize the premium and cockiness of the brand premium gets to them sometimes and this is what happens.

    The current natural calamity has proven everything wrong.

    Velachery is completely a flood disaster zone now. Seeing messages from many apartments in Velachery on facebook, whatsapp, etc for boat service, milk etc

    Kotturpuram which is a posh location inside the so called CBD is flooded badly. Even one real estate builder living in Kotturpuram has moved to 2nd floor of his house as it's flooded upto 1st floor in Kotturpuram.

    Surprise is many premium gated communities located in OMR road after sozhinganallur have done well during this storm with sufficient backup power, availability of vegetables, milk etc. and people in this gated communities are able to work from home because they have power and wifi. (off course there are 2-3 bad apples like mantri synergy and vijayashanthi lotus pond which are badly impacted). However most premium Gated communities in OMR at Navalur, Padur etc have done relatively well. Time for people in low lying areas like Mudichur, Tambaram etc to atleast consider moving to some good gated communities in OMR (again gated communities which are on OMR main road not interior locations).
  • rkscomments;- Wait for Tsunami to will run back to interiors.
  • It is a known fact that Chennai was never prepared for a natural calamity it faced in December '2015. We have come across many people who were affected indirectly, in a sense, their house was safe but the locality was under water! Hence there is no point in blaming a particular project when the basic infrastructure fails miserably.

    Let us sincerely hope this is a one-off time and never get repeated!
  • What is the current resale value (realistic) of Brentwood 2 bhk?
  • When the Tiana project was launched for sale at early stages, the flats were sold without any escalation clause. In escalation clause, HOH would charge extra for construction material price rise. This is variable and not controllable by buyer. Those who are buying now, escalation is mandatory. But buyers who bought at early stages are being forced to accept escalation although no such term was agreed. Just unprofessional business, no ethnics.
  • Hi all,
    I am planning to invest around 1.2 Cr and found couple of properties in heart of Chennai city ( 1000 + Sq ft) and Hiranandani (1970 sq ft). Of course 40% will be bank loan. Could you help me with the pros and cons of investing inside the city with less square ft apt (USD around 600 SQFT) and Hiranandani?
  • A year back, I had given a strong positive feedback to the hiranandani community in Egattur, Chennai. I think it is time to set things right and take back my words. Hiranandani is clearly a no go right now given what is happening with the school right now. I happen to own a place in this complex - community and everything else is good but the way they have messed up regarding the school and continue to shirk responsibility wrt school going kids appearing for 10th and 12th and the quality they are delivering now compared to the first phase apartments it is clearly a wait and watch for now. Anyone worth their salt should not be participating in a business that is run by such unscrupulous people with no sense of responsibility and for the quality that they will receive. Compared to what was delivered in the first phase the current phase projects should be approached with caution - 45 floors in place of 28 floors i.e. 40% increase in FSI for the same common amenities/areas, common area (lobby) flooring for new apartments blocks that look worse than a third grade builder's flats, floorings and fittings inside apartments that have fallen a notch from their initial phase etc.