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Hiranandani Upscale House of Hiranandani OMR Chennai

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Hiranandani Upscale House of Hiranandani OMR Chennai

Last updated: October 10 2017
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  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

    Viv
    My advice would be to check again and in detail with hira if ur plng to book in amalfi. There will be 2 different specs in amalfi. Buyers who have booked 1 or 2 yrs back will get imported spec as per model house if the agreement is signed and buyers booking now will get the downgraded version with vitrified tiles/ordinary fitouts/no semi modular kitchen etc.,same as tiana reason being they have struggled to sell amalfi units in the last 1 year. For this downgraded version there is no floor rise charge.
    The term coined by hira marketing team for this scheme is 'investor option'.
    Last edited September 9 2014, 11:48 PM.

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    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

      Sundar - ok. I understand what you are refering to now. Yes, a few months ago Hira came up with an Investor option which is a beaten down bare bone option which compares to that of Tiana. The way they relayed it was that an Investor had agreed to purchase 75 units and Hira would market them for the investor. If we were to buy as part of this plan, we would not have a choice on the exact apartment number and floor number as well. Also, if we desired better specs, we would have to pay for them separately. I was also informed that this is not something that is unusual. For many buildings in Phase 1, such options were provided for in the past. For instance, big five IT companies were among such investors. Such deals are struck by Hira with investor communities targeting units that are difficult to sell. In case of Amalfi, the ones facing OMR and smaller units. If I remember correctly, the units facing the sea are excluded from this investor option - which would be unit 1 and 2.

      Irrespective of this option, if one wants to pick a unit outside of the investor option, they could still do so. The difference between someone who had signed up 2 years ago versus now would be the following:

      1. Parking charges were baked in earlier, now they are extra - roughly 10 lacs extra
      2. They now provide 2 price options - with and without escalation charges. one would have to pay 300 more if you want to waive the escalation charges.
      3. 2% construction registration fee - thanks to chidambaram, folks now will have to pay this versus someone who had booked in 2012/early 2013 did not have to

      I had booked my unit in December of 2013. At that time, escalation charges were not made public. Hira sneaked in the escalation clause at sale agreement. There was a lot of uproar for few months over this. Finally most of us agreed to pay 300 additional per sqft and got the escalation clauses waived. Post this uprising, Hira came up with 2 pricing models based on escalation clauses. They decided to not jack up the base price but rather made the cost for car parking extra.

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      • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

        So they jacked up price from indirexct mode, car park and conditon of escalation/300 psqft. I could not understand why down grading of spec or as you put it two options? These complicated mode creates confustion to prospective buyers. I dont know why they complicate it at the time sale is stagnated.

        The only goodd offer is 25-75% flexible payment option for Edina and Bayview units, but at higher price levels - increased car parking charges, availability in higher floors. With this scheme, reduction on car park charges, floor rise charges could help then to boose the sales.

        They might face even more tough times under this market. Luxury segments face more impact during stagnant periods.

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        • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

          25:75 scheme is meant for OMR facing view flats only . In fact, they hiked car slot charge from 2.5 to 5 lacs and club House membership charge from 1.5 to 3 lacs . Floor rise increased from 40 to 45 comparing to 2009 to 2014 price.

          MIVAN technology initially mulled for TIANA was dropped and decided to go ahead with other Phase 2 FBD . Spec also is customized and final outgo will be like other Phase 2 flats at the time of collecting key

          25:75 offered for EDINA and BAYVIEW is not meant for ****01,02 for EDINA and 01,03 for BAYVIEW ****

          In fact Price got increased by 600 Rs per sqft for ****

          Those who booked 6 month back and paid 95% might have initially shocked over 25:75 but got surprise pleasure over this 600 Rs indirect appreciation as sea view flats are in demand

          For Bayview , it is getting hot for 01,03 as it faces direct Seaview with beach and ECR top view from 30th floors. From 38th floor, it is thrilling as if Beach is before your feet .

          Not tested 40th floor as slab casting is still on

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          • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

            So this is a clever strategy by hira to keep existing customers happy and to fish for new customers with sops + hidden hiked charges.

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            • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

              Originally posted by REC2013 View Post
              25:75 scheme is meant for OMR facing view flats only . In fact, they hiked car slot charge from 2.5 to 5 lacs and club House membership charge from 1.5 to 3 lacs . Floor rise increased from 40 to 45 comparing to 2009 to 2014 price.

              MIVAN technology initially mulled for TIANA was dropped and decided to go ahead with other Phase 2 FBD . Spec also is customized and final outgo will be like other Phase 2 flats at the time of collecting key

              25:75 offered for EDINA and BAYVIEW is not meant for ****01,02 for EDINA and 01,03 for BAYVIEW ****

              In fact Price got increased by 600 Rs per sqft for ****

              Those who booked 6 month back and paid 95% might have initially shocked over 25:75 but got surprise pleasure over this 600 Rs indirect appreciation as sea view flats are in demand

              For Bayview , it is getting hot for 01,03 as it faces direct Seaview with beach and ECR top view from 30th floors. From 38th floor, it is thrilling as if Beach is before your feet .

              Not tested 40th floor as slab casting is still on
              REC/Icemani,
              25:75 scheme is also applicable for SEA FACING apartments. I got quote for unit 2 in Edina which is SEA facing.

              In Bayview all the four units has sea view above 10 floor.

              But in both the towers availability is above 20 floors only.

              Another point car park charges increase, club house fee increase, floor rise increase was a increase done some time before, not in view of the 25:75 scheme. Those who had booked after increase of all the three items, paid 95%, should be surprised by the new scheme. Few others who booked earlier without increase of these three items but with hefty loan funding might also surprised by the new scheme.

              Exact numbers has to be worked out to see whether existing customers are affected or not, can't say generally. Entry price, floor level, funding pattern (bank or self), other cost all together will have to be worked out for both scenarios to see the impact for the old customers. Considering the long wait (old customer if so) might be slightly disadvantageous compare to new entrant. But once decided to book(early entrant) need not meticulously follow on future schemes, obviously to push sale, builder will resort to all kinds options, its good for existing buyers to see builder keep selling/completion - existing customers have to look at that from that angle.
              Last edited September 15 2014, 04:55 AM.

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              • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                On the question of whether existing buyers are losing out on some of the new towers, here is the quick comparison:
                Investor option was started on amalfi about 3 months back. One of the main objectives of this scheme was to push the sales of 2325 size 3 bhk options in Amalfi which was not moving. 3 months back, plenty of options were available in both flat 1 & 2 (partial sea facing) from 10th floor all the way to 32nd floor. 3 weeks back when i was at their office, flat 2 on higher floors were blocked (not booked) and flat 1 which will have narrow sea view was available up to 25 th floor. They claim it is closed now but If you have a cheque in hand and negotiate, you might get in the higher floors.

                Amalfi
                Those who booked earlier 2325 sqft flat assume on 25th floor:
                base price - 5750 rs/sqft
                escalation cost - 300 rs/sqft (all buyers were made to pay this irrespective of when you have booked or agreed to their escalation charges)
                floor rise charge - 1000 rs/sqft (45 rs/floor) for 25th floor
                No additional car park cost
                imported specs
                Total base cost - 7050 rs/sqft (excludes amentiies, regn, tax etc.,)

                Investor option (std specs) – no floor rise charge:
                base price -5200 rs/sqt
                escalation cost - 300 rs/sqft
                car park cost -430 rs/sqft (10 l for 2 car park)
                upgarding cost assumed - 430 rs/sqft (assuming 10l)
                Total base cost - 6360 rs/sqft (excludes amenities, regn, tax etc., which is a long fat list similar to Kamal’s MMKR oru kilo + 2 kilo….)

                Ppl who have booked 1 or 2 yrs back are losing ~15-20L if they have booked on 15+floors. This is on top of their 30% initial deposit sitting safely in hira’s bank account with no real progress on the ground for the last 1-2 years.
                Active ppl on this thread were giving regular updates on price increase. Now there is drop dead silence on this as expected when things are at stand still with no price rise for the last 1.5-2 years (rather it is going downwards). Please note Hira is no longer providing the option to upgrade on amalfi. If needed, you have to do it on your own after handover.
                I hope you are aware of the other additional charges and current maintenance charges that go with this. They charge 2000 rs/month for full use of club house (note even after paying this, the clubhouse is not exclusive for the community and open for public use by paying the monthly charges) and 3.75 rs/sqft as maintenance for Amalfi. Maintenance charges alone come to ~11000 rs/month for a 2325 sqft flat. This needs to be taking in to account if you are looking at it from an investment perspective. Your potential tenants will be limited to corporate houses and upper management given the high maintenance charges, choices people have along this corridor at present and even more in the future. Also note is there is no penalty if hira doesn’t deliver on time as committed which is ridiculous when they charge escalation charges. Amalfi is already delayed by more than 1-1.5 years.
                One thing which was very clear based on my discussions with their team is that things are stagnant and simply not moving. They r trying very hard to push sales. I spent good amount of time in my last trip and their marketing team was kind enough to take me through different towers at different floor levels for view and finish, club house facilities etc.,but if you ask them anything technical, they don’t have a clue. As of today,I think top floors on oceanic has got good views of back waters and beautiful blue sea from a distance. At the current price levels, this project is best suited if your work is based in OMR and for end use only. They admitted that the rentals are not going thru as expected and lot of aprts in phase 1 are still vacant. Best thing would be to go thru resale route.
                juz my 2 cents...
                Last edited September 15 2014, 05:09 PM.

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                • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                  Deleted
                  Last edited September 16 2014, 05:29 AM.

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                  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                    Hira is life style community, quality product, no doubt, but for luxury segment, which is very limited in Chennai.

                    After initial hype on sea view, first luxury township in Chennai suburban are over, they are strugling to sell. In the initial stage if you send a enquiry, marketing never bother to even reply. Now they are reaching out by phone almost every day, desperate to sell. It is difficult to find 1.5 cr plus buyer segment in this market. After Amalfi, Tiana quality scale down, escalation clause issues, quality,tag also slowly losing its color.

                    Like any other builder, they want to hold the price, so coming down with 25:75 payment scheme even disturbing the mood of the existing buyers. With the scale of the project, they might be coming with more such schemes, rubbing the existing customers, one need to expect that. For those initial buyers Hira completing the project should be the primary goal, rather than looking at the latest schemes. At any point affordability/pricing is the key.

                    With the current stage of poor sales, less tenancy in ph1, spec issues in the ph2 towers, it would be million dollor question on will they change ph3 plan? Conveniently ph1 and 2 sale agreement does not have any committment about overall layout plan and number of units in the layout, it would be one's guess what will turn out in ph3, ploted development, or Budget segment apartments or something else, its open.

                    There is great diconnect between Mumbai marketing team and Chennai. I was told by Mumbai team 25:75 payment scheme comes with 100% forfeit of paid amount if cancelled. Chennai team says the cancellation charges are as per regular cancellation clause.

                    They probably pacify the existing buyers saying 25:75 schenme is for OMR facing flats, but when prospective buyers contact, they clearly say it is for the tower Edina and Bayview, any available unit can be chosen including sea view units. They also say this scheme may be introduced to Sinoviya in future. They indicate from time to time they will introduce other (?) schemes to push the sales. It makes prospective buyers to wait for better schemes, which is obviously waiting down the road.

                    Introduction of 25:75 scheme must impact sales of Sinovia and new towers in the future, as extending this scheme in future for those towers would be obvious and buyer would think why he has to feed from day one, rather prefer to wait to see some development and flexible payment schemes. Launch lesser price does not give any advantage in long gestation projects - example Edina 4350 price 4-5 years before, with interest element at 10% approx. year over year is almost equal to current price of 6000 plus.

                    It would take another 1.5 decade for Hira to complete the entire 110 acre development, by that time Ph1 would have completed half of its building life.

                    Hira is only for end use, no doubt, but the big question is, Is there sufficient end user at this location, at this price, in this luxury segment? Another Hira kind of luxury township development launch near Chennai may take another 2 decades, not because no other builder can do that at this point in time, but because such market segment/size does not exist/very limited.
                    Last edited September 16 2014, 05:59 AM.

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                    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                      Originally posted by Haojin View Post
                      Hira is life style community, quality product, no doubt, but for luxury segment, which is very limited in Chennai.
                      Originally posted by Haojin View Post
                      With the current stage of poor sales, less tenancy in ph1, spec issues in the ph2 towers, it would be million dollor question on will they change ph3 plan? Conveniently ph1 and 2 sale agreement does not have any committment about overall layout plan and number of units in the layout, it would be one's guess what will turn out in ph3, ploted development, or Budget segment apartments or something else, its open.
                      Originally posted by Haojin View Post
                      Hira is only for end use, no doubt, but the big question is, Is there sufficient end user at this location, at this price, in this luxury segment? Another Hira kind of luxury township development launch near Chennai may take another 2 decades, not because no other builder can do that at this point in time, but because such market segment/size does not exist/very limited.
                      I think Chennai though not a big market for luxury buildings, but there are small amount of buyers. There are many projects in the city with comparable specs (although there is no sea view) which have been sold easily.

                      The question would be - are there buyers for luxury apartments outside the city in suburbs. If it is so hard to sell in white collar IT dominated suburbs of OMR, think about other suburbs. End users adoption is slow everywhere in current market.

                      I agree that there might not be another township like Hira Upscale in size & specs in suburbs anytime soon. But that itself will create some kind of demand being the best township in the area. Whatever the little end user demand for higher end apartments exists, they will have Hira on their shortlist.

                      My guess is Phase III would be similar apartments. If they are in a hurry to wrap it up, they can always make Villas which are much easier and faster to build. Though Villas will have lower FSI and lower saleable area, they can make it up with much higher prices than Apts. Something like Olympia Panache project on OMR. You can make 100 large Villas easily in a 15 acre plot and sell them for high prices.

                      The land is attractive at this location, plots are no way possible here. Especially when most of the township amenities like clubhouses, school, sports facilties and commercial establishment is being developed. When they did most of work, they are not going to quit in between. Even if they do not want to build, other builders will step in.
                      Last edited September 16 2014, 07:39 AM.

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