Announcement

Collapse
No announcement yet.

Hiranandani Upscale House of Hiranandani OMR Chennai

Collapse
X
Collapse

Hiranandani Upscale House of Hiranandani OMR Chennai

Last updated: October 10 2017
1893 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

    Originally posted by Economist View Post
    @Franke,

    The point I take from Value's post is:

    "Quality at that price point at that time"

    In other words around 5 years ago there weren't many choices for quality township at reasonable location at prices around 1C.

    5 years later, today there may be better choices and options.

    The Market will force Hira to change, modify and evolve.

    ----------------------------------------------------------------
    Hira is suitable for investors & owners with long term investment horizon.

    The real upside on investment return for Hira will only 10 to 15 years down the track and even that RoI may not out beat some astute low value, low quality & high risk Investments.

    Hira is for very long term cashed up investor who is lazy to hunt around and spend lot of time in acquisition.

    Not for:

    Some one who is up for profit under 15 years,
    some one worried about variations of 10% or 20% in cost.

    Someone who wants to limit annual property outgoings to below 40% of rental income.

    Someone who is keen to see consistent annual appreciation in value and not comfy with a few negative growth years.

    In other words not for active & conscious astute investors. They may do the run around and possibly find choice and turnover handsome profits.
    I agree with you. Hira- this project is not for ordinary buyers, its only suitable for black transaction people who never mind no return or negative return- to convert b to w. Unfortunately those kind of buyers are hiding as legal loop holes are plugged in.

    Hira changed spec and Mivan technology for Ph2 to control the damage, but did not reduce their mark up, they are yet to realise until they squeez their margin to reduce the price, hard to sell.

    Price premium is too much.
    Last edited September 2 2015, 04:51 PM.

    Comment


    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

      Originally posted by Franke View Post
      I will look at loan funding rate, not rental- maintnance etc....

      Why should i fund Hira at 2% for their delay?
      Delay did not give you the possession but the asset is all yours. So, the real net loss in financial terms due to delay is your rental value and how can you say you are losing 10% every year(loan rate) due to delay when the rental could have given only 2%?

      If the asset value did not go up, then it was an investment call gone bad.
      Last edited September 2 2015, 06:23 PM.

      Comment


      • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

        Originally posted by maverick007 View Post
        Delay did not give you the possession but the asset is all yours. So, the real net loss in financial terms due to delay is your rental value and how can you say you are losing 10% every year(loan rate) due to delay when the rental could have given only 2%?

        If the asset value did not go up, then it was an investment call gone bad.
        May be so...but Builder took the money ahead of time for the product supposed to deliver on time but he is holding the money without delivering the product by delaying it further without paying any interest. If there was a delay in payment from customers (lets say, 2 years or 5 years), I am sure builders like Hira will not be benevolent towards their customers with cheap penalty rates on top of their margins, luxury, premium, floor raising, transfer charges etc....

        Comment


        • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

          It is all made clear in agreement. Why enter in to agreement with such one sided contracts ? Avoid Hira. Everyone can. Nobody is saying Hira is a saint.

          What are you left with as alternative? Few or Close to none.

          Rest may be equally worse or slightly better but what you may gain in contract terms, you may lose on something else. When such things are common across the board in this industry, you still tend to gravitate to a builder for the reason mentioned in the two of the posts below:

          1. Excellent ambience, space, nice view and a clubhouse of international standard. Don’t think any other projects I know off in OMR can rival this
          I am not aware of another complex in Chennai or suburbs right now which would offer the same kind of space, amenities and quality of construction that this place does at this price point.
          Enough said.

          Now, you have a choice to keep harping on something which is not going away(delays, one-sided contract etc) or accepting the reality, make good with the best you can because you have a necessity to make a decision.

          Some do the former and the residents who posted did the latter.
          Last edited September 2 2015, 10:26 PM.

          Comment


          • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

            My View are:

            I won't mind paying. Premium for a quality product. However i would expects its delivery as promised. If they are sure they can't deliver in 5 years, let them alter the delivery period at the time of booking.

            I would expect a reputed builder like Hira to plan, monitor the execution,, factor in uncertainities and execute the work as promised both on quality and time. I would expect a clause in the contract in case of unexpected delay, Hira should pay Penalty at Hime Loan interest rate - Note cost of loan to builders are much higher than Home Loan rate. it isnot the question of what % they pay, it is taking accountability.

            None of the buikders take accountability why Hira? With more than 50% price premium to market price, with a such a good brand name, Why Hira should not own accountability for deliverables and for buyers money. We are not dealing with a small time builder at market price with minimum margin mark up, for the claim Hira is a premium builder, the product is best quality, accountability factor is the basic expectation of the buyers.

            As for as the quality is concerened another occupant has raised concern on cracks, leakage and average fittings,. On construction quality, we need more clarity and views from occupants to judge the quality of finish and can't carried away by one positive and negative views, geographical features, high rise, sea view, club house.

            Considering all these factors do Hira is a good buy? For majority of the buyers who expects quality product, timely delivery, a big no on launch or during progress. Those who want to badly grab a place in this community, the best option is resale RTM units, where one see the product, no waiting, no delay mental agony, no succking/ looting our money for builder's mistakes etc.

            By not booking on launch/under progress, do one miss the bus? - nothing to miss in this price stagnent market, plenty of resale offers available. This is not only for Hira, applicable for all those area where demand is less, supply is plenty, price stagnent. More Specifically for high cost inveatments like Hira.

            This discussions brought out - these succking builders over a period in planted in our mind and to believe - the below are normal, routine and part of apartment purchase, you have to go through it, - 2 year plus delay are regular, brand premium without accountability is part of it, no peanlty for delay is normal, one sided agreement is unavoidable, fund them and wait without questions, builders are dictators, buyers are their followers.
            Last edited September 3 2015, 06:45 AM.

            Comment


            • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

              Brand Premium associated with the 'brand pull' which has been built over years on various counts is one thing.

              To associate that with 'delay' and timely execution, when I pay such a premium, is our own making and a personal preference. No cure for such assumptions and only awareness can help. #1773 is a case in point on basics being reiterated and stressed. If one thinks that premium cannot afford delay, just avoid but it has nothing to do with the brand.

              Enfield bullet, which has become a rage for various reasons, has a wait time of 6 months. It is estimated and they make it very clear upfront and actual delay can be more. Now, to assume that when I pay so much for Bullet but Enfield cannot even deliver on time is ridiculous and to associate a delivery delay with the 'brand premium' is laughable. People who want certainty can always cough up 'grey premium' and own one and they may not get the color/spec they want.

              One or two views of the people who experienced the 'premium' are in much better position and will carry more weight than the 'notional' critics. Value of premium, as I understood with such brands, is realized only through experience. These experiences have made the negatives very clear as well and still shared what their overall experience is. Most of the negatives mentioned are during 'gestational' period and some today and one can see why their overall experience is positive.

              I have always held that Hira's value is in consumption experience
              and it need not come through ownership alone. Just not with these two posts, I have heard similar experiences from Hira outside of chennai and they are pretty consistent with my views and what these posts underscore. Hira's overall Chennai average experience may be much lower than the cumulative average(national), so long as it is with in the range, I don't see it impacting the brand.
              Last edited September 3 2015, 10:04 AM.

              Comment


              • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                I conclude, delay of two years, with 50% higher premium to market price, long execution period of 6-7 years is not worth investing in this project.

                If one wanted to experience the good quality, they can do it in a better way of renting an apartment ior buying a RTM unit.

                Buying on launch or under progress at such a premium price and enduring the delay, mental agony, ome sided agreement, no penalty for delay, builder succing the 95% and never care deliver on time etc are not suitable for the majority segment of ordinary buyers. Moeny B to W group can only through the money into sea - view. Those B segment is not active in RE now due to regulatory situations, so Hira is suffering with further more delay- more tough times are ahead for Hira with poor sales - that is evident from delayof Ph2, candellation of few towers in Ph2 and Ph3 under hold, Ph4 uncertain. The entire project will for for another 2-3 decades, by that time, ph1 will be 1-2 decade away from redevelopment.
                Last edited September 3 2015, 02:21 PM.

                Comment


                • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                  We heard the obvious. Now, what is your take on buying an RTM unit in Hira - nation wants to know after all these exchanges?

                  Comment


                  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                    Originally posted by maverick007 View Post
                    We heard the obvious. Now, what is your take on buying an RTM unit in Hira - nation wants to know after all these exchanges?
                    Good. Finally more or less conclusion drawn - Hira is not a good buy on launch or under progress due to:

                    1. Long scheduled execution period of 6-7 years
                    2. Delay over and above long execution period
                    3. Sucking 90% in 2-3 years and dragging from thereon
                    4. No penalty for delay
                    5. 50% premium but no relative link to execution/adherence to timely delivery

                    Now, on RTM units buy- if it is for one's own use :
                    I believe Ph1 comstruction quality is superior to Ph2 construction plan. Ph1 was done with double wall concept which i think can help on saving electricity- A/C - additional utility space. PH2 they changed the plan to Mivan technology, so Ph1 claim of certain advantage lost.

                    I am guessing why they changed the structural construction plan from Ph1 to Ph2?. It could be on two count - 1. construction cost reduction - but they did not pass on cost benefit to the buyers!! 2. Timely execution - this also was not achieved as Ph2 delivery is dragging in uncertainity and Hira failed on this count too.

                    In case if one like Hira style of living- buying RTM, the best option could be Ph1 units. In case one is not in urgency and not concerned construction method change in Ph2, they can wait to buy a unit eigther from builder or from resale once Ph2 towers are completed in all respect.

                    For those who want to invest and rent it out- expect a decent rentals - big no to Hira at this point in time - there are huge demand-supply mis-match, high cost investment for retal never good option with less than 2% rentals, 50% premium pricing of Hira over market price.
                    Last edited September 4 2015, 07:23 AM.

                    Comment


                    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                      So, you do recommend buying an RTM unit for Hira Style Living and I presume you do not see an alternative for similar class or may be you are unaware and hence going with Hira.

                      Is that your position?

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X