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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  • Cross posting K11 comment from oter forum


    Reflection Apts start at 2.5-3C onwards. So regular Hira is not a comparison at all. Totally different segments. Huge price difference.

    Reflections is a better speced out project then regular Hira. On par or even slightly better than Seagull, sea view will be awesome as it is much closer and Olympia will block out 750ft of property on other side so that the apt owners will have a good view from lower floors itself. The township will have much lower density with more green spaces around. They will also put a hotel and restraunt up front.

    Though Reflections>>Upscale, but ECR<<<<
    ECR properties have not appreicated a lot, future growth is also limited. People buy here as second homes for end use. There no big developments in ECR (office spaces), though social infra is improving. For first homes, do not go beyond Neelankarai.

    Reflections will be a perfect second home.

    OMR has everything going for it. IT companies are big driver. Prices in OMR will continue to rise.

    Olympia has other properties on OMR which would be better investment or end use.

    Olympia Panache in Navalur is the best Villa project in OMR, no other project even comes close.
    For Apts - Hira Seagull, Olympia Sky Villa and Akshaya Abov.

    Abov is the best project on paper but price is high around 6C. So probably will compete with big units in Seagull.

    Under 4C budget, Seagull and Sky Villas are good.
    Sky Villa is a small building, less than 20 units I think. So tough to get a higher floor in resale. But it is undervalued and there is good opportunity to get a good deal here.
    Seagull is the perennial favorite. 3C should be enough to get a 4-BHK here.

    You cannot go wrong with any of these three apt projects. There might not be any other luxury township outside of this. Hira has two more buildings in seafront. Marinas and Octavius I think. My bet is they will be signature line similar to Seagull.

    IREO will have fully equipped golf villas inside the Japanese Township whenever it happens. But prices will be above 10C. So totally different segment.
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  • Third para is important to note . Here only Reflection seems to be Attractive with Premium Spec for one category but naturally not worth to risk close to rough Sea by other category.
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  • Originally Posted by Arunag
    Cross posting K11 comment from oter forum


    Reflection Apts start at 2.5-3C onwards. So regular Hira is not a comparison at all. Totally different segments. Huge price difference.

    Reflections is a better speced out project then regular Hira. On par or even slightly better than Seagull, sea view will be awesome as it is much closer and Olympia will block out 750ft of property on other side so that the apt owners will have a good view from lower floors itself. The township will have much lower density with more green spaces around. They will also put a hotel and restraunt up front.

    Though Reflections>>Upscale, but ECR<<<<
    ECR properties have not appreicated a lot, future growth is also limited. People buy here as second homes for end use. There no big developments in ECR (office spaces), though social infra is improving. For first homes, do not go beyond Neelankarai.

    Reflections will be a perfect second home.

    OMR has everything going for it. IT companies are big driver. Prices in OMR will continue to rise.

    Olympia has other properties on OMR which would be better investment or end use.

    Olympia Panache in Navalur is the best Villa project in OMR, no other project even comes close.
    For Apts - Hira Seagull, Olympia Sky Villa and Akshaya Abov.

    Abov is the best project on paper but price is high around 6C. So probably will compete with big units in Seagull.

    Under 4C budget, Seagull and Sky Villas are good.
    Sky Villa is a small building, less than 20 units I think. So tough to get a higher floor in resale. But it is undervalued and there is good opportunity to get a good deal here.
    Seagull is the perennial favorite. 3C should be enough to get a 4-BHK here.

    You cannot go wrong with any of these three apt projects. There might not be any other luxury township outside of this. Hira has two more buildings in seafront. Marinas and Octavius I think. My bet is they will be signature line similar to Seagull.

    IREO will have fully equipped golf villas inside the Japanese Township whenever it happens. But prices will be above 10C. So totally different segment.


    During my look-out I did view Sky-villa and reviewed Abov, TVH Q and Reflections. Abov is pretty high on snob value because of invitation only ( If you visit with Cheque it may be a different question).

    Sky villa (19) and Abov (31) quite limited in number, may or may not be ideal for community or end-use living. Moreover v.high loading on both- Sky villa was quoted 6 Cr for BUP 6000 sq ft and Abov base rate 8.5k/sq ft for BUP 6000 sq ft. It leaves us with Reflections and Seagull.

    Reflections close to sea may (not) be their USP. I'm yet to figure out how they got CRZ clearence and as K11 already mentioned- it's a great weekend or holiday retreat. For working professionals I believe it's well ahead of its time.

    Seagull larger unit comes around BUP area of 8000 sq ft- it's massive and biggest of all I'm aware in Chennai and price starts at 8.5k/sq ft (34th floor) and final price may easily touch 8.5 Crs at today's price. 4 and 5 BHK what I believe would save Hira as they may have some life there. What I heard from recent discussion is that there's acceptance at ground level for 4 and 5 BHKs, but resistance for duplexes until model homes or marketing kick-starts.

    I may be leaning towards Hira for obvious reasons like Township development, School and Commercial activities. but they are just my assessments. But with respect to amenities more or less they are at similar level with each planning sea facing Gym/Spa, Entertainment centres, restaurants, 3 CCP etc..
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  • Originally Posted by Clairvoyant
    Sky villa was quoted 6 Cr for BUP 6000 sq ft


    Wow, that's crazy seems price has doubled. Sky Villa used to be 2.6C base when it launched and around 2.9C total.

    I was thinking it would be 4C or something like that now since the overall township did not turn out as expected.
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  • They have indirectly increased the pricing by way of increasing club membership charges to 3 lakhs & also no more Ftth charges seperately but charges of 1 lakh more as township development charges & they wont provide Tab anymore.
    Expect price increase by June.
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  • Originally Posted by k11
    Wow, that's crazy seems price has doubled. Sky Villa used to be 2.6C base when it launched and around 2.9C total.

    I was thinking it would be 4C or something like that now since the overall township did not turn out as expected.


    I reckon you may be referring to launch price in 2006/7. With furnished apartments + taxes+ overheads it should be in that vicinity before negotiation. Olympia need to deliver first before they command premium- Reflections will be good opportunity and hope they mend their approach and delivery.

    @Chandru- Had Hira released new prices? Will confirmation on closing down of Cremation Ground had any bearing for expected price revisions?
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  • The price was low even in end of 2009. I looked at Chennai market only from 2009 onwards. I wasted a year focusing on Blore. But I do not think prices went anywhere between 08-10. OMR was as flat, even Hira did not move a lot until 2010. Most of the Hira increase came from 2011 onwards. I saw Hira at 4200-4400 in late 2010. So a 60+% increase to now.

    I agree with you, they need to put a quality product on floor like Hira did before people can trust them. Opaline has got of bad reps. Bad finishes, I think they chose worse subcontractors. SkyVilla has to be much better, else Reflection will be dead on arrival. ECR markets has already slowed down considerably, I see a lot of Villas for sale.
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  • They never considered Cg , as an issue at any point of time.Had they thought in that way, they woudnt have hiked like what they did so far!!!!From what i understand the increase in Club membership etc is already implemented.Chennai office made Mumbai people to postpone further hike till June atleast!
    Originally Posted by Clairvoyant
    I reckon you may be referring to launch price in 2006/7. With furnished apartments + taxes+ overheads it should be in that vicinity before negotiation. Olympia need to deliver first before they command premium- Reflections will be good opportunity and hope they mend their approach and delivery.

    @Chandru- Had Hira released new prices? Will confirmation on closing down of Cremation Ground had any bearing for expected price revisions?
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  • they will be increasing as long as they have got buyers base... they will soon reach the breaking point...
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  • They will be increasing as usual 300-350 every 3 -4 months were the guess and reality too but last kike happened in 12 months was shocked and surprising to many.

    More surprise will be When they hike 1000-1500 in single attempt in next 6-9 months .
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  • Relevant for OMR in general:
    Head to South Chennai for bargains - Business Line

    If this is the case now, what is going to happen in the future with this non-stop supply of houses in thousands on this stretch...This will be a good bargain hunting ground for renters...
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  • Thanks for the info. Even I had stated CG is blown out of proportion, but got to appreciate people with their belief. Future price hikes- it can go either way, but had noticed Hira's pricing strategy in 2009- during peak recession they went ahead with it.

    Somewhere it got to hit the plateau- question is when?

    I do admire Olympia for their concepts and glad to see what they are trying to bring onto Chennai market, but sometimes one gets the feeling- they chew more than they can bite. I wish they deliver this time.
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