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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

    Originally posted by RaviCbe View Post
    Almost 2.5 crores corpus fund is existing for every tower. Assn will have wood job to do for neat housekeeping and trouble free operation of utilities through AMC

    Around 8-10 lacs is the maint per month to be collected . Hectic task and job to do
    True. You people really have a hectic job to do. Complicated interms of administration but if each tower has it's own STP/WTP/Pneumatic pumps etc then the premium is really justifiable.

    I think here is where Hira scores high. Our own chennai Jain builders built a apartment by name sunderbans in Rajkilpakkam (Yes Raj's area ). The STP capacity was half the required capacity and the apartment complex was never as it was named. With water getting contaminated and sewage overflow. Offlate I heard the association has changed to new STP.

    I hope few chennai builders need to learn from the Hira and understand why it justifies premium.

    But said that UDS is

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    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

      Hira must be thinking UDS is so overrated in Chennai and let others learn from what I do. Many may not agree but that's the message they are keen in sending out with a touch of arrogance. There is no point in expecting a seller sell something which buyer wants badly but seller is not willing to - cede control via selling UDS. It shows the seller confidence that there are enough who can overlook and that size is sizable enough to address. It is a consensual transaction at the end of the day.

      I personally do not believe in UDS as a value(monetary) and in one of the projects I was interested, I was willing to let go of my UDS at discounted price(10-15% to the market) for those who are interested - may be crazy or impractical one!. Builder said it is not possible - builder was selling me quoting the UDS as the high point and I was arguing with him that it has no value to me - I am willing to relinquish the entire UDS to you or other owners at discount to the market price. I meant it and was willing to go by it if our apartment title structure had allowed it.
      Last edited July 2 2013, 02:36 PM.

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      • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

        Originally posted by maverick007 View Post
        Hira must be thinking UDS is so overrated in Chennai and let others learn from what I do. Many may not agree but that's the message they are keen in sending out with a touch of arrogance. There is no point in expecting a seller sell something which buyer wants badly but seller is not willing to - cede control via selling UDS. It shows the seller confidence that there are enough who can overlook and that size is sizable enough to address. It is a consensual transaction at the end of the day.

        I personally do not believe in UDS as a value(monetary) and in one of the projects I was interested, I was willing to let go of my UDS at discounted price(10-15% to the market) for those who are interested - may be crazy or impractical one!. Builder said it is not possible - builder was selling me quoting the UDS as the high point and I was arguing with him that it has no value to me - I am willing to relinquish the entire UDS to you or other owners at discount to the market price. I meant it and was willing to go by it if our apartment title structure had allowed it.
        If not too intrusive did Hira register the flat based on UDS or actual construction area?

        Overrated or not time will tell. My personal opinion land is what hold value/appreciate and apartment depreciates over time. If say after 60 years the building has to be demolished and rebuilt then who is going to come forward and rebuild it for free. If you think Hira is going to then all the best.

        For some builder to rebuild for free his profit is additional apartment he get to build. In Hira FSI is for entire 100 acres and owner gets land beneath his tower alone. Meaning each tower is already running multiple times FSI. Even the new builder cannot capitalize on Future FSI increase.

        Correct me I may be wrong?. 60 years maybe long but . .. .....

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        • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

          UDS vs DS

          How much % UDS is reasonable 27% or 37% etc etc.

          How much does one pay for UDS & How much one pay for DS etc etc.

          What is the component of DS? What is the cost base of DS and cost base of UDS?

          How FSI plays direct role on UDS?

          Above all question deserves a seperate thread.

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          • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

            I agree, UDS does not mean much - it is a parameter being used to justify the price of the flat - that's all nothing more.

            Even if the building collapses after 50 years, the owners in any case (UDS low or high) will have to get together and work out the modalities to reconstruct. The cost of reconstruction fund should be built over period of 50 years through small amount being part of maintanence (normally called sinking fund) - at the least owners will get the flat of carpet area that they had. Premium projects also go for building insurance for an extended period and premium is shared amongst all members basis ratio of their flat area.

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            • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

              Originally posted by srivat
              Overrated or not time will tell. My personal opinion land is what hold value/appreciate and apartment depreciates over time.
              I am not a owner in Hira. Your personal opinion of land holding value is true only if it is a land not when it is UDS. I can show umpteen examples of apartments > 25 years quoting at prices at 20% discount or more to market price of UDS land portion. Why is it not holding value? Because it is notional and more of a potential rather than a true value. In certain cases, that potential may never realize its full value during one's life time. I do not call something as an asset if I cannot realize value at my will.

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              • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                Originally posted by rsrsin View Post
                I agree, UDS does not mean much - it is a parameter being used to justify the price of the flat - that's all nothing more.

                Even if the building collapses after 50 years, the owners in any case (UDS low or high) will have to get together and work out the modalities to reconstruct. The cost of reconstruction fund should be built over period of 50 years through small amount being part of maintanence (normally called sinking fund) - at the least owners will get the flat of carpet area that they had. Premium projects also go for building insurance for an extended period and premium is shared amongst all members basis ratio of their flat area.
                rsrsin, Please read the news item below. it is true for any reconstruction project. And UDS is what determines what size you will get.

                Demolition and rebuilding gain momentum - The Hindu

                I have seen apartment demolished and reconstructed. And this can happen to capitalize on future FSI increase.

                One more thing I have seen people questioning regular maintenance charges itself, do you think they will agree for this. What if the owner sells halfway?. Does he not have the right to reclaim his contingency amount.
                Last edited July 2 2013, 04:37 PM.

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                • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                  Originally posted by maverick007 View Post
                  I am not a owner in Hira. Your personal opinion of land holding value is true only if it is a land not when it is UDS. I can show umpteen examples of apartments > 25 years quoting at prices at 20% discount or more to market price of UDS land portion. Why is it not holding value? Because it is notional and more of a potential rather than a true value. In certain cases, that potential may never realize its full value during one's life time. I do not call something as an asset if I cannot realize value at my will.
                  Mav, I completely agree with you that old apartment quotes less. The reason is because apartment value depreciates but land value appreciates (Rather moves with the market).

                  UDS is actually a owners portion of land. And it is for people who need self occupation place to live and cannot put front high cost of land in a developed location.

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                  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                    Mav, I completely agree with you that old apartment quotes less. The reason is because apartment value depreciates but land value appreciates (Rather moves with the market).
                    I am saying it is quoting less than the market value of UDS and discount ranges from 10-30% and 30 year old building component is free. Can the building value be negative ?

                    Markets do speak: It is a market way of saying I am not buying the redevelopment potential as much as seller wants me to believe - if it happens, I will be lucky - but give me a discount today for the low odds of realizing that value.

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                    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                      Originally posted by maverick007 View Post
                      I am saying it is quoting less than the market value of UDS and discount ranges from 10-30% and 30 year old building component is free. Can the building value be negative ?

                      Markets do speak: It is a market way of saying I am not buying the redevelopment potential as much as seller wants me to believe - if it happens, I will be lucky - but give me a discount today for the low odds of realizing that value.
                      I seriously doubt. UDS is mostly between 50 to 60% in old construction.

                      Let us say a new 1000 sqft house is quoting 1L (100 per sq ft only construction cost) and UDS is 500 sq ft with GV of 50 per sq ft for that area 2500 rs. Total cost is 102500. You are telling an old apartment of similar size and UDS is quoting 10% less than MV of UDS (i.e) 2250.

                      So new apartment is 1.25L and old apartment is 2250. Please send me the details, I am ready to buy such apartment.

                      This can only happen if the land value in that area has gone negative.

                      Correct my understanding.

                      I agree buying pattern depends on individuals and as I said earlier I am a fan of UDS.

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