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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 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.
    Wondering if UDS is of no value why should Hira hold it? Why it is not distributing it to the flat owners. Only justificaiton for this I am seeing in this forum is that Hira can maintain the common ammenities better without intervention of the residents. But the same can be achieved through some kind of agreement/ POA/ creating a leasehold after registering it to the owners rather than having it as a freehold all to itself.
    For me inveting in flat, I always look for maximum UDS as it is the undelying welath whcih you can pass it on to the next generation.
    Purchasing in Hira mean its only purchasing the buid up area i.e. it is similar to having the lease hold of the flat for its lifetime. We are not purchasing any assets here

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    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

      ..

      UDS will COME into play big time when new development happens such as
      1. Low utilisation of FSI during the construction and time and owners decide to utilise it NOW.
      2.FSI norms changes and hence plans to build more units.
      3. Demolishment and rebuilding..
      Owners get their share according to the UDS they hold.
      People DO give importance to UDS because of the above factors.

      This MAY TURN to be completely NOTIONAL for large GC , where
      1 . premium FSI used already
      2. difficult to bring everyone on consensus

      UDS has more REALISATION potential in smaller communities( 4/8/12 units).

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      • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

        Originally posted by srivat View Post
        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.
        This is a mindset change that is key else buying & living in apartments without having a holistic view of what one is getting into will not work for those individuals. One pays for the maintanence and builds corpus and the way it works in mature societies/associations is that the flat itself has a premium when the corpus for that complex is healthy as compared to any other in the same locality. So a owner who sells will be illogical to expect the new member to pay him his share of the corpus separately.

        Even if the UDS is low and say one building goes down, still I dont see why the one building cannot build a similar structure in the same land area for same carpet area.

        This is not at all similar or comparable to owning land and having a house on it. The problem arises when one seeks to find similarities to land ownership and tries to benchmark - that is not the case.

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        • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

          Originally posted by lookforhome View Post
          UDS will COME into play big time when new development happens such as
          1. Low utilisation of FSI during the construction and time and owners decide to utilise it NOW.
          2.FSI norms changes and hence plans to build more units.
          3. Demolishment and rebuilding..
          Owners get their share according to the UDS they hold.
          People DO give importance to UDS because of the above factors.

          This MAY TURN to be completely NOTIONAL for large GC , where
          1 . premium FSI used already
          2. difficult to bring everyone on consensus


          UDS has more REALISATION potential in smaller communities( 4/8/12 units).
          Agree to all but the last part. There are still some GC available which are having low FSI compared with what is applicable to the place. So it is more about value picking.

          Trend in any cities FSI norms are relaxed over time. And we are talking about realization of value over the lifetime of building. At that time probability is high to have better FSI.

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          • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

            Originally posted by ChennaiInv View Post
            Wondering if UDS is of no value why should Hira hold it? Why it is not distributing it to the flat owners. Only justificaiton for this I am seeing in this forum is that Hira can maintain the common ammenities better without intervention of the residents. But the same can be achieved through some kind of agreement/ POA/ creating a leasehold after registering it to the owners rather than having it as a freehold all to itself.
            As you have stated, the builder is not holding any UDS, they are using the FSI or buildable part of the land for building more structures, which may be amenities, school, commercial etc. So having more of UDS does not mean one has more asset - as till the time you live in the apartment you get are confined to your flat area.

            Also what meaning will UDS hold if the market does not respond like I thnk - ie provide more premium to where more UDS is present. The point being most of the buyer sentiments may be towards more UDS, however looks like projects like Hira is reversing the trend.
            Last edited July 2 2013, 05:12 PM.

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            • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

              I am a fan of UDS too and for that reason came very close to buying an unit in Akshaya Adair.(more than half a ground UDS on OMR road)

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              • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                Originally posted by rsrsin View Post
                As you have stated, the builder is not holding any UDS, they are using the FSI or buildable part of the land for building more structures, which may be amenities, school, commercial etc. So having more of UDS does not mean one has more asset - as till the time you live in the apartment you get are confined to your flat area.

                Also what meaning will UDS hold if the market does not respond like I thnk - ie provide more premium to where more UDS is present. The point being most of the buyer sentiments may be towards more UDS, however looks like projects like Hira is reversing the trend.
                They are using the FSI true. But waht about the rest of the land which are not allocated to the owners. Who is holding it?
                Right now we dont have another entity to compare with Hira in the same location/ nearby. If in future say another project comes up with similar brand name and provides better UDS market will go for which one -the one providing lesser UDS or the one which provides higher UDS? We cant compare Very High premium projects like Hira with a mediocre project and say market is not giving high value to the mediocre project even though it is providing the high UDS.

                I have not seen the legal docs of Hira. Those who have - can explain what kind of clause Hira is haivng in its legal docs with respect to the redevelopment rights?
                Since Hira is going to collect maintenance for the amenities it maintains - what clause is there in the agreement that will prevent Hira from charging exorbant charges. As far as the residents are concerend Hira is in a monpolistic situation in providing the amenities. So what clause prevents Hira from not exploiting the owners? Else you end up in a situation of paying very high premium for building such amenities and cant use it if you are not ready to accept the terms and conditions set by Hira for using it including the charges.

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                • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                  The problem with Hira (in distant future) that association cannot use the space to reconstruct the new structure with a suitable architect by buying out existing owners. For example if association able to negotiate a builder to reconstruct 10 acre GC from 800 numbers to 300, they can shell out the difference and do whatever they can so long remaining 500 owners agree to sign the deal. Whereas in Hira the space is too small and I am not sure whether Hira would even allow that situation...in reality you will be forced to go back to the builder. What if Hira mortgages entire land surrounding all towers and how the legal formalities in eventualities....it is really designed to be complex....But people paying premium to live there(owners or tenants) must be assured of good time.

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                  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                    Originally posted by srivat
                    I seriously doubt. UDS is mostly between 50 to 60% in old construction.
                    It was your belief and not reality. Check here and follow the thread. There was an apartment in T Nagar on Thirumalai Pillai road where the ask was 1.4C and had a UDS of close to 750 sq ft and it was < 25 years old. Land prices in the area goes for 5-6 cr/g with land on the main road going at high end of the range. In another 5-7 years, discount will widen.

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                    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                      Originally posted by rsrsin View Post
                      As you have stated, the builder is not holding any UDS, they are using the FSI or buildable part of the land for building more structures, which may be amenities, school, commercial etc. So having more of UDS does not mean one has more asset - as till the time you live in the apartment you get are confined to your flat area.

                      Also what meaning will UDS hold if the market does not respond like I thnk - ie provide more premium to where more UDS is present. The point being most of the buyer sentiments may be towards more UDS, however looks like projects like Hira is reversing the trend.
                      rsrsin, That is what I am driving to. The exact reply I gave for a post last week on Hira. Hira will be showing higher UDS for their commercial projects at the cost of residential owners expense.

                      Hira maintaining common amenities - They are not an not for profit organization. It is a means of revenue for them. But residents do not get control to chose their own facility management company which may provide better rate. Yes residents will get better service at a cost.

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