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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  • Originally Posted by iceemani
    for those who think Sraj001 as a aged person( i was one)..i had a chance to meet him once.to my surprise he is a young gentleman with great hospitality..

    He is a recent dad, his kid should be keeping him busy as many can observe his posts drastically reduced to literal zero.

    He is one of very few personalities who impressed me in the first visit.. imagine someone who has wisdom,action and boldness together it is Sraj001.

    For those who think iam a old person because of this post: i am younger to Sraj but my kid is elder to his Kid.;)


    Did you notice the smile next to the word age. That was an sarcastic comment to make sraj reply as we are missing his valuable suggestion here. :)

    I can judge he is young as he is cool and composed like me. :D ;) .

    Anyway good to know of him. I can understand how busy he is. Let him have a happy parenting time.
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  • Originally Posted by srivat
    Did you notice the smile next to the word age. That was an sarcastic comment to make sraj reply as we are missing his valuable suggestion here. :)

    I can judge he is young as he is cool and composed like me. :D ;) .

    Anyway good to know of him. I can understand how busy he is. Let him have a happy parenting time.


    i often miss sarcasm..many things r there out for me to learn.

    let me try one: srivat agree with you u r cool and composed, but young?
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  • Originally Posted by srivat
    Did you notice the smile next to the word age. That was an sarcastic comment to make sraj reply as we are missing his valuable suggestion here. :)

    I can judge he is young as he is cool and composed like me. :D ;) .

    Anyway good to know of him. I can understand how busy he is. Let him have a happy parenting time.


    IREF is becoming Facebook.. Itharkuthane asaipattai Balakumara or Srivatsa ?;)
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  • adapaavigala -- eanna vechu comedy keemedy onnum pannalaye --
    sorry to be missing the action -- i have a soon little one - not a recent dad but who keeps me very busy plus travel and work has taken my focus out of IREF for some time. plus also the market stagnation in chennai, but as im always scouting for decent deals with words of wisdom from Mav ( KEEP A LONG TERM FOCUS ;) ) nailed in my head, i posted a recent opportunity i came across in another thread.
    check it out

    Also have been looking in areas around padappai orathur adhanur corridor, not getting any good deals, Look at property plus in hindu , Jan 2013 it used to run 2 full and 1 1/2 page now total of 1/2 page for Residential Land section ( the only section i watch) and its full of crappy broker ads.

    Not finding good ones, thats the bottom line, but on the same token not searching hard as well, but as Eco said after deepavali margazhi maasam may be good time to hunt --
    come thai market may have some heat again .... atleast for a small momentum period ...
    My 2 cents
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  • plus also the market stagnation in chennai, but as im always scouting for decent deals with words of wisdom from Mav ( KEEP A LONG TERM FOCUS ;) ) nailed in my head, i posted a recent opportunity i came across in another thread.


    Busy dad is not bereft of Kurumbu and Kusumbu :).
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  • I got this by email. Don't know whether this passes the posting standard of this forum.. anyway here it is:


    Pre-Launch offer 'Tiana', Egattur, Chennai by House of Hiranandani, Rs 46 Lakhs onwards!



    A bounty of lifestyle experiences, breathtaking views of the ocean and the city that treats
    your senses, 2 & 3 BHK apartments with amenities and lifestyle crafted by the House of
    Hiranandani at Tiana in OMR, Chennai
    Attachments:
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  • Updates from a recent newsletter
    Attachments:
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  • Loan defaults stall two mega townships - The Times of India

    Residential Projects/News in State Capital Region (SCR) - Page 89 - SkyscraperCity


    Hirco claims to have more than 66 million sq ft of development in the two township projects being built by its subsidiary, Hiranandani Palace Gardens. Following the default, the residential township outside Chennai, the Hiranandani Palace Gardens, is under threat of a takeover by the lenders, TOI has learned.

    HDFC had advanced around Rs 500 crore in two tranches to the Chennai project jointly promoted by Niranjan Hiranandani and his daughter Priya. (Both have since stepped down from the Hirco board.)

    It is being built in three phases on an over-200 acre sprawl.

    The lender has already classified the first tranche as an NPA (non-performing asset) and will classify the second tranche similarly. It plans to send a notice to the firm for repayment under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI).

    If Hirco fails to pay up, HDFC will attach the Chennai property estimated to be worth several times the loan. The property would then be auctioned off. Market sources said one of the Hiranandanis may bid for it.

    "Because of a family dispute, neither family member is willing to bring in the fresh capital required for the project. With RBI norms becoming stricter on project lending, there cannot be any progress unless promoters bring in money,'' said sources familiar with the development.

    Early this year, Tata Finance Capital Services dragged the company to court for a term loan default of Rs 76 crore, and demanded the company's liquidation for non-payment.

    Hirco's chief financial officer, Samir Shroff, did not respond to text message and phone calls seeking comment.

    A Hiranandani Constructions spokesperson said, "Niranjan Hiranandani resigned from Hirco Plc around 22nd December 2010. This knowledge is in public domain. Hence the details of the companies, which you are seeking now, is not available with us." It is learned that Hiranandani has made an offer to buy out the company.

    "It's a mismanaged company," said a senior executive who resigned more than a year ago. "A 1.75 million sq ft commercial building in the Panvel township is 75% complete. It could easily fetch Rs 500 crore."

    Hirco, listed on the London Stock Exchange's Alternative Investment Market, was set up in 2006 to invest in residential and commercial complexes.

    On June 27, chairman David Burton said in the company's half-yearly statement that progress on the developments appeared somewhat subdued with only moderate progress over the last 6 months. The company had said in its annual financial statement in September 2012 that the completion of both the Chennai and Panvel projects remained at least a decade away.

    "While information flow on the projects remains unsatisfactory and we have no real clarity over who is really in control of the projects, what does seem clear is that completion will need substantial further investment of both equity and longer-term debt," Burton had said.
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  • The above matter is about HIRCO.
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  • Also if Hirco wants they can easily raise capital.

    They can just put plots and sell it for super high premium. They hold 300 acre, thats three times Upscale, or five times the residential part of upscale.

    Even tapping into the Villa market or Row houses will give them crazy returns.

    I think they want to hold the property for longer time so that they can get better valuation along with better development. Slow market is not helping them as well.

    They do not want to put money from their pocket nor want to sell huge parts of land.
    It was gamble that the area would develop on its own, both Oragadam and Panvel did not meet the expectations. Oragadam is flat for the last five years - no movement or pathetic returns. Township in a middle of nowhere without much assistance from the surrounding region is bound to have low appreciation.
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  • Looks like they are restructuring at the cost of overseas investors (alternate asset class mutual fund investor).

    Declare bankruptcy and other family unit buys back from administrator for a song.

    The end loosers will be overseas pention fund and mutual funds investor.
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  • Hi, anyone booked in sinovia recently? what are the charges that can be negotiated?
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  • Hi, is there anyone who has booked in sinovia? sharing your inputs will be very helpful.
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  • How did the Diwali sales go for HoH?
    Any latest happenings in upscale?
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  • looks like the bubble has burst. Not much activities in the forum for past few months. so should one wait and watch to buy a property for another 1 - 2 yrs? when will the market pick up again?
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