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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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  • Hiranandani Upscale House of Hiranandani OMR Chennai

    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.

    Happy forumming

    be the change you want to see in the world
    Last edited August 16 2015, 03:26 PM. Reason: Text Capitalisation
  • #2

    #2

    Re : Hiranandani Upscale House of Hiranandani OMR Chennai

    Thanks! I agree to keep all discussion in one place, I hope Hira marketing folks in this forum will cooperate and divert prospective buyers to this thread so that it will be easier for me to take on these marketing agents in one place instead of fighting with them on multiple fronts

    Comment

    • #3

      #3

      Re : Hiranandani Upscale House of Hiranandani OMR Chennai

      Originally posted by k11 View Post
      Professionally run service apts and short term rentals might not experience high degree of cannibalization with regular apts. If Hira starts service apts, it will not be less than 75K-1L/pm for a 2-bhk and 40-50K for 1-bhk. These service apts will not affect the 25K long term 2-bhk rentals. Completely different price bracket, different service levels and different customer.

      Taj hotel also runs service apts. There are many other examples in city. They do take away some business from hotels.

      OMR might face a rental glut, but Hira would still be on top of any renter's list in the Siruseri area.
      How can you compare Taj hotel in heart of city with an apartment in remote suburb?

      Correction: Hira's rental is not 25k for 2 BHK but 25k for 3 BHK of size 2000+ sq ft size.

      Your statement that Hira's one bedroom service apartment will fetch 50,000 pm is just a pure conjecture. I doubt if anyone will pay such high amount when there is such an enormous glut on the supply side. They would rather take for rent a 2 BHK normal Hira upscale unit for 15k per month. Also service apartments will pull away corporate demand from regular rental units for sure as corporates can book units in just-in-time basis and no longer have to permenantly keep a unit ready for temporary relocated staffs.


      I agree Hira's Rs 10-15 psf rental is better than Rs 8.5-10 rental of Mantri or L&T Eden park, but what about the yield? Hira's cost of ownership is way higher than difference in rental amount? Does it make investment sense to buy a Hira apartment instead of a normal high-end apartment in same locality? A old 2 BHK apartment in city will fetch better rent than Hira upscale for much lower price.

      There is a deliberate effort to market Hira as better than other apartments by stating that they'll fetch more rent. The truth is slowly coming out in the form of rental ads.
      Last edited December 17 2012, 06:14 AM.

      Comment

      • #4

        #4

        Re : Hiranandani Upscale House of Hiranandani OMR Chennai

        Below data from L4L is a noise or an outlier in statistical terms (taking one or two ads or neighbor whispers without proper qualifiers). Rental values differ for sizes and level of furnishings. Its not worthy of any discussion and let alone, a bad start for a new thread.

        Usually, politicians have a team to pick such outlier data for stage speech to gain a brownie point against the grain. This is no different.

        Mav

        Comment

        • #5

          #5

          Re : Hiranandani Upscale House of Hiranandani OMR Chennai

          Mav,

          Nothing personal, I don't have any issue with people buying Hira upscale unit purely with end use in mind. There is nothing wrong in anyone aspiring to lead a kingsize lifestyle.

          I'm merely wondering if it has any investment value. If someone spends crores to buy an apartment and rents it out for 25,000 or 35,000 pm, it is suicidal.

          I agree there is an opportunity to tap high end rental market, but can all thousands of owners do so? Considering other copy cat projects like Akshaya Abov, Olympia reflections, etc.. posing direct competition. Hira themselves won't lose opportunity to tap the high end rental market, they'll surely build hotel and service apartments targeting them.

          Also Chennai is not a financial hub, leave alone Siruseri. High end tenants are going to be limited unlike Mumbai or Delhi.

          Comment

          • #6

            #6

            Re : Hiranandani Upscale House of Hiranandani OMR Chennai

            Hira upscale

            L4L, Again & again your are giving wrong information.Please tell me in which tower of phase 1 Hira has 2000 + sq ft of 3 BHK.THE MAX SIZE IS 1759 SQ FT.Also let me know where did u find 3 bhk for 25 k with Hira???Please provide correct info.In case if u r not sure plz dont give wrong info.
            Also note, as more & more people take delivery, for sure you will find more rental postings.
            Originally posted by Love4land View Post
            How can you compare Taj hotel in heart of city with an apartment in remote suburb?

            Correction: Hira's rental is not 25k for 2 BHK but 25k for 3 BHK of size 2000+ sq ft size.

            Your statement that Hira's one bedroom service apartment will fetch 50,000 pm is just a pure conjecture. I doubt if anyone will pay such high amount when there is such an enormous glut on the supply side. They would rather take for rent a 2 BHK normal Hira upscale unit for 15k per month. Also service apartments will pull away corporate demand from regular rental units for sure as corporates can book units in just-in-time basis and no longer have to permenantly keep a unit ready for temporary relocated staffs.


            I agree Hira's Rs 10-15 psf rental is better than Rs 8.5-10 rental of Mantri or L&T Eden park, but what about the yield? Hira's cost of ownership is way higher than difference in rental amount? Does it make investment sense to buy a Hira apartment instead of a normal high-end apartment in same locality? A old 2 BHK apartment in city will fetch better rent than Hira upscale for much lower price.

            There is a deliberate effort to market Hira as better than other apartments by stating that they'll fetch more rent. The truth is slowly coming out in the form of rental ads.
            Last edited December 17 2012, 11:04 AM. Reason: mistake corrected

            Comment

            • #7

              #7

              Re : Hiranandani Upscale House of Hiranandani OMR Chennai

              The advertisement came in Hindu property plus dated 15Dec'12. Here is exact text:

              "Hiranandani semi furnished 3 BHK 15th flr, 25k fixed"

              There is no mention of tower, I assumed unit size must be 2000+ sq ft.

              What is the smallest 3 BHK unit size? This would help calculate the rent per sq ft range.

              Also this is the amount owner is asking, the final negotiated price may be lower than this.


              There are few more rental ads but this is the only one with expected rental amount.

              The last time I saw a rental ad with expected amount specified was on 03'Nov. It was for 2250 sq ft sea facing top floor unit. The owner was expecting 45,000 per month.

              In both cases I find the rental yield very low. If this is the situation today, I don't see much hope in the coming years as more and more supply comes up in OMR.

              I see a grim picture for all projects, including my own investment in Sobha Meritta and not just Hiranandani upscale.

              Comment

              • #8

                #8

                Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                There is no mention of tower, I assumed unit size must be 2000+ sq ft.
                Above is ludicrous. When one presents the data and concludes, should the above base be covered at the minimum? One should avoid discussion on his rental comparison like a plague and allow L4L to extend his flushes. L4L's intent is loud and clear. L4L has no respect for meaningful data nor its credibility.

                What is the smallest 3 BHK unit size? This would help calculate the rent per sq ft range.
                Above is gall. You already concluded with half-baked and ill-intended data and when confronted you pose the question back to them asking for the real data? It can't get more ridiculous than this.

                Mav
                Last edited December 17 2012, 12:33 PM.

                Comment

                • #9

                  #9

                  Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                  Dear Mav and L4L,

                  At this stage, the point is not the accuracy of the numbers but the fact which is attempted to justify using the data. My take on this is summarized as follows
                  1) Is Hiranandani expensive?- yes it definitely is and is of premium market
                  2) It is worthwhile to invest in it if we are intending to live there presently or in near future (say few years from now). In that case, we can rent it out for few years without worrying much about its returns.
                  3) Is Hiranandani a pure investment project? i.e we intend to invest only hoping its rental benefits and resale value? – this am not sure and agree with L4L that we may not have that much demand for high rented buildings in Chennai , that too in Hiranandani area..Its too early to predict resale worth as the trend of RE is in transition stage, where people actually start focussingon brands. In 2007, we never cared about amenities or builder, as long as the requirements are met and if the documentation is right, ppl were happy. Now its different. So I think its difficult to project the brand value and resale value now.
                  4) For NRIs and ppl outside Chennai, Hira is definitely an attraction as the transactions is easier, whereas the resale or other smaller projects (which are the best options for investment point of view) is difficult to scout when we are physically away from city.
                  5) To conclude, So I think Hira may not be the best choice only from investment point of view. Now the next question is, are there other equivalent or better choices in the vicinity and budget.. ?? Am sure about the budget that we can get many choices in that range. So the question now boils down to specifics.. If you are interested only as an investment, what do u need to consider? Locality? Amenities? Rental etc?

                  Comment

                  • #10

                    #10

                    Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                    You are absolutely right, if someone is looking at purely investment and rental return perspective, I think reasonably reputed builder projects nearby Hira would be better at this state. Eg, XS Real Siena. They offer better UDS, no EWS units, sea view and better rental return.

                    Olympia reflection, though not launched yet, also looks impressive. It is a real sea front property on ECR unlike Hira upscale which is a backwater apartment complex. Pricing is expected to be 4000 psf if I'm not wrong.

                    I'm sure there are several other similar projects which offer better investment returns (Olympia Opaline, TVH Ouranya bay, etc...).

                    Comment

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