Hirco under deep trouble...Seems out of 14 Phases they have completed only 4 and today in news channel the customers were very distressful and they are going to sue the company...! Seems so much of hype ended with cries...!

Mostly Customer have paid about 8.5 Lakhs and not even a brick work have been started...! Too much of delays left the customers in lurch...! The project started way back in 2007 still seems to search light. On the whole the company is also charging 17% penalty if the customers are not paying their dues promptly.

Penatly to the already wounded customers...! These were the brief crying of the customers from the Bloomberg TV today in morning.

HDFC has already classified the first tranche as a non-performing asset and will classify the second tranche similarly.If Hirco fails to pay up, HDFC will attach the Chennai property estimated to be worth several times the loan.

Clearly once the property is attached it would be auctioned off. But given the slump in the market, it is likely that Hiranandanis may bid for it at lower valuation.
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  • I was about to be fooled during Sep 2008 just few weeks before sub-prime crisis. The sales agent started begging me to invest least in one bed apartment while he started selling 3 bed for 67 L + other expenses.....

    These life long under development projects always carry risk
  • @ramchi

    I had already posted this info about few months back that they are in trouble....it was in the newspapers too ...

    Even Srivat ( member) has posted this news 3 months back. People should have taken action then