Dear friends,

Hiranandani Panvel will be launching by next week at the rate of Rs 3600 psf on builtup area.

I was reading through the new housing bill legislature passed by and was signed by Hon. VILASRAO DESHMUKH (Chief Minister) dated 23 July 2007, that builder have to sell the property on carpet area rate and not on builtup or super built up.

For those who are intrested in buying an apartment/villas/penthouse in Hiranandani panvel project please insist the builder to book on carpet area.

Here are the official link for Housing bill legislature:
http://www.maharashtra.gov.in/pdf/HPeng.pdf

Also see the very intresting article in Indian express about the (the Maharashtra Ownership of Flats Act, 1963,)
http://www.indianexpress.com/news/ol...ilt-up/366208/

This mail is just to educate investors and the individual buyers about the new option.

Regards

This mail is just to educate investors and the individual buyers about the new option.

Regards
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  • Please take note.

    Hello Mr G.S Prabhu
    I tried telling the sales guys there at HIRCO about Mr Vilas Rao Deshmukh's declaration and that the sale should be on the Floor Space area. To that they replied that in that case the Per Sq Foot price would go up to Rs 5000 instead of Rs 3600.
    What do you say to that?
    Regards Basu.
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  • Thanks for the follow up

    Good Morning Ms Rita,

    First of all thanks for the followup on the matter. I truly appreciate that.

    Even if the rate is Rs 5000 psf, it would be way less then Rs 3600 psf just do the maths.

    Say there minimum sq feet they are selling is 1395 for 2 BHK.

    so as per the Built up area calculation it is $3600 *1395 = 50,22,000 lahks
    as per the carpet are calculation it is $5000 * 904.5 = 45, 22,500 lahks

    so you have a straight saving of Rs 5 lahks.

    also all the annual maintenence, registration and stamp duty will get you a saving of approx 2 lahks.

    Hope that explain.

    Regards
    Prabhu
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  • 3600/psft in Panvel.. ah! I have the tajmahal and the howrah bridge to sell... such buyers please do contact me!
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  • too high a price for a project located in the outskirts of a city with little infrastructure to support such so called large township
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  • Hiranandani Palace Garden - Panvel

    We are designing our new 280-acre Hiranandani Palace Gardens residential township in Panvel to be one of the foremost communities in Mumbai and the country.
    Palace Gardens will feature primary and secondary schools; healthcare facilities; a hospital; community, sports, and entertainment centres; high-quality shopping facilities; a bus terminal; and parking sufficient for its population.
    The preliminary master plan for Palace Gardens calls for 16.5 million square feet of residential space – a mix of flats designed to capture the increasing pent-up demand for these types of residences.
    The large acreage allows for attractive, large open spaces with park-like settings and pedestrian corridors, offering a premium lifestyle at affordable prices.
    In line with Hiranandani’s sustainable building philosophy, Hirco’s Panvel township will have a backup power substation, and its own water storage and wastewater treatment facilities.
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  • 1000/psft on carpet area would be a reasonable price to pay in Panvel... It is so far away from all civilization! I wonder how people are going to commute to Mumbai on a daily job!!!
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  • Palace Garden - Hirnandani

    I too think its too highly priced
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  • I agree

    it is very very expensive for Panvel, but it is our mistake that we encourage the builders to sell it at higher rate. If there are no buyers then seller will come down to the correct price and government should also curb on the price increase but introducing some strict laws.
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  • All of Hirannandani's properties are high priced it seemed. The new one coming up at Chembur has been priced at 13,000 psf + parking etc. A 2BHK is coming to abt 1.6 cr. It's time they bring the prices down to a reasonable level.
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  • Folks .. I have been following this forum for quite a while now .. my only conclusion .. prices are not going to reduce .. its Game, Set, Match to the builders .. they have very smartly used modern media to have us in a bear hug .. instead of going time and again to builders' offices and returning disappointed that rates have not decreased, its better that we all bite the bullet and enslave ourselves to paying off the EMIs .. believe me .. there IS no other way .. the Builder / Banker / Broker cartel just can't be beat, we are helpless against them


    Originally Posted by iamgsprabhu
    it is very very expensive for Panvel, but it is our mistake that we encourage the builders to sell it at higher rate. If there are no buyers then seller will come down to the correct price and government should also curb on the price increase but introducing some strict laws.
    CommentQuote
  • Folks .. I have been following this forum for quite a while now .. my only conclusion .. prices are not going to reduce .. its Game, Set, Match to the builders .. they have very smartly used modern media to have us in a bear hug .. instead of going time and again to builders' offices and returning disappointed that rates have not decreased, its better that we all bite the bullet and enslave ourselves to paying off the EMIs .. believe me .. there IS no other way .. the Builder / Banker / Broker cartel just can't be beat, we are helpless against them ..

    And, forget the Govt doing anything .. WE .. the middle class of India are a non-entity to this Congress govt .. our votes do not matter and have no significance for them, so they will not give us any attention .. not unless if you live in an illegal shantly, in which case they will go all out to allot you a SRA apartment and such .. so let's not even bother

    Originally Posted by iamgsprabhu
    it is very very expensive for Panvel, but it is our mistake that we encourage the builders to sell it at higher rate. If there are no buyers then seller will come down to the correct price and government should also curb on the price increase but introducing some strict laws.
    CommentQuote
  • Best of luck for becoming builders' slave.

    Originally Posted by Kimmig
    Folks .. I have been following this forum for quite a while now .. my only conclusion .. prices are not going to reduce .. its Game, Set, Match to the builders .. they have very smartly used modern media to have us in a bear hug .. instead of going time and again to builders' offices and returning disappointed that rates have not decreased, its better that we all bite the bullet and enslave ourselves to paying off the EMIs .. believe me .. there IS no other way .. the Builder / Banker / Broker cartel just can't be beat, we are helpless against them ..

    And, forget the Govt doing anything .. WE .. the middle class of India are a non-entity to this Congress govt .. our votes do not matter and have no significance for them, so they will not give us any attention .. not unless if you live in an illegal shantly, in which case they will go all out to allot you a SRA apartment and such .. so let's not even bother


    Best of luck to you! We don't want to become slaves of builders & banks for next 15 years. It is much better to rent. I can rent a much better & larger place than pay EMIs for pigeon sized flats.

    If you are aware, look around & see how buyers pressure is working. You need to check property rates at South Mumbai & builders like Orbit Corp.
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  • Hiranandani Palace Garden - Panvel

    Last I heard was that they scrapped the project. Anyways that price for panvel is really crazy...I know of a better project with a reputed builder almost half the price. Lot of my family members and clients have booked it.
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  • hi

    which project you are referring to?
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  • Originally Posted by pramod_menon
    Guys! Please note that since Hiranandani Panvel is a SEZ project, the flats are on a 99 year lease. You DO NOT own the flat. You will be leasing it for 99 years.

    You can google and check the difference between a Leasehold and hold property.

    Check the below link for more info.
    ]http://www.p2m-group.com/faq.php

    I always wondered, what happens in case of a building on leased plot.
    - After the 99 years lease has expired, who has to renew the lease.
    - Till then, is the lease in the name of the builder or the society
    - Is the cost of renewing a lease as high as purchasing the land
    - What if the lease is not renewed?
    - As the cost of land just appreciates, does this mean that you basically lose money as you live. If you sell when the lease has only only few years remaining, do you just get the price of the construction.

    I presume most people do not think of these questions as 99 years is a long time but I am just asking for sake of curiosity.

    I always wondered, what happens in case of a building on leased plot.
    - After the 99 years lease has expired, who has to renew the lease.
    - Till then, is the lease in the name of the builder or the society
    - Is the cost of renewing a lease as high as purchasing the land
    - What if the lease is not renewed?
    - As the cost of land just appreciates, does this mean that you basically lose money as you live. If you sell when the lease has only only few years remaining, do you just get the price of the construction.

    I presume most people do not think of these questions as 99 years is a long time but I am just asking for sake of curiosity.

    I always wondered, what happens in case of a building on leased plot.
    - After the 99 years lease has expired, who has to renew the lease.
    - Till then, is the lease in the name of the builder or the society
    - Is the cost of renewing a lease as high as purchasing the land
    - What if the lease is not renewed?
    - As the cost of land just appreciates, does this mean that you basically lose money as you live. If you sell when the lease has only only few years remaining, do you just get the price of the construction.

    I presume most people do not think of these questions as 99 years is a long time but I am just asking for sake of curiosity.

    I always wondered, what happens in case of a building on leased plot.
    - After the 99 years lease has expired, who has to renew the lease.
    - Till then, is the lease in the name of the builder or the society
    - Is the cost of renewing a lease as high as purchasing the land
    - What if the lease is not renewed?
    - As the cost of land just appreciates, does this mean that you basically lose money as you live. If you sell when the lease has only only few years remaining, do you just get the price of the construction.

    I presume most people do not think of these questions as 99 years is a long time but I am just asking for sake of curiosity.
    CommentQuote