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- Problem is it will be a 1-2 year long wait till matters get sorted out: lenders take control, auction off, new owner starts. Which means investors will lose their shirt.CommentQuote1Flag
- In a way it might turn out to be good as well although we will have to wait longer. This probably is the strategy of Niranjan et all to let this company in trouble. The investors from London will be forced to come out to some agreement as they cannot afford delays of Indian legal system so will settle for something (Bhagte chor kee Langothi bhali ...). Either Hiranandani or other big builiders like Lodha et all will ultimately buy the project as it will come cheap to them ....but what happens to the people like me who have bought buildings which are in Pre-launch stage ...nobody knows ...
All RM have so far been telling all izz well """"""""""""""""well was a quan ,,,CommentQuote3Flag
- Someone buys or not, the money is stuck. I am also one of the victim. Need suggestions how to get our money back. The project has gone in spin and will not get possesion till 2016-2017. Shall a group be formed to take the matter to courts??
Need help & suggestions.CommentQuote0Flag
- Hirco in deep trouble: Co defaults on 2 major township projects
Real estate firm Hirco seems to be in a major financial trouble. The company has defaulted on payments to lenders for two large Rs 1,000 crore township projects in Panvel and Chennai. The projects are now under threat of a takeover by banks, reported The Times of India today. Hirco, listed on the London Stock Exchange’s Alternative Investment Market (AIM), was set up in 2006 to invest in residential and commercial complexes. It has more than 66 million sq ft of development in the two township projects being built by its subsidiary, Hiranandani Palace Garden. Both the Panvel and Chennai projects are a joint venture with Hiranandani, one of India’s premier residential developer. According to the report, work on the project in Panvel, outside Mumbai, which is spread over 300 acres, has been stalled for the past few months.
Earlier this year, Tata Capital Financial Services had dragged Hirco’s subsidiary Hiranandani Palace Gardens to the court for defaulting on a term loan of Rs 76 crore. Tata Capital even demanded liquidating the Hirco arm and said that Hiranandani Palace Gardens is under financial stress and unable too meet creditor liabilities. The Tata petition requested the High Court of Bombay to appoint a provisional liquidator over Hiranandani Palace Gardens pending a hearing to appoint a liquidator and demanded that Hiranandani Palace Gardens be ordered to deposit Rs 82 crore plus interest in the court. The petition also alleged irregularities in connection with obtaining the loan from Tata and that the management should not be allowed to carry on its business any further as that will inevitably result in incurring further debts with no reasonable expectation and/or capacity to repay the same. The TOI report further pointed out that HDFC had advanced around Rs 500 crore in two tranches to the Chennai project jointly promoted by Niranjan Hiranandani and his daughter Priya, who stepped down from the Hirco board in December 2010. Ironically, Niranjan Hiranandani has even offered to buy out parent Hirco and has in the past claimed that he has nothing to do with Hiranandani Palace Gardens ever since he stepped down from the board. In October 2010, Hiranandani’s estranged daughter, Priya, had reportedly filed arbitration proceeding against her father and brother Darshan, claiming that they had violated a business association agreement involving commercial rights to real estate projects. The father and brother, however, made a counter claim, alleging that the fight caused them to lose out on business opportunities. In December 2010, Hiranandani had resigned as Chairman of the AIM-listed firm citing corporate governance issues, while his daughter had ceased to be the director on the Hirco board from September that year. 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.
- Tata Capital drags Hiranandani arm to court over Rs 76-cr loan default
All RM have so far been telling all izz well """"""""""""""""well was a quan ,,,
I completely agree with you...this is a well orchestrated by Niranjan who siphoned off investors money that HIRCO raised through AIM and then played key role in bringing Hirco to it's knees so that he can buy out this company at throwaway price.
I feel both Priya and Niranjan are part of this game with their primary motive being diverting investors money and they have succeeded in doing so. It is now obvious that Niaranjan will buy out these two projects.
The timing of Priya and Niranjans resignation was critical, both left at the right time putting all the onus on the poor investors and created hype that there was a family feud going on.
But anyways it can be a good news for investors, the only drawback being the waiting period which will be on a higher side now. All those who have done their registration and stamp duty are safe but not sure about Phase 2 guys as there were no approvals in place for Phase 2.
Well these are my views and I may be wrong....CommentQuote1Flag
- People please join hands and add comments on facebook page
We can only protect our rights if we are aware whats happening to our flats now. what is management decisionCommentQuote0Flag
- No one is now picking phone at HIRCO office ..have they closed the office???CommentQuote0Flag
Please connect on this facebook page, matter will not get resolved until we all get connected with each other.
I do not know what will happen to our EMI, as RBI has declared this as non performing assets(NPA).
Now we also stop EMI payment and wait or I do not know.
I am worried and need help of all the people advice.
Please let me know what others are doing.CommentQuote0Flag
- Originally Posted by NaharAmritI called them up. They said "Selene" would start in Jan 2014.
Not sure if there is any truth to that.
Please connect at facebook page
and let us know the update as what needs to be done now as news is work has stalled and their is no news when they will startCommentQuote0Flag
- lets plz join hands against this... and lets all meet up at HIRCO Office. To talk to themCommentQuote0Flag
- Originally Posted by deeguptalets plz join hands against this... and lets all meet up at HIRCO Office. To talk to them
Some noise needs to be created in front of their office to create negative publicity else they will not bother to respond to usCommentQuote1Flag
We are planning to go at HIRCO Office on wed 23 Oct. 10:30 AM. Please inform as many people who can come and be the part of talk with HIRCO Management.CommentQuote0Flag
- project was sold in 2008. Should have been ready by nowCommentQuote0Flag
Very sad to know the condition of HIrco & HIRA , when two cocks are fighting ,and People like us are getting churned.
Having known that Hiranandani is the most reputed builder in the country and we do appreciate your contributions to the industry so far for
delivering excellent townships. With this Impeccable reputation in mind we invested in your HPG project as we wanted hassle free transactions and peace of mind.
A professional approach, transparency in all dealings and timely possession were almost assumed when we booked apartments in HPG Panvel.
However the recent dealings with your company and recent reports in media are very much in contrast to above assumptions and the
investors are generally concerned about the future of this project and fear losing their hard earned money.
Therefore as an Investor & end User community of HPG Panvel
WHAT WE CAN DO:
1. WE CAN HIRE a LEGAL ADVISORY, for which we all can contribute money for this, and give them legal NOTICE.
2. Put all our concerns major concerns raised by us as an investors, & let them able to respond to the point on each one of these queries.
3. We shud meet with them in GROUP.
Following points can be covered; FOR PHASE_1 & PHASE-2
a) Is work in the project continuing as per plan..?
b) If no, what are you doing to resolve the issues.?
c) When is the work expected to commence again.?
d) How much delay is anticipated in the light of above.?
e) What is the model for comensating the buyers for the delay in handover .?
f) When are you planning to upload the latest video of the construction progress on your website.
g) Since there is delay in handing over , the clause of delay compensation also can be put from our side.
2. Start of phase-2 seems to be a moving target and the approach adopted by HIRCO so far has been very casual and different RMs have provided different dates for the same.
At the time of booking it was told that the work will commence by end of Dec-12 however now it is being told that it will not start untill end of Dec-13.
The phase-2 buyers are in dark and their money is stuck up in the project. Can you clarify the situation on phase-2 and provide a firm dates for the same
WITH NOTICE FROM LEGAL LAWYER;THEY HAVE TO RESPOND TO OUR NOTICE,in stipulated 15 days time.
We should be Interested in resolving the issues amicably for mutual benefits of buyers and Hiranandani.
However if the casual approach of apathy continues, we will have no choice but to form a public group
in social media to let all potential buyers know about the problems that we are facing.
The NRI group also can arrange a meeting with them, will also spread the word in their circle about the same.