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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  • Originally Posted by realebuyer
    Hi,

    You can certainly register your apartment provided your building has approvals in place....can you tell me the current status of your building?
    Basis this I will be able to tell you if you an go ahead and register as there were some buildings which were launched in phase 1 but approvals are not in place for them and that is the reason why there is no plinth in place for these buildings....

    Malkotia,
    There are two options for you:
    1. Either you wait for Hiranandani to take over these projects as stated by Mr. Mistry CEO HDFC in todays earnings call of HDFC
    2. Or get some legal help if there is no response from HIRCO


    What did Mr misery say. Can you please share script if possible.
    CommentQuote
  • We have options as file a caveat to HDFC/Courts for taking our views and intetrest in consideration while liquidating the company Sunny Vista Realtors Pvt Limited. Please note that the money paid by investors is to Sunny Vista Realtors Pvt Ltd, not HIRCO plc or HIRCO.

    Sunny Vista Realtors Private Limited (SVPL) was incorporated in May 2006 and is owned by two Mauritius-based companies viz.
    ‘Burke 3 Ltd.’ and ‘Burke 4 Ltd.’ Burke Consolidated Limited owns all the ordinary shares in these companies (along with Burke
    1 Ltd and Burke 2 Ltd), entitling it to 60% of any residual profits. Burke Consolidated Limited is owned by the Niranjan
    Hiranandani family.

    SVPL is developing a multi-service SEZ in phases spread over 139.83 hectares of area at Panvel, Raigad, near Navi Mumbai.
    Under Phase I, residential and commercial area is being developed over around 36 hectares of land. The under-construction
    Phase-1 has a total saleable area of 35.89 lakh square feet (lsf) comprising 11 residential towers covering saleable area of 21.50 lsf
    and two commercial buildings with saleable area of 14.39 lsf.

    So it is a web of transactions and hard to decode. Going to courts seems to be the only option..
    CommentQuote
  • Email From Sunny Vista !

    Dear Customer,

    You have probably read some media reports regarding Loan recovery proceedings being initiated by our bankers.

    We would like to bring you up to speed on what is ongoing at the project.

    You are aware that large integrated Townships, like the one we are developing, have long gestation periods with high cash inflows for basic infrastructure in the initial period. Unfortunately, the recent downturn in the Indian Economy and the Real Estate Sector has put financial strain on the cash flows for many such projects, including ours.

    Further, we have invested substantially in Commercial Buildings that are almost complete, but not yet leased, resulting in no cash inflows from this huge investment. This has added further strain to the cash flows.

    We are in touch with PNB, UCO Bank, Andhra Bank and LIC Housing Finance Ltd (Project Financing Companies) explaining the situation. We have explained to them that their actions are uncalled for. They have visited our Project Site and have expressed their satisfaction at the facilities created so far. However, the banks need to allow the company to build the flats and reschedule the loans, since neither party will lose in the long term. Such an approval from the bank is not forthcoming. The company is corresponding with the bank in this regard.

    We have requested the banks to co-operate and help us fulfill our obligations to our Customers and also fulfill our obligations to them. We will continue our efforts with these Institutions and will keep you posted.

    We wish to assure all our customers that the Company remains committed to deliver the flats to its customers and will continue to do everything possible, under the circumstances.


    V Suresh
    Director
    Sunny Vista Realtors Pvt. Ltd.
    CommentQuote
  • Originally Posted by ashuny


    V Suresh
    Director
    Sunny Vista Realtors Pvt. Ltd.



    V Suresh
    Director
    Sunny Vista Realtors Pvt. Ltd.


    Dear, All, FIRST OFF ALL WHO IS THIS SURESH?
    NO COMMUNICATION FROM RM's ?????
    these are type of mail which e expect from them in view of slow down,
    If we slow down paying DEMAND NOTES then what answer will be?

    I am sure, TRUST BOND to build will take time,

    I have few queries;

    1] PHASE-1 buyers saying flats not still registered, how its possible when already 3/4th buildings are ready, with CC pending...?
    2] PHASE_2; When they can register their flats? as investors have paid already 20 %.
    3] How bank can take guaranty of the huge project when already the fight in between 2 cocks and no one knows where the LIBRA will go which side.
    4] HOW can we get approximate date of CC of PHASE-2,as already PHASE-1 CC & handover is not yet done.
    5] If at all AUCTION done, & HIRA takes over project;MR. HIRA will
    deliver the project , ONLY TIME WILL DECIDE.

    BHUSAHAN,MALKOTIA all are hibernating what r yur views.

    savvy_v;)


    Dear, All, FIRST OFF ALL WHO IS THIS SURESH?
    NO COMMUNICATION FROM RM's ?????
    these are type of mail which e expect from them in view of slow down,
    If we slow down paying DEMAND NOTES then what answer will be?

    I am sure, TRUST BOND to build will take time,

    I have few queries;

    1] PHASE-1 buyers saying flats not still registered, how its possible when already 3/4th buildings are ready, with CC pending...?
    2] PHASE_2; When they can register their flats? as investors have paid already 20 %.
    3] How bank can take guaranty of the huge project when already the fight in between 2 cocks and no one knows where the LIBRA will go which side.
    4] HOW can we get approximate date of CC of PHASE-2,as already PHASE-1 CC & handover is not yet done.
    5] If at all AUCTION done, & HIRA takes over project;MR. HIRA will
    deliver the project , ONLY TIME WILL DECIDE.

    BHUSAHAN,MALKOTIA all are hibernating what r yur views.

    savvy_v;)
    CommentQuote
  • This guy V suresh is a big shot in Hirco....his mail is full of bluff....put him behind the bar
    CommentQuote
  • Originally Posted by ashuny
    Dear Customer,

    You have probably read some media reports regarding Loan recovery proceedings being initiated by our bankers.

    We would like to bring you up to speed on what is ongoing at the project.

    You are aware that large integrated Townships, like the one we are developing, have long gestation periods with high cash inflows for basic infrastructure in the initial period. Unfortunately, the recent downturn in the Indian Economy and the Real Estate Sector has put financial strain on the cash flows for many such projects, including ours.

    Further, we have invested substantially in Commercial Buildings that are almost complete, but not yet leased, resulting in no cash inflows from this huge investment. This has added further strain to the cash flows.

    We are in touch with PNB, UCO Bank, Andhra Bank and LIC Housing Finance Ltd (Project Financing Companies) explaining the situation. We have explained to them that their actions are uncalled for. They have visited our Project Site and have expressed their satisfaction at the facilities created so far. However, the banks need to allow the company to build the flats and reschedule the loans, since neither party will lose in the long term. Such an approval from the bank is not forthcoming. The company is corresponding with the bank in this regard.

    We have requested the banks to co-operate and help us fulfill our obligations to our Customers and also fulfill our obligations to them. We will continue our efforts with these Institutions and will keep you posted.

    We wish to assure all our customers that the Company remains committed to deliver the flats to its customers and will continue to do everything possible, under the circumstances.


    V Suresh
    Director
    Sunny Vista Realtors Pvt. Ltd.



    You mean to say that you took out the money which investors invested in HPG to put it in commercial real estate?
    CommentQuote
  • This is without a shadow of doubt a Ponzi scheme of the construction industry; collecting money for future towers to keep the creditors at bay. The banks are flexing their corporate muscle and will seek recovery of their dues, via laws which protect them to the fullest extent. Investors and end users have been misinformed about the full nature and extent of these projects. These projects have been marketed as Hiranandani Projects........which they are to a certain extent but in addition the other equity owner is a London listed entity Hirco Plc........which raised circaGBP350million many years ago. These shareholders want their money back too! So in an intriguing game of chess between the Plc shareholders, the family and their own game of chess, it is individual investors who may end up being the pawns which are sacrificed.
    CommentQuote
  • So, in my humble opinion, I see the game playing out as follows: banks will go for liquidation, no doubt, liquidator will be appointed.....strangely a Phoenix will pick up the projects in a nice clean company with no issues. This would remove the Hirco Plc problem, so one of the biggest creditors would be removed subject to a lot of legal wrangling! But who is the new owner, we'll my friends......I leave you to exercise your own judgements. The banks are happy, the new owner is happy and end users continue to make payments. A cynic would say this is a carefully engineered and choreographed piece of financial wizardry but all by the book!!

    ,
    CommentQuote
  • CommentQuote
  • Vikas123, this is corroborative evidence, the hdfc CEO video, of the game that is unfolding.........as he said "auction will be taken up by one of the family members"".........watch and wait game.......the other interesting quote was that it was a "technical default".
    CommentQuote
  • Originally Posted by Viking
    So, in my humble opinion, I see the game playing out as follows: banks will go for liquidation, no doubt, liquidator will be appointed.....strangely a Phoenix will pick up the projects in a nice clean company with no issues. This would remove the Hirco Plc problem, so one of the biggest creditors would be removed subject to a lot of legal wrangling! But who is the new owner, we'll my friends......I leave you to exercise your own judgements. The banks are happy, the new owner is happy and end users continue to make payments. A cynic would say this is a carefully engineered and choreographed piece of financial wizardry but all by the book!!

    ,


    The email from V Suresh is the most vizard email that one can imagine.... When so many builders are delivering projects successfully, HIRCO is hit by slowdown in Indian economy and real estate.... He invested all money in commercial without getting even a single customer ...(What a business sense) .... They are reasoning with banks that "we have defaulted on loans,,but please try to understand,,, don't ask for your money ....."

    And most weird ....asking investors to keep quit ...we have screwed up and will continue to screw you up ,,but please keep quite ....I have never encountered with a more professional company than this ...

    Surprisingly he had mentioned about PNB, LIC etc but not HDFC who is liquidating the assets.
    CommentQuote
  • When auction is done any company which pays best price will get HIRCO. How come he knows that one of the family members will pick up this? Also that the land is good security is good etc ..all this is scripted ...
    CommentQuote
  • Malkotia - precisely my point...........deals have already been done!!!
    CommentQuote
  • Viking ,,yes ..only thing we don't know is if retail buyers are there in their script or not??
    CommentQuote
  • Originally Posted by malkotia
    When auction is done any company which pays best price will get HIRCO. How come he knows that one of the family members will pick up this? Also that the land is good security is good etc ..all this is scripted ...




    Malkotia u are absolutely right.
    One of family has formed this company assets thrugh overseas.... somehow their terms & conditions failed with HIRCO,
    had it been reversed as everything wud have gone smooth.... NO ONE CUD HAVE QUESTIONED HIRCO....ITS MAN MADE DISASTER,made between HIRCO/HIRANANDANI..... and we have to suffer....

    MY 3 quick VIEWS;

    1] SEA SAW GAME is over from HIRCO now.
    2] SHARE HOLDERS and people doing business with HIRCO ,and off course RE GIANTS overseas will realize that its not easy to fool INDIANS in INDIA,
    & They have to listen & come to agreement with INDIANS IN INDIA for business partnership. They cant dictate RE GIANTS IN INDIA FROM OVERSEAS.
    3] Overall NPL {NON PERFORMING LIABILITIES}needs to be tackled by BANKERS which issued loans & has become guarantees for project,

    3 people hand in HIRCO...

    a) PEOPLE who invested through project called HIRCO throgh Banks,{INVESTORS},
    b) People used HIRCO from overseas {HIRANANDANI FAMILY)
    c) And Land taken on LEASE from FARMERS which indirectly owns them,and leased for purpose of developing township.

    Who will gain in this.
    Ultimately Situation has come to auction the firm ,as BANKERS REFUSED TO HAVE OD{OVERDRAFT} for NPA{NON PERFORMING ASSETS},and also wants their loan to disbursed.

    HDFC - wants to have enhancement of project to recollect their money which has been disbursed to HIRCO.;
    INVESTORS, BANKERS /HIRANANDANI WILL GAIN FROM THIS.

    Only looser is HIRCO.... which he has realized by this time.

    BTW, Hiranandani has already not been part of HIRCO in any format.....

    So Enjoy this drama , till some conclusion happens, but I am sure in AUCTION HIRANANDANI

    WILL NEVER LOOSE HIS TRUMP-CARD.......

    savvy_v
    CommentQuote