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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  • All, we seem to going off the tracks!! What is happening to this thread? IMO - nothing is going to happen until one of the Hiranandani's take ownership of this mess; which by the way, is of their making. IMO - it will be Hirananadani senior as he values the brand and product that he has spent a lifetime creating.
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  • Originally Posted by asucan
    bkhote - thanks appreciate it but somehow am still not able to send you a private message. Most likely its something to do with my access or id. Could you try from your end. Another alternate is could you please take my contact id from shyamal13 - that way we all could be in touch

    asucan,

    I think this site filters the domain name when you write a email address.

    BTW, this is how one can enable ability for Private Message.\
    1. After login, click "MY ACCOUNT" at the upper left.
    2. Look for the "Your Control Panel" on the middle left.
    3. Under 'your control Panel' look for "Edit Options"
    4. Then 'Private Messaging"
    5. Checkmark "Enable Private Messaging"

    My self and Shyamal are all set with PM.

    --BK
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  • That's exactly what it is. This is on such a high level that it's difficult to get a sense of it. It's best to register your property and sit tight.
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  • Any ideas when the stamp duty / registration will reopen ?
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  • Originally Posted by asucan
    bkhote - thanks appreciate it but somehow am still not able to send you a private message. Most likely its something to do with my access or id. Could you try from your end. Another alternate is could you please take my contact id from shyamal13 - that way we all could be in touch


    First for all to send and receive PM your post should be 10 minimum

    Private messaging system as well as signatures have been turned OFF for members with less than 10 posts. This is to help combat brokers signing up and messaging members off the bat, which we have received complaints on, and signature spammers

    If u still have any issues, do post .

    Thanks
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  • Will new airport now come up on island?
    Centre Favours Reclaiming Land Off Navi Mumbai
    Sanjay Banerjee TNN

    Navi Mumbai: The prospects of a second airport near Mumbai becoming a reality got brighter with the Union environment ministry understood to have favoured an alternative proposal to build it on an island reclaimed from the sea close to the city.
    Sources close to the development called it a big shot in the arm for the state government and City and Industrial Development Corporation (Cidco), as talks with the local villagers over acquisition of 671 hectares of land, including 292 hectares in the core aeronautical area, had ground to a standstill in recent weeks.
    On Friday, officials from Cidco will have another round of discussions with the villagers, in what is being said to be a crucial meeting, before the review meeting with the Prime Minister on November 13.
    “The other good news is that the Dutch model of creating the island and building the airport on it would cut costs by half, including the value of the land to be compensated, relief and rehabilitation package,” said a source.
    Villagers upped the ante on Thursday, making a fresh demand of cash compensation of Rs 6.25 crore for every hectare acquired, taking Cidco by surprise.
    Congress MLA Prashant Thakur said, “The land compensation model and other issues related to settlement for the acquisition of land might be replicated in future for other mega projects. It is unlikely that the government would accede to the new demand.”
    Thakur and Peasants and Workers Party MLA Vivek Patil are invitees to the ongoing discussions between Cidco officials and the Antarrashtriya Vimantal Prakalpgrastha Badhit Samiti.
    Cidco MD Sanjay Bhatia said, “In Friday’s meeting we will again discuss the issues.”
    RC Gharat, advisor to the Samiti, said, “If the villagers are not happy with the compensation model, then the matter needs to be discussed.”
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  • Navi Mumbai airport project crosses last major hurdle
    Maharashtra govt, project-affected persons reach agreement on compensation

    Navi Mumbai airport project crosses last major hurdle | Business Standard
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  • Everyone seems to have gone so quiet? I thinking we are a all waiting for some positive news flow and hope one of the family members might come to our rescue soon. It is rather amusing that in the higher echelons of society, the family continue to pay for birthday parties for prince Charles in the uk but what about all us buggers who have squirreled away all our money to own a dream property to be built by the "Hiranandani" brand? Once again, pawns on a chessboard analergy come to mind. At this stage of the game we are irrelevant but will come into play when our money is needed to get the project completed. Until there is complete transparency even large corporates with brands which have been built over decades will be destroyed at the blink of an eye. A strong real estate bill is needed to protect customers from such incidences.
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  • 12 November 2013

    HIRCO PLC

    Update


    Hirco Plc has been informed that possession notices have been posted by Punjab National Bank on the project site and commercial and residential buildings of Sunny Vista Realtors, the development company which controls the Panvel commercial and residential projects.

    The possession notice signifies that the banks have taken over possession of the properties over which they have security at Panvel and now have the right to sell such properties. The acreage of properties repossessed amounts to approximately 345 acres of the 589 acres at the site.

    The loans for Panvel and Chennai are not Hirco Plc's obligations and were not taken out with the Company's required consent. Companies controlled by Hiranandani family members, not Hirco Plc, took out these loans. They, not Hirco Plc, have the right to prevent the foreclosure and sale of the charged properties.

    Hirco Plc will continue to pursue redress against Hirco Plc's former Chairman, Niranjan Hiranandani, and CEO, Priya Hiranandani, for fraud and other wrongdoing through the ongoing litigation and arbitration proceedings.

    For further information please contact:

    IOMA Fund & Investment Management Limited Tel: +44 (0)1624 681250
    Philip Scales

    N+1 Singer Tel: +44 (0) 20 7 496 3000
    James Maxwell/Nick Donovan
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  • Dear all,
    Don't be in panic. Read the very important article as below which was published in Economic Times in few months back, I made just copy & pest here.

    QUOTE:
    What happens if a lender takes over a housing project?

    Last month, the State Bank of India took over a housing project in Kolkata because the developer had defaulted on repayment of dues to the tune of Rs 176 crore. The Teen Kanya project was promoted by the Bengal Shelter Housing Development, a joint venture in which the state housing board has 49% stake. Therefore, its repossession by the SBI has come as a shock for the 400-odd families that have invested in the project.

    Most of the buyers had put money in the project because the state housing board was involved. The project is only half complete and the investors are now contemplating legal action to safeguard their investments.

    The incident brings into focus the RBI's decision to stop builders from offering 80:20 schemes. Under these schemes, the buyer services only 20% of the loan for the property while the developer pays the interest on the balance till the property is ready. The RBI warned that if the developer defaults on the interest payment, the buyer would suffer because the loan was in his name.

    What are the options available to a buyer if a lender repossesses a property due to default in payment? Legal experts and housing professionals contend that the lender does have first right over the project. Let us look at the issues involved.

    When can a lender take over a project?

    When they take a loan, developers need to provide personal or corporate guarantee and other securities. These securities are called "mortgage to lender". In case of real estate developers, the security is the property being developed.

    "If a developer defaults on repaying the instalments towards principal or interest and the guarantor also fails to fulfill his commitment, the bank has every right to take over the project from the developer," says Shobhit Agarwal, managing director, Capital Markets, Jones Lang LaSalle India.

    What are the legal options before the buyer?

    According to Vinod Sampat, a Mumbai based lawyer who deals with property cases, the buyers need to first verify when the property was mortgaged to the bank. "Many a times, the developer has the title to the plot of land and takes a loan from the financial institution to fund the construction of the housing project. In that case, the land and its original documents are kept as mortgage with the bank against the loan," he says. The bank then issues a no-objection certificate to the developer for the sale of flats in the project to recover its loan. "All the clauses are mentioned in the agreement the buyer signs with the developer. One must read all the clauses at the time of booking the property," he adds.

    However, a developer cannot mortgage the project after he has sold off the apartments. If he has done so, it amounts to cheating and a criminal case can be filed by the buyers against him."When the investor is already the owner of the property, how can the developer mortgage it to another party? The buyer's ownership rights are protected in this case," says Sampat. However, if the developer had mortgaged the property before the flats were sold, the buyer will be in a soup. Therefore, it is vital to check the property documents carefully to see whether the property has been mortgaged to a bank. Now you know why banks insist on seeing all the property documents before they disburse a home loan.

    Does repossession mean trouble for buyers?

    On the face of it, it appears that repossession of the property will hurt the interest of the buyers. However, if the construction has got delayed because the builder was facing a cash crunch, then repossession by the lender actually benefits the buyer. The funding issue could get resolved because after taking over the project, the lender would want to sell it at the earliest to recover its dues.

    The bank can either sell the property to another developer or appoint a contractor and complete the project. "Either way, the buyer may get possession of the purchased property quickly," adds Agarwal.

    Ram Sangapure, general manager at the Central Bank of India, explains that banks take possession of a property when the developer defaults on payments for several months and the loan becomes a non-performing asset. "As the lender to the project, the bank has full right to sell the property to recover its capital," he says. There is no restriction on the bank completing the project by itself. In case it finds a buyer for the property, it can even sell it at the under-construction stage itself. Normally, banks do not want to get involved in construction activity and just take the project under their possession. "When this happens, all activities come to a standstill," says Sangapure.

    The bank then assesses the situation and suggests corrective measures. "It can even suggest a change in the management if it feels that the present management is incompetent and won't be able to complete the project on schedule," he says.

    It could also opt for a few other measures such as restructuring the loan, which means either offering more money against additional collateral or increasing the loan tenure. "The bank could even infuse fresh funds into the project if it feels that it would help the project get completed and enable it to recover its money," he says.

    What should the buyers do?

    The rights of the buyer do not change with the change in ownership of the project. The buyers can opt for paying the remaining dues to the new owner, in this case the bank, and get possession once the project is completed. In case a buyer wants to sell the property, there is no restriction on doing so.

    If the buyer has taken a housing loan for the property, he needs to ensure that his EMIs are paid on time. If there is no default on payment of installments, he will continue to enjoy all his original rights.
    UNQUOTE
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  • So now we know where all our money is going !!!
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  • Just jointed! I am also an investor in HPG Panvel, having a flat booked in phase 2, with the recent all negative news about this project, will there be any hope to our investment. With the recent hurdles getting cleared for the Navi Mumbai airport, can we have a positive feel that things will improve now. Any comments!
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  • PRECISELY DEE
    FACEBOOK WONT BE PROPER FORUM TO D/W.
    Anyways lets us fight this legally.the thread has become frozen now....:D
    :bab (45):

    savvy_v;)
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  • Does anyone have any new news ..... Are the RMs responding to questions or queries ????

    Thanks
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