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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  • Need help...

    Hi - I am based in the US and have also invested in the HIRCO (panvel) project in July 2010. My apartment is in Helios building. My flat is not listed in the auction - what does that mean? As I understand, a few of the investors are trying to get a stay order on the auction- I will be joining that as well. Please suggest what else I can do to save my investment. If the flat is not mentioned in the auction - is that good or bad?
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  • Hirco keeps up pressure on Hiranandani - Hirco keeps up pressure on Hiranandani - The Times of India
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  • The way I interpret this news is that money is with NH and/or family.

    Which might be good news in case they bid with this money.

    Basically buying our property back (hopefully for us) with our money that we have already paid.
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  • Originally Posted by bkhote
    The way I interpret this news is that money is with NH and/or family.
    Which might be good news in case they bid with this money.
    Basically buying our property back (hopefully for us) with our money that we
    have already paid.


    If Hiranandani had the money and the intention to bail out this project, then he would have done it by now. Now the damage is done and his reputation is lost.

    The Navi Mumbai airport is not happening. There is a lot of uncertainty about the airport. Ask yourself one simple question "What is the worth of Panvel/New Panvel/Ulwe/Rasayani without the airport?". The answer is "Almost nothing". Ulwe was quoting almost 4500 psf one year back. Now investors are selling for less that 3000 psf. HPG was one of the most over-rated, over-hyped project in the boom time of the Navi Mumbai airport. This price is now not sustainable. Hiranandani will probably buy back this project at a much lower price.
    But the question is, Will the lenders be able to recover their money at such a low price? In that case, the price of the property will fall by around 50% to 70%.
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  • Dear AayanD, Rightly said about the New Bombay projects , and it seems highly likely that Airport might get scrapped or put to cold water for the 10-15 years , which will mark the sudden down slide of the rate in the Panvel vicinity - what ever the project may be. Presently in last 3-6 months even I am getting calls for the projects which were quoted at 4000-4500 now offered with great discounts and freebies and rates ranging from 3500.

    And just imagine where the prices will fall after the rates fizzle out, you may easily get in the range of 2700-3000.

    Better to be in well connected regions like Mira- Bhy or Near Thane
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  • please send a private message to me
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  • The PNB auction for 22nd has been cancelled because of the actions of our group lawyers and few
    other.
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  • Auction

    Is it cancelled or postponed to Feb 21? My lawyer told me that there were no buyers so PNB is going to change the reserve price now.
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  • We have 2 versions of the same. one version said that there were no bidders. another claimed that there were bidders , but that there was a restriction on auctioning the " SEZ". all very confusing
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  • Happy New Year Savvy .. havent seen you post with all your smilies 20 days into Jan ?? Where are you in time of crisis ??
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  • Phase-1 of Navi Mumbai airport to be completed by 2018
    http://www.business-standard.com/article/economy-policy/phase-1-of-navi-mumbai-airport-to-be-completed-by-2018-114020500216_1.html

    CIDCO floats tender to find developer for Navi Mumbai Airport; GVK, GMR to participate in bid
    Read more at:
    CIDCO floats tender to find developer for Navi Mumbai Airport; GVK, GMR to participate in bid - The Economic Times
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  • Originally Posted by ashishpatna
    Dear AayanD, Rightly said about the New Bombay projects , and it seems highly likely that Airport might get scrapped or put to cold water for the 10-15 years , which will mark the sudden down slide of the rate in the Panvel vicinity - what ever the project may be. Presently in last 3-6 months even I am getting calls for the projects which were quoted at 4000-4500 now offered with great discounts and freebies and rates ranging from 3500.

    And just imagine where the prices will fall after the rates fizzle out, you may easily get in the range of 2700-3000.

    Better to be in well connected regions like Mira- Bhy or Near Thane


    Within cidco limits the rates are not going to fall considerably even if the airport is not materialized. Out side cidco area infrastructure is poor. Vashi and Nerul are developed nodes.All other nodes in cidco area will also develop in future. Once the sion panvel road widening and construction of flyovers(which is already started) is over, by road travel time from Panvel to south Mumbai will be less than one hour.

    Land acquisition problems of airport is solved. Majority of PAPs have agreed with the compensation package offered by cidco and the remaining will be acquired according to the new land acquisition act. Airport will happen it is only a matter of time. New Hyderabad air port was built in 36 months.
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  • Investors sue Hiranandani heiress Priya Vandrevala
    Days after the London Stock Exchange (LSE) cancelled the trading of shares of the controversial firm Hirco, the lavish London lifestyle and royal links of the Indian billionaire couple, Cyrus and Priya Vandrevala, have come under the scanner.

    On February 20, the LSE announced cancellation of the company’s shares, while a case is due to be heard in the Isle of Man against Priya Vandrevala for what is called ‘the missing 350 millions’ (about Rs. 3,570 crore at current exchange rates) invested by shareholders, including HSBC.

    HT had reported on February 25 that the Hiranandani real estate heiress was fighting her father Niranjan Hiranandani, and brother Darshan Hiranandani for a share of the family fortune. The ‘missing 350 millions’ was supposed to be invested in two real estate projects in Chennai and Panvel, near Mumbai. These projects are caught in various litigations and and other controversies.

    The couple made a splash in London’s elite circuit on November 21 2013 when they hosted a party for Prince Charles at Buckingham Palace to celebrate his 65th birthday. It was described as ‘extremely rare’ that an outsider is given the opportunity to organise an occasion at the palace.

    The event, now the focus of headlines in the British media, was attended by chancellor George Osborne, business secretary Vince Cable, captains of industry, and several rich Indian businessmen, including Lakhsmi Mittal and the Hinduja brothers.

    Prince Charles had thanked the Vandrevalas for sponsoring the celebration, the proceeds from which were to be donated to charities. The Vandrevalas and their close friends were seated on the same table as Prince Charles and Camilla.

    Priya Vandrevala reportedly gave £500,000 for the celebrations and sat next to him. She has also been photographed with the Duchess of York and is said to be a key patron of an elephant charity run by Camilla’s brother.

    The case in the Isle of Man court involves claims of ‘fraudulent misrepresentation’, which Priya Vandrevala denies. Amidst claims of leading a lavish lifestyle in London with a private jet each, angry investors not only want their money back but are also asking where it went.

    Priya Hiranandani was appointed CEO of Hirco by her Mumbai-based businessman father and real estate mogul Niranjan Hiranandani.

    Hirco’s senior director Peter Barge told the Daily Mail: “Mr Hiranandani appointed his daughter chief executive officer, then she went and borrowed a hundred million quid from the banks. But we have got nothing, and we keep asking, ‘Where’s all the money gone?’ People were being flown first class all over the world at the company’s expense, and going to meetings at hotels in Switzerland. Bentleys were picking people up from airports.”

    Hirco said in February 2013, it sued Niranjan Hiranandani and Priya Vandrevala, alleging that they had committed fraud and other misconduct prior to their resignation as chairman and CEO of the company in 2010.

    Questions on her company
    * Cyrus & Priya Vandrevala made a splash in London’s elite circuit on Nov last year
    * They hosted a party for Prince Charles at Buckingham Palace to celebrate his 65th birthday
    * Priya Vandrevala reportedly gave £500,000 for the celebrations and sat next to him
    * The event was attended by UK finance minister George Osborne, business secretary Vince Cable and several Indian businessmen, including Lakhsmi Mittal and the Hinduja brothers.

    Investors sue Hiranandani heiress Priya Vandrevala - Hindustan Times
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  • It has been reported that SunnyVista have provided a list of 1000+ list of bonaied buyers to the DRT court and PNB.
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  • Those who are in US, here is a way to recover money as long as you brought via LiveNRI. LiveNRI is a US Firm registered in NY. Hence you can file a suit in US for giving illegal information. If you have legal insurance, they will take care of everything. Most likely you can claim much more than what you have invested..

    Good luck...
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