Sort by :
Filter by :
- I think the construction of the this project is in full swings. One of my friend has booked a home in this project and heard from him that the work is moving on perfect speed.CommentQuote0Flag
- How is the area around, lot of confused information on the development in that region with India Bulls stuck forever...Is it a good investment for the next 5-7 years ? thanks in advanceCommentQuote0Flag
- Hiranandani Fortune City - Panvel
Hi Everyone ,
the name of property has changed and it was difficult for me to find a page specific to discussion on this property near Panvel which has been acquired from Hirco group.CommentQuote0Flag
- Update basis my site visit this morning, to Hiranandani Fortune City (erstwhile Hiranandani Hills/ Palace Gardens): I was told that the Commercial wing's possession is planned in "one to two months". First phase of residential towers is up - I was shown a sample 1BHK in this wing. Possession for this phase planned in a "year or so".CommentQuote0Flag
- There is considerable information on this forum, and I can sense that a lot of uncertainty was borne by early investors in this project. Thanks to your efforts, the project seems to have been revived. I did a site visit today, but am uncertain now - having read the long struggle you guys have been through. Any advice? I'm looking for an investment in the property, say a 5yr horizon.CommentQuote0Flag
- Hirco's `false claims' case against Hiranandani quashed in Singapore
Investment Firm Ordered To Pay Builder Rs 160 cr Towards Legal Costs
In a reprieve for builder Niranjan Hiranandani and his wife Kamal, the London court of International Arbitration seated in Singapore dismissed claims of false misrepresentation, conspiracy , unlawful interference and contractual negligence against them by investment company Hirco Holdings.After a three-and-a-half-year-long battle, the three-member arbitration panel also ordered Hirco to pay Hiranandanis around Rs 160 crore on account of legal and other costs.
Both parties spent almost Rs 300 crore hiring top-notch international lawyers, experts, witnesses and court fees. The issue centred on investments of around Rs 2,400 crore made by Hirco almost a decade ago in two Hiranandani projects in Panvel and Chen nai. Hirco had made a claim against the builder for around Rs 5,000 crore, including interest, which too was dismissed by the court.
In a statement issued to TOI on Saturday , Hiranandani said, “I am extremely happy with the outcome of the arbitration in Singapore against Hirco. Truth has prevailed and I feel extremely grateful that I have been exonerated.“
He added, “Our lawyers are examining possible roadmaps to recover the monies owed to me by Hirco. We will be evaluating potential forums in which to enforce this arbitral award, including but not limited to in Mauri tius and in the Isle of Man.“
An email query to Peter Barge, senior non-executive director of Hirco Plc, remained unanswered at the time of going to press on Saturday .
Hirco Plc and its subsidiary Hirco Holdings initiated their claims against the builder in December 2012 with an intent to file for action in the English Commercial Court.
Hiranandani refuted those allegations and instead invoked arbitration.Hirco Holdings alleged the builder, his daughter Priya and son Darshan made fraudulent misrepresentations to injure it and conspired to cause it to invest in the two projects at prices far greater than they were worth.
It alleged that he “interfered unlawfully“ in Hirco's business affairs by deceiving it and breaching his fiduciary duties.
In its 410-page award, the arbitration panel said Hiranandani has “no liability to the respondent (Hirco) under or in connection with the exclusivity and land buying agreement as alleged.“
The project at Chennai is a 255acre township and the one at Panvel is a 588-acre SEZ cum township development project. After the global meltdown in 2010 11, sales and pace of development slowed down and by then the projects were unable to service their loans. They had outstanding loans of Rs1,100 crore with domestic lenders such as HDFC and PNB (and its consortium).
Hiranandani then stepped in (through his companies) to acquire both the projects, Chennai in March 2014, and Panvel in September 2014 for Rs 1,100 crore, thereby settling the outstanding dues to the banks.
“Further, as part of the auction, all existing apartment holders' allotments and payments were to be upheld,“ said the Hiranandani Group.CommentQuote0Flag
- Is the construction work started for Phase 3.? which was Launched in Jun'2016CommentQuote0Flag
- Does anyone know whats the current status of Sector C and Sector D construction status in Fortune City?
- This project is failed till the time any it or product sez strikes a deal. Keep waitingCommentQuote0Flag
- Video takes you in fantasy world and makes you feel as great investment option till reality strikes :DCommentQuote0Flag
- It seems Hiranandani has given some Lollipop or candy to phase 1 buyers. This thread is too silent given the fact that Hiranandani has splurged huge money on digital marketing for this project.CommentQuote0Flag
- Originally Posted by yashovIt seems Hiranandani has given some Lollipop or candy to phase 1 buyers. This thread is too silent given the fact that Hiranandani has splurged huge money on digital marketing for this project.
The project can only sell with heavy marketing and by taking prospective buyers into a fantasy world so that they make an emotional decision. No one in their right mind would invest this far from Mumbai in a place that will takes decades to develop. Only thing this project has going for it is the Hiranandani nameCommentQuote1Flag
- Originally Posted by darkhorse
The project can only sell with heavy marketing and by taking prospective buyers into a fantasy world so that they make an emotional decision. No one in their right mind would invest this far from Mumbai in a place that will takes decades to develop. Only thing this project has going for it is the Hiranandani name
I am still unable to figure out how did they manage to silent phase 1 buyers , they were supposed to give them possession in 2015. Therr is no negative campaign by phase 1 buyers against Hiranandani on any internet forum.
The marketing team is clueless about any thing ,they are saying they are saying thev will start giving possession in 2020.
They don't have any takers for their commercial building. I do hope that by recent airport developments they should be able to find some takers.