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Palace Garden, Hirco Group, Panvel, Mumbai

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Palace Garden, Hirco Group, Panvel, Mumbai

Last updated: July 11 2017
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  • Re : Palace Garden, Hirco Group, Panvel, Mumbai

    Originally posted by bhushank4 View Post
    Dear realebuyer,

    Most of us on this forum are investors who are not looking forward to move-into their apartments in HPG as soon as their flats are ready (whatever be the real date of completion). Thats why I think delays in obtaining OCs might not actually affect most of us.

    Legally, the authorities that have approved registration of the flats in a particular building, have to provide OC for that building. It is as simple as that. Being a phase#1 investor I know that most of the flat-buyers who have invested in phase#1 buildings, including myself have successfully registered their flats with the local authorities.

    Last but not least lets not compare two different projects of Hiranandani's here on this thread (HPG Panvel) because it will be a waste of everybody's time. I have repeatedly requested in my previous posts that we should keep our comments limited to this project because only that will lead to a fruitful discussion and also save our time and energy. Being an individual owner of my flat in this project I care about the successful completion of this project. I don't wish to waste my time thinking about each and every project that Hira executed till date. Nevertheless I don't deny that the past projects by Hira could be used as measure of their ability to execute the projects successfully and looking at Hira Powai, I am more than impressed about the same which is also one of the reasons why I invested in HPG.

    cheers
    B
    Bhusan..I agree that comparing all projects by Hiranandani is not useful...however comparing two projects of HIRCO (Chennai and Panvel) makes perfect sense...

    They are doing development under three companies at the moment.

    Hiranandani: Executing Thane estate project: No major issues, no capital issues, no execution delays ...excellent investment

    House of Hiranandani: They are executing a project in Chennai and one of my friend has moved in ..he is very happy. Phase-1 is completed and phase-2 is in full swing

    HPG Chennai/HPG Panvel: The money for these projects was mobilized through an alternate investment management fund by floating HIRCO plc in London. The operating model for these projects is same. Even HIRCo site talks about these projects jointly..The fate of these two projects hangs together ...Modul operandi of HIRCO for these two projects is same ...


    Build basic structure : Get money from all down payment and construction linked plan buyers

    Show decent progress and launch (in air) new buildings in the name of phase-2 to get more funds into the project.

    Do not respond to customer queries
    Moving target
    Change RM frequently
    Give false verbal promises
    do not respond to email etc

    Handover 1-2 buildings in phase-2 show to public their project is on track. This is exactly what they will do here. They will handover 2 1BHK building on time and others fate will hang ...

    That is where the parallel lies..Please read post from the Hirco plc AIM guys ..even their promised returns are not given by Hiranandani and it is going through litigation

    Comment


    • Re : Palace Garden, Hirco Group, Panvel, Mumbai

      [QUOTE=malkotia;819148]Bhusan..I agree that comparing all projects by Hiranandani is not useful...however comparing two projects of HIRCO (Chennai and Panvel) makes perfect sense...

      They are doing development under three companies at the moment.

      Dear Makotia,

      Thanks for update,
      Will u focus on these lines.
      Can u 100 % say that HPG will never be taken up at full task, considering present scenario & Clift between HIRCO PLC & NIRANJAN....

      Niranjan may be having horizon to finish his SEZ project & also attract more buyers for his Phase-2- phase-3.

      Fulfilling HPG Panvel/Chennai is not a problem it seems , for Niranjan.....

      what's ur take?
      savvy_v

      Comment


      • Re : Palace Garden, Hirco Group, Panvel, Mumbai

        Savvy answers to your queries....

        Its Hirco PLZ who has defaulted Niranjan in longer terms in order to raise share prices,and benefit their share holders...
        It is the other way around Niranjan has defaulted on his commitments towards HIRCO Plc investors
        1. Do u mean Sunny Vista has not done any agreement with HIRCO PLC, for their ,and also their COMERCIAL &RESIDENTIA PROJECTS to be implemented in scrutinised manner in Chennai & PANVEL.
          Sunny vista is a company on whose name they have registered the SEZ, but the money that is flowing is from HIRCO Plc and Bank Loan
        2. What's ur take where this in fighting between Hirco & Hira family will end up to.
          This is under litigation and will take at least 6-8 months
        3. Do u think? Hira must be having strong uphold ,as he has also challenged HIRCO PLC in Court of law. Who will win will matter for us , or HIRCO PLC getting this owned and continued with their projects will suite us.
          HIRCO Plc would be more professional and aggressive in marketing and managing this project
        4. In Feb 13 2013 court case is on..... How long it will hang on,& how long it will cater to give possession for PHASE-1 Buyers...../Investors.
          At least 6-8 months
        5. What's foresee u see with challenge of buying HPG through HIRCO PLC, if hirco pulls out his foot in the interest of BUYERS.... and if so.... will HIRA will able to complete these projects with SEZ policy and full fill commitments of buyers.....in long terms.
          in longer term project will get completed but even if Hira takes over it will take some time to restart the project
        6. When Investors invested, they invested in SUNNY VISTA PVT LTD, which is still a company hold by Niranajan,and also on board given permission for SEZ.
          Not sure who holds this company, I think it belongs to his daughter
        7. This Sunny vista project is being implemented by HIRCO PLC, with help of national RE company agents like NIRANJAN's company.
          Yes, apparently Niranjan is out of this
        8. TO my Knowledge, HIRCO plc, cant build any SEZ projects on their own in INDIA, they have to have their strategic partners to run & invest according to clauses of INDIAN SEZ.
          Yes that is why this company Sunny Vista was Formed
        9. If Hirco feels he will enhance and make their shareholders very happy in holding Niranjan in court of ISLE of MAN,under british LAW, I feel he is doing a great mistake in delaying project as well as delaying the shareholders dividents,and also making HIRCO PLZ name & rating down in market.
          But this whole mess is created by Hira family they should be taken to court after all investors have lost close to 400 mn Pounds
        10. In my view Laws pertaining in INDIA for building SEZ through SUNNY VISTA have nothing to do withs hare holder business & its rating for HIRCO.
        11. Hirco PLC is individual company and has to abide laws of SEZ.
          it is Sunny Vista who needs to abide by Sez laws, Hirco PLC is an investment arm
        12. Also When Investors & Buyers invested in HPG Project or In Chennai project,they have invested in HPG stated SUNNY VISTA.
          Sunny Vista is only for Panvel not for chennai
        So do u mean HPG will not pull up HIS SOCKS on its own, if HIRANANDANI loose case..?
        Name has been changed to Palace Gardens instead of HPG

        Comment


        • Re : Palace Garden, Hirco Group, Panvel, Mumbai

          [QUOTE=realebuyer;819388]


          Dear Real acre
          Well,
          Thanks for update.

          Well Will u answer on this.

          Do u agree that Almost 60 -85 % work has been done by Hirco PLC, on behalf of Sunny VISTA.
          What is the preoccupied date of Phase-1 Investor ? Was told to me 6 mtsh down line{Mentioned in HIRCO REPORT}; May 2015!!!!!!}.
          I presume Phase-1 will be handed over stepwise in another 12 mths time depending ob OC.

          Does this phase-1 Means completion of all building possession of Commercial , Handing over facilities like HPG ClLUB,and also school , facilityDay CAre MEdical Center,

          Was told that PHASE-2 Will start by March 2014{Demand Note}.
          Whats ur take on this? Will they able to sort issue of clift between PLC/NIRANJAN by this time.

          Phase-2 Buyers , Was told only FLORA availability of few flats, otherwise all are BOOKED. Whats ur take on this.

          Habitation of Phase -1 Will impact MOU of commercial projects > whats ur take,

          BTW SVRL is not owned by HIRA daughter PRIYA....

          FActs as under;
          Background


          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.



          U can read more on SVPL on this CAre report
          SUNNY VISTA REALTORS PRIVATE LIMITED - Careratings.com


          savvy_v
          Last edited April 24 2013, 05:17 PM.

          Comment


          • Re : Palace Garden, Hirco Group, Panvel, Mumbai

            I once again reiterate that I do not understand the modus operandi of some fellow members on this forum. Are these people here to just prove that they are right and everyone else is wrong or dont know what they are saying. Come one guys, have life and waste your energy somewhere more productively. You guys are wasting your time and other's time as well.

            Malkotia,

            I was ONLY highlighting that we have in close proximity some habitation. thats all.

            Comment


            • Re : Palace Garden, Hirco Group, Panvel, Mumbai

              Your confidence is admirable Reale.

              HIRCO india is the entity Hirandandani's floated in India to work on the developments .. I'm surprised you were not aware of this .. You'll find a ton of Indian employees on Linkedin for Hirco Developments Pvt Ltd.

              In happier times .. Hirco - Leadership Through Quality Communities
              I still see Firdose in Chennai update videos so he's still around.

              Consultants carrying out work for Hirco PLC ..

              Quoting vestore who is certainly more authorative from Pg. 115

              That brings us to where we are today. At present Hirco have no running of the projects at all. The Hiranandani's have operational control. They are in charge of the construction schedule. They are in charge of pricing. They are in charge of where the money is spent. They are in charge of sales. They are in charge of construction. Everything is in the hands of Hiranandani. So much so that they are not even providing Hirco with data and information they are legally obliged to do as part of the initial agreement. The fact the projects are delayed time and time again is down to the fact the Hiranandani's have no interest in the projects being completed quickly. Hirco have no legal rights to overrule the family despite being owed more money than the projects are worth. If they had input they would hurry the process along by pricing more competitively and selling the units so that they can extract their cash from the project.

              Guys .. check out the info i sent earlier to Rohu as a refresher ..
              I don't quite see things the same way as Reale does .. it's ok to disagree i guess

              Happy debating guys .. All i ask is not to try and paint all bad case scenarios as facts with nothing to back it up ..

              I'm happy relying on updates from site visits and what comes up in the media. I'm sure someone cares if Hirco India starts to default ..

              Enjoy !!!

              Originally posted by realebuyer View Post
              Vikas you are getting confused, there is no such thing as HIRCO India.
              All the money used in buying land and construction is nothing but HIRCO PLC's money.....the companies in india are nothing but consultants who are carrying out work for HIRCO PLC....there is no revenue generation model for these consultant companies...they are completely dependent upon HIRCO PLC for funds....I m sorry but there is no corporate structure here...primary motto for Niranjan was to show losses in these projects and lower the valuation of HIRCO PLC and then buy it out at low price....which of course he tried but was not successful....instead he was dragged to court by HIRCO Investors who were never paid any interest and dividends on their investment.....in short at this point no one is ready to put any money into this project......even vestore said the same thing....if HIRCO PLC gets control of the project then there is a chance that project will start and be completed quickly....which will not be the case with Hiranandanis......Hubtown and HDIL were two companies whose ratings were suspended and after a month there was news in ET that both have defaulted on their NCD's.....it came in paper as both were listed entities and they had an impact on the stock market.....as far as Hirco goes it will never come in newspaper as no one cares...

              Comment


              • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                Well said Vikas...

                Comment


                • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                  Originally posted by malkotia View Post
                  Bhusan..I agree that comparing all projects by Hiranandani is not useful...however comparing two projects of HIRCO (Chennai and Panvel) makes perfect sense...

                  They are doing development under three companies at the moment.

                  Hiranandani: Executing Thane estate project: No major issues, no capital issues, no execution delays ...excellent investment

                  House of Hiranandani: They are executing a project in Chennai and one of my friend has moved in ..he is very happy. Phase-1 is completed and phase-2 is in full swing

                  HPG Chennai/HPG Panvel: The money for these projects was mobilized through an alternate investment management fund by floating HIRCO plc in London. The operating model for these projects is same. Even HIRCo site talks about these projects jointly..The fate of these two projects hangs together ...Modul operandi of HIRCO for these two projects is same ...
                  I reckon you guys are confusing two different groups- HOH is totally independent of Hirco and other Hira groups lead by Niranjan! HOH is lead by Surendra after splitting with his brother ..:: House of Hiranandani ::..

                  HPG, Chennai belongs to Hirco! not HOH in IT corridor.

                  Comment


                  • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                    [QUOTE=savvy_v;819257]
                    Originally posted by malkotia View Post
                    Bhusan..I agree that comparing all projects by Hiranandani is not useful...however comparing two projects of HIRCO (Chennai and Panvel) makes perfect sense...

                    They are doing development under three companies at the moment.

                    Dear Makotia,

                    Thanks for update,
                    Will u focus on these lines.
                    Can u 100 % say that HPG will never be taken up at full task, considering present scenario & Clift between HIRCO PLC & NIRANJAN....

                    Niranjan may be having horizon to finish his SEZ project & also attract more buyers for his Phase-2- phase-3.

                    Fulfilling HPG Panvel/Chennai is not a problem it seems , for Niranjan.....

                    what's ur take?
                    savvy_v
                    Savvy sir we can only talk about present ... The money raised from HIRCO plc is for both Chennai and Panvel. As far as they are concerned these two projects are one project for them and both are in mess at the moment ....

                    I only had made one request sir before you met big Hiranandani guys..that you take response to the queries in writing ...but it looks like you got overwhelmed by the hospitality that they extended and believed in their verbal (non) commitments ...

                    Comment


                    • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                      Originally posted by p_satiani View Post
                      I once again reiterate that I do not understand the modus operandi of some fellow members on this forum. Are these people here to just prove that they are right and everyone else is wrong or dont know what they are saying. Come one guys, have life and waste your energy somewhere more productively. You guys are wasting your time and other's time as well.

                      Malkotia,

                      I was ONLY highlighting that we have in close proximity some habitation. thats all.
                      Sorry Mr. Satiani...this is a public forum and everyone has right to put forward his/her views.....if you feel that this is waste of time then you can certainly stay away from this.....

                      Comment

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