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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

    My RM responded that phase I posession end of 2014. It seems terrace work is about to complete.

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

      Originally posted by Mefrommumbai View Post
      My RM responded that phase I posession end of 2014. It seems terrace work is about to complete.
      Good ..was it in an email ..or over phone

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

        Originally posted by malkotia View Post
        Good ..was it in an email ..or over phone
        Received an email last week. My RM is Lopamudra.

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

          Originally posted by rodee13 View Post
          arre still on page 142, everyone busy ...no more fights happening!
          savvy trying his best to fill up the pages and move forward

          any news on the airport post PM approval etc.
          Too sarcastic...
          Anyways, Welcome ur comments.
          Facts are BTW, for PHASE-2 if any one has any concrete e-mail?
          approval. & correct info, can upload.
          By My knowlege someone said DEC 2013...
          I think It can strcth up to MARCH 2014 too..
          Anyone has call on this.
          MALKOTIA/VINCHI/BHUSHAN.. whats ur take.

          savvy_v

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

            From the recent HIRCO Half Yearly Report -

            Completion of both the Chennai and Panvel projects remains at least a decade away. Our advisers, CBRE, have carried out further site visits, and although confirming their valuation at 30th September 2012, stating that market conditions have broadly remained similar to their previous assessment, did report that progress on the developments appeared somewhat subdued with only moderate progress over the last 6 months.

            Whilst the information flow on the projects remains unsatisfactory and we have no real clarity over who is really in control of the projects, what does seem clear is that completion of these projects will need substantial further investment of both equity and longer term debt.

            Given these issues of transparency and reporting, and the evident urgent need for further capital investment, we have continued to put in a lot of effort into trying to negotiate an exit from these investments, whilst pursuing all legal remedies open to us.

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

              If such giants have decided to pull out of prestigious projects like the one at Rasayani... I am certainly unsure about development in the surrounding areas. Thankfully with Rasayani coming under CIDCO (as per NAINA) we have some infrastructural improvements to look forward to.

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

                savvy sorry it wasnt meant to sound sarcastic if it turned out that way!
                always good to see updates from members

                regarding the report, I think a decade would be right for the whole plan to materialize i.e phase 1, phase 2, future phases (they have land earmarked for it), commercial office space...schools ..shops etc

                they would complete phase 1 and then try to get more customers for the other phases slowly. If the airport work does start then it could all happen much faster than a decade.

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

                  Hey guys,
                  I'm planning to visit the site last week of August .. Any1 interested in teaming up ?

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

                    Any idea if any bank has approved phase-2 yet? I mean are they financing phase-2 buildings? ..although this question will be valid only when plinth comes-up ..

                    When are they uploading construction update video on their website ..

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

                      Originally posted by malkotia View Post
                      For Selene, following are the responses from HIRCO so far:
                      PAL
                      Construction/allotment/Sale/lease of the said flat is subject to approvals from various statutory autohrities including the Municpal and other local authorities. We also wish to inform you that the plans for above said building are being submitted to government authorities for their approval. Kindly note that till such time that the formal sanction is obtained from the government authorities for building all the amount paid by you shall be treated as interest free deposit with us.
                      The strange part is that they will not pay any interest in case they need to return the money for any reasons, whereas the buyer has to pay 21% interest in case of default. Normally builder pays interest as well which is same as interest paid by buyer
                      29-May-12
                      We don’t have exact schedule, It may start end of this year or starting of next year. (Means Dec-12 or Jan-13)
                      01-Sep-12
                      The work is expected to tentatively start 4-5 months and will let you know as soon as we start the construction. (Means Jan-13/Feb-13)
                      09-Nov-12
                      Instead of writing on email, the RM prefered tell over phone, The phone call was just generic, nothing specific, no committment
                      05-Feb-13
                      Initially no response to email, sent two reminders and threatened to escalate, then RM asked me for a suitable time for a call, I insisted in him responding in email. Following was the response (07-Feb-13)
                      Construction for Selene will begin approximately in 8 months to a year’s time and will keep you updated once we start the construction for the same also RM was bit annoyed and he said I was told at the time of booking that it will take 1-1.5 years to start the work. Also he forgot that I was told 4-5 months in Sep-12 by a different person.
                      25-Feb-13
                      About approval status for Selene
                      The approvals for “Selene”will be obtained within a period of approximately 4-6 months
                      So my guess is at the moment they do not know what they are saying ..looks like "Kal kab aayega.." everytime they will say 4-6 months.
                      Now someone might ask why I am following this with them so much. Simple reason is I have to plan my funds and if they tell me in advance then I can plan accordingly and divert my funds somewhere else in the interim, I don't think they are bothered about it. Also if there is a change in plan they should keep the customers informed, the customers should not be chasing them for status. Because of their lack of communication I lost few opportunities for investment as I was expecting a demand from them in Dec-12/Jan-13 as per what they told me in Sep-12.
                      MALKOTIA, PLZ REFER YOUR QUOTE AS ABOVE.
                      NOW already we r delayed for 18 mths.
                      So whats next plan.?
                      What do u think , Jan 2014 will be PLINTH for phase-2?
                      Ya MY E_MAIL CORRESPONDENCE:
                      REGISTRATION OF FLAT NOT POSSIBLE UNLESS PLINTH & APPROVAL COMES TILL PLINTH

                      WHERE ALL PEOPLE HAVE DISAPPEARED, CRIS/VINCHI/REAL. BHUSHAN.....

                      Regards,
                      Savvy_
                      Last edited July 24 2013, 08:19 PM.

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