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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  • Originally Posted by bhushank4
    Given below is the tentative payment schedule for phase#1 bldgs of HPG

    One can expect possession of all ph#1 bldgs just before the end of Yr'12 if they do not deviate from the above schedule :)

    cheers
    B


    Thank u B,
    ALL THE BEST.
    I am sure they shall complete the work in time.
    Take care,:)
    Cheers,
    Savvy_v

    Thank u B,
    ALL THE BEST.
    I am sure they shall complete the work in time.
    Take care,:)
    Cheers,
    Savvy_v

    Thank u B,
    ALL THE BEST.
    I am sure they shall complete the work in time.
    Take care,:)
    Cheers,
    Savvy_v

    Thank u B,
    ALL THE BEST.
    I am sure they shall complete the work in time.
    Take care,:)
    Cheers,
    Savvy_v
    CommentQuote
  • Savvy_v

    NE UPDATE ON HPG?
    everybody silent....?
    cheers
    savvy_v

    NE UPDATE ON HPG?
    everybody silent....?
    cheers
    savvy_v
    CommentQuote
  • Hi B,

    I too have booked 2.5 in Clairemont (now Aura). What is your take on the future appreciation? Is it a good time to sale off and exit or it makes sense to hold on for longer time?

    On other note, do you know anything re. registration formalities and loan process?

    Cheers,
    J
    CommentQuote
  • Originally Posted by Joshi1965
    Hi B,

    I too have booked 2.5 in Clairemont (now Aura). What is your take on the future appreciation? Is it a good time to sale off and exit or it makes sense to hold on for longer time?

    On other note, do you know anything re. registration formalities and loan process?

    Cheers,
    J


    Hi J

    I am also an investor in Aura. If its not a case of emergency, I would rather advise you to stay put and continue being invested at least till 2020. If you have invested at the rate of 3600 you will get an appreciation value of a mere Rs.500psf. But in the next 10 years one can expect appreciation of at least Rs.5000psf or more.

    I don't know about the loan approvals from bank for this project as yet (call your relationship manager) but I think registration and stamp duty of Aura must come before the end of April'11, because that is when they have scheduled completion of plinth and subsequent call for the next 20% payment and by rule, a builder cannot ask for more than 20% payment, if the property is not registered in the owner's name.

    cheers
    B
    CommentQuote
  • Originally Posted by bhushank4
    Hi J
    a builder cannot ask for more than 20% payment, if the property is not registered in the owner's name.

    cheers
    B

    Hi Bhushan, I just want to know more about this rule.
    What do you mean by registered?
    What we are facing is that We pay the builder 20% and then he will give us allotment letter.
    After which we will be partially paying say 2% each month.. but we dont know when will the registration start
    SO confused with your above statement.
    Thanks
    CommentQuote
  • Originally Posted by bhushank4
    Hi J

    I am also an investor in Aura. If its not a case of emergency, I would rather advise you to stay put and continue being invested at least till 2020. If you have invested at the rate of 3600 you will get an appreciation value of a mere Rs.500psf. But in the next 10 years one can expect appreciation of at least Rs.5000psf or more.

    I don't know about the loan approvals from bank for this project as yet (call your relationship manager) but I think registration and stamp duty of Aura must come before the end of April'11, because that is when they have scheduled completion of plinth and subsequent call for the next 20% payment and by rule, a builder cannot ask for more than 20% payment, if the property is not registered in the owner's name.

    cheers
    B

    Hi B,
    Thanks for the prompt response. I echo your views. For me lot more depends on bank loan for the payment of next 20%. Have already written to Relationship Manager last week and awaiting her response.
    Cheers, J
    CommentQuote
  • Originally Posted by MrBean
    Hi Bhushan, I just want to know more about this rule.
    What do you mean by registered?
    What we are facing is that We pay the builder 20% and then he will give us allotment letter.
    After which we will be partially paying say 2% each month.. but we dont know when will the registration start
    SO confused with your above statement.
    Thanks


    Dear MrBean
    First-of-all I would like to state here that after paying 20% earnest money within a month of booking you will also have to pay another 20% after the completion of plinth. For Aura this will be around April'11 (see my post#212). Only after that you will be partially paying 2% each month depending upon the completion of subsequent slabs.
    So here we are discussing about the second 20% payment which will be after the completion of plinth and not the first one which was PAID within one month period after booking.
    Coming back to your question, agreement and (or) registration of the property are essential for the bank home loan approval. As per my relationship manager, currently HPG is in a dialogue with several banks on their requirements for issuing home-loans to the buyers in this project. If banks are ready to issue loans on Agreement alone, then only the agreements will be made (before April'11 in case of Aura), and if the banks insist on registration as well, then the registration of properties will also have to be done at the same time along with agreement.
    CommentQuote
  • Originally Posted by bhushank4
    Dear MrBean
    First-of-all I would like to state here that after paying 20% earnest money within a month of booking you will also have to pay another 20% after the completion of plinth. For Aura this will be around April'11 (see my post#212). Only after that you will be partially paying 2% each month depending upon the completion of subsequent slabs.
    So here we are discussing about the second 20% payment which will be after the completion of plinth and not the first one which was PAID within one month period after booking.
    Coming back to your question, agreement and (or) registration of the property are essential for the bank home loan approval. As per my relationship manager, currently HPG is in a dialogue with several banks on their requirements for issuing home-loans to the buyers in this project. If banks are ready to issue loans on Agreement alone, then only the agreements will be made (before April'11 in case of Aura), and if the banks insist on registration as well, then the registration of properties will also have to be done at the same time along with agreement.



    Dear B
    APPRECIATE ur PRECISE :DD answer for the post.
    What about the buildings ,they are changing names now.
    Claremount to AURA.
    VERONA to VENUS......Any reason for so......:bab (35):
    Kind regards.
    cheers
    savvy_v
    CommentQuote
  • Originally Posted by bhushank4
    Dear MrBean
    First-of-all I would like to state here that after paying 20% earnest money within a month of booking you will also have to pay another 20% after the completion of plinth. For Aura this will be around April'11 (see my post#212). Only after that you will be partially paying 2% each month depending upon the completion of subsequent slabs.
    So here we are discussing about the second 20% payment which will be after the completion of plinth and not the first one which was PAID within one month period after booking.
    Coming back to your question, agreement and (or) registration of the property are essential for the bank home loan approval. As per my relationship manager, currently HPG is in a dialogue with several banks on their requirements for issuing home-loans to the buyers in this project. If banks are ready to issue loans on Agreement alone, then only the agreements will be made (before April'11 in case of Aura), and if the banks insist on registration as well, then the registration of properties will also have to be done at the same time along with agreement.


    Hi B,

    I inquired about the tentative time lines regarding completion of paperwork and agreement registration process. Especially whether it is likely to be complete in time for payment of 20% which will be due in April, for me to process the loan and if it's not available in time will they extend the date for payment. The response that I got was, for loan approval, agreement is not required. The registration needs to be completed before loan disbursement. If I produce loan approval letter (I was recommended to approach HDFC), the interest charges for late payment can be waived.


    Cheers, J
    CommentQuote
  • Originally Posted by savvy_v
    Dear B
    What about the buildings ,they are changing names now.
    Claremount to AURA.
    VERONA to VENUS......Any reason for so......:bab (35):


    They are just trying to make the names shorter........ i think :)
    CommentQuote
  • Originally Posted by Joshi1965
    Hi B,

    I inquired about the tentative time lines regarding completion of paperwork and agreement registration process. Especially whether it is likely to be complete in time for payment of 20% which will be due in April, for me to process the loan and if it's not available in time will they extend the date for payment. The response that I got was, for loan approval, agreement is not required. The registration needs to be completed before loan disbursement. If I produce loan approval letter (I was recommended to approach HDFC), the interest charges for late payment can be waived.


    Cheers, J


    I think they shouldn't charge for upto one month late payment considering the processing time required for loan application. Also some people might not be available in time for the registration purpose as well, because of working abroad. The later case can be avoided by issuing POA by the owner to anyone of his relatives who is willing to do the registration in the absence of the owner.

    cheers
    B
    CommentQuote
  • Originally Posted by bhushank4
    I think they shouldn't charge for upto one month late payment considering the processing time required for loan application. Also some people might not be available in time for the registration purpose as well, because of working abroad. The later case can be avoided by issuing POA by the owner to anyone of his relatives who is willing to do the registration in the absence of the owner.

    cheers
    B


    Dear B
    what I guess from you is that
    1] The 20 % earnest money inculding the booking amount is paid by us.
    2] Next step is 20 %; that is plinth,which in ur case might be April 2011.{for the first 11 buildings}
    3] People who wants to take a loan for the Plinth onwards stage needs to get a Allotment letter by company as well as a formal agreeement letter ,i assume that it can be a PAL{provisional allotment letter}.
    4] in case people approaching the bank for the loan facility,the buyer needs to get loan approved on the basis of PAL,and according to the earlier post I presume that the bank shall insists on a registered aggrement on the buyer's name before sanctioning/disbursing the loan..
    5] In that case to approve the loan what i feel is that PAL is sufficient to make/disburse the loan of the amount requested by the buyer.
    6] In my case the reply from the relationship manager is this'
    "The operations team is dispatching the PAL building wise to all the customers. The PAL for Verona (– new name Venus) will be dispatched in a month’s time. PAL for first 11 buildings will be dispatched first as the construction has already started for these buildings."

    I would presume that for a flat booked in Venus-earlier VERONA,i expect the PAL be ready in mths time.
    This is latest from them.
    regards,
    cheers.:D
    savvy_v
    CommentQuote
  • Raigad Special Economic Zone (SEZ) in trouble...

    Greetings Boarders,

    I wonder how the below article will affect the HPG investors... any thoughts / views be most appreciated...


    "Mumbai: Mukesh Ambani's plans to convert Raigad district into Maharashtra's biggest Special Economic Zone (SEZ) seem to have run into trouble. The state government has issued a resolution to de-notify the acquisition of land for this as Reliance could not acquire the land by the December 2009 deadline. It says the farmers are now free to utilise their lands as they deem fit.
    "The decision has been taken by Revenue Minister Balasaheb Thorat in the interests of farmers as process of land acquisition for the SEZ wasn't completed in the stipulated period," an official said.
    The period of two years allotted under the Land Acquisition Act to acquire land for the ambitious project had lapsed in December 2009, but the government had so far made no official announcement on the issue.
    This meant the 7/12 (land record) extracts of farmers in the project area, comprising 45 villages in Uran, Pen and Panvel talukas, continued to carry the remark that the land was reserved for the SEZ project, preventing farmers from selling, buying, or transferring their lands.
    "Farmers were in a dilemma so far, but now they are free to use their lands as they wish. This will set an example for other SEZs in the country," Ulka Mahajan of the SEZ Virodhi Sansh Samiti said.
    The land acquisition procedure for the proposed SEZ project, spread over 35,000 acres in Raigad, was started in May 2006. But, the company managed to acquire only 13 per cent of the land within the stipulated period, as it faced strong opposition from farmers.
    In September 2008, the state government conducted a referendum, in which the villagers voted against the project.

    Sources say the state government can't scrap the SEZ as this is up to the Centre. This will mean Mukesh Ambani can acquire the land privately. But this won't be easy given the stiff opposition from the locals.
    Sources say the 500 farmers who had earlier given their land for the SEZ have now approached the court asking for it to be returned. They say they are even willing to return the compensation given to them. (With PTI Inputs)"
    Source: NDTV.com: India, Business, Bollywood, Cricket, Video and Breaking News
    CommentQuote
  • Originally Posted by Amateur001
    Greetings Boarders,

    I wonder how the below article will affect the HPG investors... any thoughts / views be most appreciated...


    "Mumbai: Mukesh Ambani's plans to convert Raigad district into Maharashtra's biggest Special Economic Zone (SEZ) seem to have run into trouble. The state government has issued a resolution to de-notify the acquisition of land for this as Reliance could not acquire the land by the December 2009 deadline. It says the farmers are now free to utilise their lands as they deem fit.
    "The decision has been taken by Revenue Minister Balasaheb Thorat in the interests of farmers as process of land acquisition for the SEZ wasn't completed in the stipulated period," an official said.
    The period of two years allotted under the Land Acquisition Act to acquire land for the ambitious project had lapsed in December 2009, but the government had so far made no official announcement on the issue.
    This meant the 7/12 (land record) extracts of farmers in the project area, comprising 45 villages in Uran, Pen and Panvel talukas, continued to carry the remark that the land was reserved for the SEZ project, preventing farmers from selling, buying, or transferring their lands.
    "Farmers were in a dilemma so far, but now they are free to use their lands as they wish. This will set an example for other SEZs in the country," Ulka Mahajan of the SEZ Virodhi Sansh Samiti said.
    The land acquisition procedure for the proposed SEZ project, spread over 35,000 acres in Raigad, was started in May 2006. But, the company managed to acquire only 13 per cent of the land within the stipulated period, as it faced strong opposition from farmers.
    In September 2008, the state government conducted a referendum, in which the villagers voted against the project.

    Sources say the state government can't scrap the SEZ as this is up to the Centre. This will mean Mukesh Ambani can acquire the land privately. But this won't be easy given the stiff opposition from the locals.
    Sources say the 500 farmers who had earlier given their land for the SEZ have now approached the court asking for it to be returned. They say they are even willing to return the compensation given to them. (With PTI Inputs)"
    Source: NDTV.com: India, Business, Bollywood, Cricket, Video and Breaking News


    WHY ONLY HPG INVESTORS......INVESTORS over all in NAVI Mumbai.....
    BTW. Its in NAVI Mumbai.....
    In my view;;; In short term yes it may affect,,,,but in longer perspective......It shall not....
    savvy_v
    CommentQuote
  • HPG Panvel

    Hi Guys,

    I am new to this thread. Firstly, i have enquired about the leasehold and its in perpetuity - and renewable after 99 years at no cost - i believe SEZ rules do not permit freehold ownership; stand to be corrected if i am wrong or have been spun a yarn!

    My concern is that formal contracts are not issued for at least six months but we are expected to pay 20% - this to my mind is not very good!

    As anybody been to the site lately to see how things are progressing?

    Anybody know who has been engaged to build the towers - is it L and T?

    look forward to some interesting discussions!
    CommentQuote