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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

    Dont worry

    Its a setback but I think we will be fine.
    As they mentioned, I hope one of the Hiranandanis would buy them.
    I do not like this Priya. Let the Hiranandanis who built Powai buy it.

    --B

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

      Problem is it will be a 1-2 year long wait till matters get sorted out: lenders take control, auction off, new owner starts. Which means investors will lose their shirt.

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

        In a way it might turn out to be good as well although we will have to wait longer. This probably is the strategy of Niranjan et all to let this company in trouble. The investors from London will be forced to come out to some agreement as they cannot afford delays of Indian legal system so will settle for something (Bhagte chor kee Langothi bhali ...). Either Hiranandani or other big builiders like Lodha et all will ultimately buy the project as it will come cheap to them ....but what happens to the people like me who have bought buildings which are in Pre-launch stage ...nobody knows ...

        All RM have so far been telling all izz well """"""""""""""""well was a quan ,,,

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

          Someone buys or not, the money is stuck. I am also one of the victim. Need suggestions how to get our money back. The project has gone in spin and will not get possesion till 2016-2017. Shall a group be formed to take the matter to courts??

          Need help & suggestions.

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

            Hirco in deep trouble: Co defaults on 2 major township projects

            Real estate firm Hirco seems to be in a major financial trouble. The company has defaulted on payments to lenders for two large Rs 1,000 crore township projects in Panvel and Chennai. The projects are now under threat of a takeover by banks, reported The Times of India today. Hirco, listed on the London Stock Exchange’s Alternative Investment Market (AIM), was set up in 2006 to invest in residential and commercial complexes. It has more than 66 million sq ft of development in the two township projects being built by its subsidiary, Hiranandani Palace Garden. Both the Panvel and Chennai projects are a joint venture with Hiranandani, one of India’s premier residential developer. According to the report, work on the project in Panvel, outside Mumbai, which is spread over 300 acres, has been stalled for the past few months.

            Earlier this year, Tata Capital Financial Services had dragged Hirco’s subsidiary Hiranandani Palace Gardens to the court for defaulting on a term loan of Rs 76 crore. Tata Capital even demanded liquidating the Hirco arm and said that Hiranandani Palace Gardens is under financial stress and unable too meet creditor liabilities. The Tata petition requested the High Court of Bombay to appoint a provisional liquidator over Hiranandani Palace Gardens pending a hearing to appoint a liquidator and demanded that Hiranandani Palace Gardens be ordered to deposit Rs 82 crore plus interest in the court. The petition also alleged irregularities in connection with obtaining the loan from Tata and that the management should not be allowed to carry on its business any further as that will inevitably result in incurring further debts with no reasonable expectation and/or capacity to repay the same. The TOI report further pointed out that HDFC had advanced around Rs 500 crore in two tranches to the Chennai project jointly promoted by Niranjan Hiranandani and his daughter Priya, who stepped down from the Hirco board in December 2010. Ironically, Niranjan Hiranandani has even offered to buy out parent Hirco and has in the past claimed that he has nothing to do with Hiranandani Palace Gardens ever since he stepped down from the board. In October 2010, Hiranandani’s estranged daughter, Priya, had reportedly filed arbitration proceeding against her father and brother Darshan, claiming that they had violated a business association agreement involving commercial rights to real estate projects. The father and brother, however, made a counter claim, alleging that the fight caused them to lose out on business opportunities. In December 2010, Hiranandani had resigned as Chairman of the AIM-listed firm citing corporate governance issues, while his daughter had ceased to be the director on the Hirco board from September that year. HDFC has already classified the first tranche as a non-performing asset and will classify the second tranche similarly.If Hirco fails to pay up, HDFC will attach the Chennai property estimated to be worth several times the loan. Clearly once the property is attached it would be auctioned off. But given the slump in the market, it is likely that Hiranandanis may bid for it at lower valuation.

            https://www.google.co.in/url?sa=t&rc...54934254,d.bmk

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

              Tata Capital drags Hiranandani arm to court over Rs 76-cr loan default

              https://www.google.co.in/url?sa=t&rc...54934254,d.bmk

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

                Originally posted by malkotia View Post
                In a way it might turn out to be good as well although we will have to wait longer. This probably is the strategy of Niranjan et all to let this company in trouble. The investors from London will be forced to come out to some agreement as they cannot afford delays of Indian legal system so will settle for something (Bhagte chor kee Langothi bhali ...). Either Hiranandani or other big builiders like Lodha et all will ultimately buy the project as it will come cheap to them ....but what happens to the people like me who have bought buildings which are in Pre-launch stage ...nobody knows ...

                All RM have so far been telling all izz well """"""""""""""""well was a quan ,,,
                I completely agree with you...this is a well orchestrated by Niranjan who siphoned off investors money that HIRCO raised through AIM and then played key role in bringing Hirco to it's knees so that he can buy out this company at throwaway price.
                I feel both Priya and Niranjan are part of this game with their primary motive being diverting investors money and they have succeeded in doing so. It is now obvious that Niaranjan will buy out these two projects.
                The timing of Priya and Niranjans resignation was critical, both left at the right time putting all the onus on the poor investors and created hype that there was a family feud going on.

                But anyways it can be a good news for investors, the only drawback being the waiting period which will be on a higher side now. All those who have done their registration and stamp duty are safe but not sure about Phase 2 guys as there were no approvals in place for Phase 2.

                Well these are my views and I may be wrong....
                Last edited October 19 2013, 03:13 PM.

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

                  People please join hands and add comments on facebook page
                  https://www.facebook.com/pages/HIRCO...12905732223974

                  We can only protect our rights if we are aware whats happening to our flats now. what is management decision

                  Comment


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

                    No one is now picking phone at HIRCO office ..have they closed the office???

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

                      https://www.facebook.com/pages/HIRCO...12905732223974

                      Please connect on this facebook page, matter will not get resolved until we all get connected with each other.

                      I do not know what will happen to our EMI, as RBI has declared this as non performing assets(NPA).
                      Now we also stop EMI payment and wait or I do not know.
                      I am worried and need help of all the people advice.

                      Please let me know what others are doing.
                      Last edited October 20 2013, 09:35 AM.

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