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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 savvy_v View Post
    MALKOTIA
    Plz viw my post; #1536

    My PREDICTION: "Subject to prove otherwise"

    1] PROBABLY I PRESUME FIGHT BETWEEN TWO COCKS WILL END WHEN PROJECT WILL BE AUCTIONED.{{IN PROCESS FO 2-3 mths time}.
    2] I AM STILL OPTIMISTIC that HIRA will take his own time to get his cards placed right in such a way that he will pull through auction.
    His project in Thane is in full swing,and also wil not affect for him to get rid off HIRCO, which he is planning for many months.
    3] Probably He will Tie up with more positive ,more orchestrated manner with BIG RE GIANTS LIKE< LODHA, or anything{We don't and never know}.
    4] Possibly he wont leave THE PROJECT as elections re on way, and high chances of getting NMIA through with support of congress....

    Anyway these are my predictions, may be time only will truly guide us,as we all are in same BOAT.

    Regards,and lets HOPE for best.
    savvy_v
    Savvy. I always admired ur positive attitude. By the way the post 1536 that ur referring to is a cut paste from my post more than six months back. When I used to raise that hirco is in deep trouble and you used to spread euphoria. Anyways reality is in front of us now and we have to face it.

    Comment


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

      Originally posted by realebuyer View Post
      Hi,

      You can certainly register your apartment provided your building has approvals in place....can you tell me the current status of your building?
      Basis this I will be able to tell you if you an go ahead and register as there were some buildings which were launched in phase 1 but approvals are not in place for them and that is the reason why there is no plinth in place for these buildings....

      Malkotia,
      There are two options for you:
      1. Either you wait for Hiranandani to take over these projects as stated by Mr. Mistry CEO HDFC in todays earnings call of HDFC
      2. Or get some legal help if there is no response from HIRCO
      What did Mr misery say. Can you please share script if possible.

      Comment


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

        We have options as file a caveat to HDFC/Courts for taking our views and intetrest in consideration while liquidating the company Sunny Vista Realtors Pvt Limited. Please note that the money paid by investors is to Sunny Vista Realtors Pvt Ltd, not HIRCO plc or HIRCO.

        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.

        So it is a web of transactions and hard to decode. Going to courts seems to be the only option..

        Comment


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

          Email From Sunny Vista !

          Dear Customer,

          You have probably read some media reports regarding Loan recovery proceedings being initiated by our bankers.

          We would like to bring you up to speed on what is ongoing at the project.

          You are aware that large integrated Townships, like the one we are developing, have long gestation periods with high cash inflows for basic infrastructure in the initial period. Unfortunately, the recent downturn in the Indian Economy and the Real Estate Sector has put financial strain on the cash flows for many such projects, including ours.

          Further, we have invested substantially in Commercial Buildings that are almost complete, but not yet leased, resulting in no cash inflows from this huge investment. This has added further strain to the cash flows.

          We are in touch with PNB, UCO Bank, Andhra Bank and LIC Housing Finance Ltd (Project Financing Companies) explaining the situation. We have explained to them that their actions are uncalled for. They have visited our Project Site and have expressed their satisfaction at the facilities created so far. However, the banks need to allow the company to build the flats and reschedule the loans, since neither party will lose in the long term. Such an approval from the bank is not forthcoming. The company is corresponding with the bank in this regard.

          We have requested the banks to co-operate and help us fulfill our obligations to our Customers and also fulfill our obligations to them. We will continue our efforts with these Institutions and will keep you posted.

          We wish to assure all our customers that the Company remains committed to deliver the flats to its customers and will continue to do everything possible, under the circumstances.


          V Suresh
          Director
          Sunny Vista Realtors Pvt. Ltd.

          Comment


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

            Originally posted by ashuny View Post

            V Suresh
            Director
            Sunny Vista Realtors Pvt. Ltd.

            V Suresh
            Director
            Sunny Vista Realtors Pvt. Ltd.[/QUOTE]


            Dear, All, FIRST OFF ALL WHO IS THIS SURESH?
            NO COMMUNICATION FROM RM's ?????
            these are type of mail which e expect from them in view of slow down,
            If we slow down paying DEMAND NOTES then what answer will be?

            I am sure, TRUST BOND to build will take time,

            I have few queries;

            1] PHASE-1 buyers saying flats not still registered, how its possible when already 3/4th buildings are ready, with CC pending...?
            2] PHASE_2; When they can register their flats? as investors have paid already 20 %.
            3] How bank can take guaranty of the huge project when already the fight in between 2 cocks and no one knows where the LIBRA will go which side.
            4] HOW can we get approximate date of CC of PHASE-2,as already PHASE-1 CC & handover is not yet done.
            5] If at all AUCTION done, & HIRA takes over project;MR. HIRA will
            deliver the project , ONLY TIME WILL DECIDE.

            BHUSAHAN,MALKOTIA all are hibernating what r yur views.

            savvy_v

            Comment


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

              This guy V suresh is a big shot in Hirco....his mail is full of bluff....put him behind the bar

              Comment


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

                Originally posted by ashuny View Post
                Dear Customer,

                You have probably read some media reports regarding Loan recovery proceedings being initiated by our bankers.

                We would like to bring you up to speed on what is ongoing at the project.

                You are aware that large integrated Townships, like the one we are developing, have long gestation periods with high cash inflows for basic infrastructure in the initial period. Unfortunately, the recent downturn in the Indian Economy and the Real Estate Sector has put financial strain on the cash flows for many such projects, including ours.

                Further, we have invested substantially in Commercial Buildings that are almost complete, but not yet leased, resulting in no cash inflows from this huge investment. This has added further strain to the cash flows.

                We are in touch with PNB, UCO Bank, Andhra Bank and LIC Housing Finance Ltd (Project Financing Companies) explaining the situation. We have explained to them that their actions are uncalled for. They have visited our Project Site and have expressed their satisfaction at the facilities created so far. However, the banks need to allow the company to build the flats and reschedule the loans, since neither party will lose in the long term. Such an approval from the bank is not forthcoming. The company is corresponding with the bank in this regard.

                We have requested the banks to co-operate and help us fulfill our obligations to our Customers and also fulfill our obligations to them. We will continue our efforts with these Institutions and will keep you posted.

                We wish to assure all our customers that the Company remains committed to deliver the flats to its customers and will continue to do everything possible, under the circumstances.


                V Suresh
                Director
                Sunny Vista Realtors Pvt. Ltd.

                You mean to say that you took out the money which investors invested in HPG to put it in commercial real estate?

                Comment


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

                  This is without a shadow of doubt a Ponzi scheme of the construction industry; collecting money for future towers to keep the creditors at bay. The banks are flexing their corporate muscle and will seek recovery of their dues, via laws which protect them to the fullest extent. Investors and end users have been misinformed about the full nature and extent of these projects. These projects have been marketed as Hiranandani Projects........which they are to a certain extent but in addition the other equity owner is a London listed entity Hirco Plc........which raised circaGBP350million many years ago. These shareholders want their money back too! So in an intriguing game of chess between the Plc shareholders, the family and their own game of chess, it is individual investors who may end up being the pawns which are sacrificed.

                  Comment


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

                    So, in my humble opinion, I see the game playing out as follows: banks will go for liquidation, no doubt, liquidator will be appointed.....strangely a Phoenix will pick up the projects in a nice clean company with no issues. This would remove the Hirco Plc problem, so one of the biggest creditors would be removed subject to a lot of legal wrangling! But who is the new owner, we'll my friends......I leave you to exercise your own judgements. The banks are happy, the new owner is happy and end users continue to make payments. A cynic would say this is a carefully engineered and choreographed piece of financial wizardry but all by the book!!

                    ,

                    Comment


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

                      Earnings Edge- Two Loans To Hirco Turned NPA In H1: HDFC - YouTube

                      HDFC CEO on Hirco ..

                      Comment

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