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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

    Letter from PNB

    ashuny,

    There are hundreds of us investors in a similar boat and this is causing us a lot of stress. Every new bit of information is useful.

    Could you please let us know the contents of that letter (without your personal details).

    Many Thanks

    Bandu
    Last edited December 17 2015, 10:44 PM. Reason: Text formatting.

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

      PNB Notice

      See the attached images of notice.
      Attached Files

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

        This is very bad indeed, how can bank just ignore the other 700 odd investors??? How did we know that NOC had to be obtained this is simply "fraud" perhaps thats why Firdose Vandrevala (MD of HIRCO developments) left for a job with Essar Steel.........!!! Thats why a strong Real Estate Bill is required which favours the purchaser and not the builder community! Yes prices may go up as result BUT at least you will get something at the end of the day!!!

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

          Just a point to note, some of us including me would have entered into the deal with HIRCO before 02.02.2010 when PNB did the loan agreement.

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

            Hi Bktote, How could I join the legal fight? Whom do I need to pay? I am in USA.

            Thanks,

            Nilu

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

              nilu,

              I am from USA too. Boston.

              Check this out. There is detailed instruction on various tabs.

              https://docs.google.com/spreadsheet/...E&hl=en#gid=12

              Enter yourself in the 'MemberList'.
              Let me know your name and I will add you to the e-mail list that we are discussing this.

              --B

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

                Need help...

                Hi - I am based in the US and have also invested in the HIRCO (panvel) project in July 2010. My apartment is in Helios building. My flat is not listed in the auction - what does that mean? As I understand, a few of the investors are trying to get a stay order on the auction- I will be joining that as well. Please suggest what else I can do to save my investment. If the flat is not mentioned in the auction - is that good or bad?

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

                  Hirco keeps up pressure on Hiranandani - Hirco keeps up pressure on Hiranandani - The Times of India

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

                    The way I interpret this news is that money is with NH and/or family.

                    Which might be good news in case they bid with this money.

                    Basically buying our property back (hopefully for us) with our money that we have already paid.
                    Last edited December 17 2015, 10:43 PM. Reason: Text formatting.

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

                      Originally posted by bkhote View Post
                      The way I interpret this news is that money is with NH and/or family.
                      Which might be good news in case they bid with this money.
                      Basically buying our property back (hopefully for us) with our money that we
                      have already paid.
                      If Hiranandani had the money and the intention to bail out this project, then he would have done it by now. Now the damage is done and his reputation is lost.

                      The Navi Mumbai airport is not happening. There is a lot of uncertainty about the airport. Ask yourself one simple question "What is the worth of Panvel/New Panvel/Ulwe/Rasayani without the airport?". The answer is "Almost nothing". Ulwe was quoting almost 4500 psf one year back. Now investors are selling for less that 3000 psf. HPG was one of the most over-rated, over-hyped project in the boom time of the Navi Mumbai airport. This price is now not sustainable. Hiranandani will probably buy back this project at a much lower price.
                      But the question is, Will the lenders be able to recover their money at such a low price? In that case, the price of the property will fall by around 50% to 70%.

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