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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

    any other updates ?

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

      I think the construction of the this project is in full swings. One of my friend has booked a home in this project and heard from him that the work is moving on perfect speed.

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

        How is the area around, lot of confused information on the development in that region with India Bulls stuck forever...Is it a good investment for the next 5-7 years ? thanks in advance

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

          Hiranandani Fortune City - Panvel

          Hi Everyone ,
          the name of property has changed and it was difficult for me to find a page specific to discussion on this property near Panvel which has been acquired from Hirco group.

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

            Update basis my site visit this morning, to Hiranandani Fortune City (erstwhile Hiranandani Hills/ Palace Gardens): I was told that the Commercial wing's possession is planned in "one to two months". First phase of residential towers is up - I was shown a sample 1BHK in this wing. Possession for this phase planned in a "year or so".

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

              There is considerable information on this forum, and I can sense that a lot of uncertainty was borne by early investors in this project. Thanks to your efforts, the project seems to have been revived. I did a site visit today, but am uncertain now - having read the long struggle you guys have been through. Any advice? I'm looking for an investment in the property, say a 5yr horizon.

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

                Hirco's `false claims' case against Hiranandani quashed in Singapore

                Investment Firm Ordered To Pay Builder Rs 160 cr Towards Legal Costs

                In a reprieve for builder Niranjan Hiranandani and his wife Kamal, the London court of International Arbitration seated in Singapore dismissed claims of false misrepresentation, conspiracy , unlawful interference and contractual negligence against them by investment company Hirco Holdings.After a three-and-a-half-year-long battle, the three-member arbitration panel also ordered Hirco to pay Hiranandanis around Rs 160 crore on account of legal and other costs.

                Both parties spent almost Rs 300 crore hiring top-notch international lawyers, experts, witnesses and court fees. The issue centred on investments of around Rs 2,400 crore made by Hirco almost a decade ago in two Hiranandani projects in Panvel and Chen nai. Hirco had made a claim against the builder for around Rs 5,000 crore, including interest, which too was dismissed by the court.

                In a statement issued to TOI on Saturday , Hiranandani said, “I am extremely happy with the outcome of the arbitration in Singapore against Hirco. Truth has prevailed and I feel extremely grateful that I have been exonerated.“

                He added, “Our lawyers are examining possible roadmaps to recover the monies owed to me by Hirco. We will be evaluating potential forums in which to enforce this arbitral award, including but not limited to in Mauri tius and in the Isle of Man.“

                An email query to Peter Barge, senior non-executive director of Hirco Plc, remained unanswered at the time of going to press on Saturday .

                Hirco Plc and its subsidiary Hirco Holdings initiated their claims against the builder in December 2012 with an intent to file for action in the English Commercial Court.

                Hiranandani refuted those allegations and instead invoked arbitration.Hirco Holdings alleged the builder, his daughter Priya and son Darshan made fraudulent misrepresentations to injure it and conspired to cause it to invest in the two projects at prices far greater than they were worth.

                It alleged that he “interfered unlawfully“ in Hirco's business affairs by deceiving it and breaching his fiduciary duties.

                In its 410-page award, the arbitration panel said Hiranandani has “no liability to the respondent (Hirco) under or in connection with the exclusivity and land buying agreement as alleged.“

                The project at Chennai is a 255acre township and the one at Panvel is a 588-acre SEZ cum township development project. After the global meltdown in 2010 11, sales and pace of development slowed down and by then the projects were unable to service their loans. They had outstanding loans of Rs1,100 crore with domestic lenders such as HDFC and PNB (and its consortium).

                Hiranandani then stepped in (through his companies) to acquire both the projects, Chennai in March 2014, and Panvel in September 2014 for Rs 1,100 crore, thereby settling the outstanding dues to the banks.

                “Further, as part of the auction, all existing apartment holders' allotments and payments were to be upheld,“ said the Hiranandani Group.




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

                  Is the construction work started for Phase 3.? which was Launched in Jun'2016

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

                    Does anyone know whats the current status of Sector C and Sector D construction status in Fortune City?

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

                      This project is failed till the time any it or product sez strikes a deal. Keep waiting

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