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 wadia
    Good comaprison Bhushan. As I earlier said Hirco is Posh. Comparing the price of Hirco and Indiabulls, you basically get what you pay for.
    BTW what price did you pay for Hirco. I mean sqft,floor rise, parking, etc?

    Wadia,

    As of now I have just paid 20%earnest payment and that was last year.... next installment is due only after the completion of plinth which is not going to happen b4 the first quarter of year 2011.
    payment details:
    base rate3600psf, Floor Rise - Rs.20, township infra corpus fund Rs.50psf, Electric Meter - 75k, club membership - 75k, podium parking - 4L, society formation charges - 10k.

    Again here I like Hirco's landmark to get their 2nd installment (completion of plinth) as against Indiabulls' who are going to ask for 2nd Installment within one month after the commencement of construction.
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  • Originally Posted by wadia
    When Hiranandani started Powai 20 years ago, Mulund was a much more developed locality. Today Powai easily command 30% more than Mulund.


    That's a good point but, unlike Mulund where there is nothing special in terms of infrastructure or projects; Kharghar has a lot projects planned. Most of these projects are being built with a budget of thousands of crores and it's just not possible for any builder to match up with such big projects. Hiranandani can not build anything like the Central Park or Bollywood theme park in Kharghar or any of the other projects. So, in my opinion Kharghar is always going to be a better place to stay.
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  • Value for Money

    This is what you get in 17 Cr (4 Million $)... in New York Manhattan

    2000sf carpet so according to Mumbai builders 2600 at 30 % or 2800 at 40% loading

    Check out the pics .. and thats fully furnished.. :)

    http://realestate.nytimes.com/sales/detail/46-1188293/555-West-59th-Street-New-York-NY-10019




    Or 3300 sf carpet area at 8 crore(1.75 million $)
    http://realestate.nytimes.com/sales/detail/185-23989/303-EAST-57TH-STREET-36G-New-York-NY-10022

    And Away from City .... just at 4.5 Crore .. 6000 SF with own swimming pool and Lake...
    At least check out the photos ....
    http://www.realtor.com/realestateandhomes-detail/2524-Lake-Shore-Drive-W_Springfield_IL_62712_1107800498
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  • Originally Posted by frugality
    This is what you get in 17 Cr (4 Million $)... in New York Manhattan

    2000sf carpet so according to Mumbai builders 2600 at 30 % or 2800 at 40% loading

    Check out the pics .. and thats fully furnished.. :)

    http://realestate.nytimes.com/sales/detail/46-1188293/555-West-59th-Street-New-York-NY-10019

    Or 3300 sf carpet area at 8 crore(1.75 million $)
    http://realestate.nytimes.com/sales/detail/185-23989/303-EAST-57TH-STREET-36G-New-York-NY-10022

    And Away from City .... just at 4.5 Crore .. 6000 SF with own swimming pool and Lake...
    At least check out the photos ....
    http://www.realtor.com/realestateandhomes-detail/2524-Lake-Shore-Drive-W_Springfield_IL_62712_1107800498

    Mr Frugality, Sorry, people in this forum are not interested to buy in your manhattan or chicago. Can you please stop spamming the forum.
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  • Originally Posted by Sharpj
    Yeah.. It is all about creating an image.. The township at Powai by Hiranandani looks brilliant.. and to be honest if you see.. nothing is closeby to Powai.. no suburban railway stations which was crucial in those days..
    Wadia rightly put it.. it is very complex.. and also a matter of luck.. if you are betting one way or the other..
    We have these crooks Royal Palms in goregaon.. yeah the quality sucked.. but still the prices were quite amazing what he was offering... but still no takers..

    Very valid point sharpJ. The market is really complex. Hiranandani got it right while Royal Plams (till now) has got it wrong.
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  • Originally Posted by geeee
    That's a good point but, unlike Mulund where there is nothing special in terms of infrastructure or projects; Kharghar has a lot projects planned. Most of these projects are being built with a budget of thousands of crores and it's just not possible for any builder to match up with such big projects. Hiranandani can not build anything like the Central Park or Bollywood theme park in Kharghar or any of the other projects. So, in my opinion Kharghar is always going to be a better place to stay.


    That is right geee. But still the prices in Mulund are nearly double of those at Kharghar. So lets see what lies in the future?
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  • Originally Posted by bhushank4
    Wadia,

    As of now I have just paid 20%earnest payment and that was last year.... next installment is due only after the completion of plinth which is not going to happen b4 the first quarter of year 2011.
    payment details:
    base rate3600psf, Floor Rise - Rs.20, township infra corpus fund Rs.50psf, Electric Meter - 75k, club membership - 75k, podium parking - 4L, society formation charges - 10k.

    Again here I like Hirco's landmark to get their 2nd installment (completion of plinth) as against Indiabulls' who are going to ask for 2nd Installment within one month after the commencement of construction.

    Thanks Bhushan. Very kind of you to share the information.
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  • hi

    HI Everyone,

    Hiranandani real estate no doubt is a good choice for investment (looking at powai pjts) but we need to evaluate and choose between time vs money. I see hiranandani a very very long investment. may be you may see 50-60% returns after 8-10 years but people who believe in short term returns they should invest in-around areas close to kharghar - panvel radius of 3-6kms. these areas will see returns of 50-60% much earlier.

    I am residence of bangalore and let me tell you Hiranandani bangalore projects have not appreciated so well compared to other real estates like purvankara / brigrade M. If you don't believe do google and you will figure out yourself. And the reason for that was the area SELECTION. & the same i see here.

    I hope the best comes out for all ......... Let me admit i my self dream to have a house at hiranandani but staying too far does nt makes s.........

    Ashky
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  • your dream is to buy a house in hiranandani khaghar??? you might want to elevate your dreams because this is the cheapest you can find in mumbai right now.
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  • HI donkeykong

    i know that but staying too far that doesn't makes sense and also not sure on the appreciation.

    Ashky
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  • Hirco Panvel is on LEASEHOLD

    I just wanted to highlight that Hirco Panvel is on LEASEHOLD for 99 years and not on Freehold like Hirco Chennai or other Hiranandani flats. They are not metioning this while booking and taking advantage of the ignorance of the customer. I other words you are not owing your flat, but paying a huge amount as lease rent till 99 years and your successor cannot have any right after 99 years (until and unless the matter is resolved legally)
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  • Hi Bhushan,
    Fantastic Analysis. Quite appreciated. BTW, I needed to know, what do you think about the leasehold of this land by HIRCO. For me as an amateur to Real estate investing, I am not sure how it matters, but you think HIRCo should buy this land for themselves rather than going for Leasehold ?? I mean such good & reputed builder going for leasehold isn't justifiable.
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  • Hi Bhushan,
    I had another query since you have made so nice analysis.
    1) I am lookin to buy a flat in brooks. Which is facing East Side. Do you know if this is facing the matheran mountains ?
    2) How do you see the development of Panvel 10 Years from now as an investment into real estate here.
    thanks for your assistance.
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  • Originally Posted by AmateurREInvestor
    Hi Bhushan,
    Fantastic Analysis. Quite appreciated. BTW, I needed to know, what do you think about the leasehold of this land by HIRCO. For me as an amateur to Real estate investing, I am not sure how it matters, but you think HIRCo should buy this land for themselves rather than going for Leasehold ?? I mean such good & reputed builder going for leasehold isn't justifiable.


    AREInvestor,

    thanks for your compliments...

    the matter of HPG being built on leasehold land has been much spoken about and thats what is bothering many people, but if you think about it in a little bit practical way, it woudln't bother u at all. This strictly is my personal opinion and wouldn't like to impose my views on anyone....
    I haven't lost my sleep over this issue because....
    Lease of 99yrs. means we are talking about at least 3 generations.... I would like to ask... how many people out here are currently living in houses that are even a couple of generations (or in other words more than 60yrs) old?.... moreover i wouldn't like my great grand children to depend on the property bought by their great grand father... rather I would like to see them (i m 30 already, so most probably from heavens :) ) build their own houses. Luxurious amenities and surrondings that are being provided in HPG today will definitely look v.v.out-dated only in 50yrs down the line (forget abt 99yrs.), therefore if someone is doing decently well in his life there will be a definite inclination towards selling off this flat and go to a better place in 50yrs or even less.... God forbid even if I go bankrupt, even then the tendency will be to sell of this flat even earlier than the former scenario..... and I am sure after 10yrs and within 50 yrs if you sell this flat you can only gain a lot of money by doing so. Therefore logically speaking I don't see any risk as such in settling down in this flat as of now ie once it is built.

    Also as you said, there is every possibility that Hirco would actually buy this land in future, since they are also going to build a large number of commercial properties within the project and it will be in their own interest to get the land in their name rather than continue leasing it. But i don't see them doing this before completely developing this Project. And I m sure that by the time this project is complete everyone who hasn't invested here just because of the leasehold issue would have already missed the bus.

    Hope I made my point clear :)
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  • Originally Posted by AmateurREInvestor
    Hi Bhushan,
    I had another query since you have made so nice analysis.
    1) I am lookin to buy a flat in brooks. Which is facing East Side. Do you know if this is facing the matheran mountains ?
    2) How do you see the development of Panvel 10 Years from now as an investment into real estate here.
    thanks for your assistance.


    Dear AREInvestor,

    I hope you have been shown the updated HPG residential buildings' plan by Hirco.As I am their existing customer, I have received the updated plan already (received it last week), and I really appreciate Hirco appointing a relationship manager who provides such updates from time-to-time.

    As per the new plan I can see that Brooks and Cambridge are the only two bldgs having the luxury of substantial views for flats on both North and South sides of the bldg. For eg. Brooks flats#2&3 (on North side) will have a good club-house view, a river view and there are mountains (not matheran mountains) to be viewed beyond all this.
    whereas flats#1&4 (on South side) and especially the higher floor flats will have an exotic matheran mountains' view.
    If you are looking to buy a flat which is on East side then it has to be flat#3 or flat#4, and in this case I would recommend flat#4 on a higher floor as you can have a good view of Matheran mountains as well as a glimpse of clubhouse on the North side.
    Please be advised that my above recommendation is only good-view oriented and I have no idea whatsoever if that is also a v good vastu complaint flat.

    As far as development of Panvel is concerned, lot depends on how efficiently our current and future Maharashtra Govts are able to implement their dev plans for New Panvel... Among others I rate the Proposed Navi Mumbai Airport completion and modernisation / extension of railway transport and the Energy City project development to be the key factors in the overall development of New Panvel in the next 10 yrs.

    cheers
    -Bhushan
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