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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

    demand note for service tax (AURA)

    Recently, along with Slab#12 demand note for Aura we have received a demand for service tax payment; its Rs.63,937/- till Slab#12. Wonder if everyone else has received this and whats the basis of calculation for the same?

    cheers
    B
    Last edited February 29 2012, 12:25 PM.

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

      Hi Bhushank, I have received it as well; INR 64,198. Saw posting on face book ; reply from HPG regarding calculation of tax which reads as follows: " Kindly check the previous demand notes wherein we have mentioned under the notes section, point no.3 mentioning that the service tax is payable extra as per the government rules and regulations but we had not called for it as we were waiting for the final confirmation.

      The calculation is as mentioned below.

      On the 25 % of the total called amount from 1st July 2010 it is 10.30% till the current slab called (slab 11).

      Going forward it will be as per the demand note which you will receive from us."

      Cheers! Joshi1965

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

        Service Tax

        Basic service tax: 10%
        Education cess on service tax: 2% on 10% = 0.2%
        Secondary edu cess on service tax 1% on 10% = 0.1%
        Total: 10.3%

        This 10.3% service tax is only applicable to 25% of the value of the property (only under construction ones) and effective from July 2010 so money paid before that would not attract any service tax. Also no service tax on parking charges. (all other things like floor rise...club etc would attract ST)

        10.3% of 25% = 2.57%


        Cheers,
        Robin

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

          Hirco berserk following Indian townships write down

          LONDON (SHARECAST) - Hirco, a company involved in developing two huge township projects in India, has seen the current market value of the assets plunge by more than half.

          For the full year which ended on 30 September 2011 the company reported an an after-tax loss of £273.3m, representing a loss per share of £3.30.

          This loss was mainly a “non-cash” accounting adjustment as the directors wrote down the group's asset values following a previously announced revaluation of their developments in Chennai and Panvel.

          In September 2010 the projects were thought to be worth £824m, but following an assessment by commercial property adviser CBRE in September 2011 the assets were valued at just £342m.

          While the economic backdrop has been difficult the company has been busy cutting costs, sacking staff, renegotiating contracts, closing the US office and moving all admin functions to the Isle of Man. These cost savings are expected to amount to £2m per year.

          That won’t be enough to calm investors though, especially as the Chairman of the company, David Burton, reminded shareholders that the overall development time-lines for the projects have lengthened considerably and what Burton calls "the upstreaming of cash" is unlikely for the foreseeable future.

          The stock dropped 11.2% by 9:29am. Over the past 12 months it has fallen 15.6%. Since 2007 the shares have fallen 87.7%.

          source : share cast

          Is this a sign of property prices correction.....???? or just a passing phenomenon

          Comment


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

            Originally posted by sharpinvestor View Post
            LONDON (SHARECAST) - Hirco, a company involved in developing two huge township projects in India, has seen the current market value of the assets plunge by more than half.

            For the full year which ended on 30 September 2011 the company reported an an after-tax loss of £273.3m, representing a loss per share of £3.30.

            This loss was mainly a “non-cash” accounting adjustment as the directors wrote down the group's asset values following a previously announced revaluation of their developments in Chennai and Panvel.

            In September 2010 the projects were thought to be worth £824m, but following an assessment by commercial property adviser CBRE in September 2011 the assets were valued at just £342m.

            While the economic backdrop has been difficult the company has been busy cutting costs, sacking staff, renegotiating contracts, closing the US office and moving all admin functions to the Isle of Man. These cost savings are expected to amount to £2m per year.

            That won’t be enough to calm investors though, especially as the Chairman of the company, David Burton, reminded shareholders that the overall development time-lines for the projects have lengthened considerably and what Burton calls "the upstreaming of cash" is unlikely for the foreseeable future.

            The stock dropped 11.2% by 9:29am. Over the past 12 months it has fallen 15.6%. Since 2007 the shares have fallen 87.7%.

            source : share cast

            Is this a sign of property prices correction.....???? or just a passing phenomenon
            Further extension on project completion ?? Not a good sign...

            Comment


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

              Thanks

              Comment


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

                Required info

                Hello fellow members,
                I would like to know more about Hiranandani Panvel project. What is current rate for 1 & 2 BHK apartments? Also, is booking still open? Please can you let me know the details or redirect as appropriate. Thanks in advance.

                Comment


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

                  Originally posted by dcrocks View Post
                  Hello fellow members,
                  I would like to know more about Hiranandani Panvel project. What is current rate for 1 & 2 BHK apartments? Also, is booking still open? Please can you let me know the details or redirect as appropriate. Thanks in advance.
                  I think they might have some availability for 2 BHK apartments which are resale apartments as some investors keep dumping their flats when they appreciate to their desired levels. For these resale apartments, the builder is asking you to make a payment of close to 30% or 40% to get good rate unlike the usual 20% if it is a first time purchase. I am not sure if 1 BHK is available.

                  For the rate quote, I think the going rate as of now is 4300 or 4350 with 43 floor rise. But for resale apartments, you might get good discount if you are willing to pay 30% or 40% upfront.

                  Compared to Indiabulls or any other builder in the vicinity, I think Hiranandani is slow to increase rates. But a good point to note is that this builder does not decrease their rates. My guess is Indiabulls recently decreased the rate from 4800 to 4200. Also, this builder is transparent and communications are decent in terms of construction update. I feel this builder is better than the competition. Again, I dont want to sound like a sales person. However, after doing my study, I felt investing in Hiranandani is better.
                  Last edited March 7 2012, 07:20 PM.

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

                    Dear Satiani,

                    Can you confirm if hiranandani is on leased land and if yes what implications for the buyer? Also when is the possession likely to be given? I am told that hiranandni has 1500 acre land bank for this project. Is it true? In your opinion which has better location IB or Hira?




                    Originally posted by p_satiani View Post
                    I think they might have some availability for 2 BHK apartments which are resale apartments as some investors keep dumping their flats when they appreciate to their desired levels. For these resale apartments, the builder is asking you to make a payment of close to 30% or 40% to get good rate unlike the usual 20% if it is a first time purchase. I am not sure if 1 BHK is available.

                    For the rate quote, I think the going rate as of now is 4300 or 4350 with 43 floor rise. But for resale apartments, you might get good discount if you are willing to pay 30% or 40% upfront.

                    Compared to Indiabulls or any other builder in the vicinity, I think Hiranandani is slow to increase rates. But a good point to note is that this builder does not decrease their rates. My guess is Indiabulls recently decreased the rate from 4800 to 4200. Also, this builder is transparent and communications are decent in terms of construction update. I feel this builder is better than the competition. Again, I dont want to sound like a sales person. However, after doing my study, I felt investing in Hiranandani is better.

                    Comment


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

                      Originally posted by devindrashah View Post
                      Dear Satiani,

                      Can you confirm if hiranandani is on leased land and if yes what implications for the buyer? Also when is the possession likely to be given? I am told that hiranandni has 1500 acre land bank for this project. Is it true? In your opinion which has better location IB or Hira?
                      Hello devindrashah,

                      Hiranandani is on leased land for 99 years. Thing is even if it is on Leased land, it does not matter. Why? Because, if you are an investor, how many years do you think you will stay put with this investment? Probably 15 or 20 years maximum. So 99 years is a long time and should not deter you. If you are buying it for self occupany, then these leases get extended meaning, you will not be asked to vacate your house. The society will have to followup with the collector's office (if leased to collector) and get the land lease extended. I have personally see this extension happening. And I have not seen any building not getting an extension.

                      Possession dates depend on the Phase in which your building is. My guess is Phase 1 is due by 2014 and Phase 2 is 2015. Please note that there can be some delay of probably 6 months to 1 year.

                      For land with Hiranandani, I think they have 800 acres. I am not sure of 1500.

                      Location wise IB is better. However, I would advice you to go over the IB thread on this site and check out customer grievances. For piece of mind, Hiranandani is much better.

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