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 malkotia
    Savvy,

    Thanks..I agree that in real estate we have to wait. But we have to be aware that HIRCO is not same as Hiranandani who built POWAI etc ...it is a different company and has not delivered anything on the ground yet ..their first project in Chennai is already delayed and if you google ..you will be amased how many people are complaining about the customer services ..they have put names of relationship managers as well in those complaints ...

    Selene is not starting in next 8-12 months ...(as per my relationship manager) ..anf that too in non committal ..my worry is as per the contract they won't even pay interest on the money paid ...


    Agree with u that u wont get interest by realator;
    But this is ur point; U signed agreement with company with due understanding right;
    Also Realtors have booked place/land,and also took loan for their project , we must not FORGET...I am not taking their side but its fact...

    MY EXAMPLE;

    Here is cacluation;
    BOOKED FLAT in 2010-DEC. Rate was 3600/sq feet base rate. floor rise 30 rs.

    means 30 floorrise will be 30x30=900=3600 = 4500 /sq feet.

    According to bank rate I shud get 9 % on my paid money to HIRCO; for 2 years.

    So calculation is;

    Year Year Interest Interest Balance
    1 135,000.00 135,000.00 1,635,000.00 2 147,150.00 282,150.00 1,782,150.00
    Standard Calculation
    Base amount: 1,500,000.00
    Interest Rate: 9%
    Effective Annual Rate: 9%
    Calculation period: 2 years

    PLZ SEE;http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

    That means i shud get 17,82 laks for my investment which I made 2 years back, right

    Now see reality.
    Now rate is 4500 /sq feet with 50 rs floor rise.

    So in totality my flat at 30 floor will become 50x30=1500 floor rise+ 4500= 7000
    7 k per sq feet if if have to book now in DEC 2012/jan 2013.

    So ultinaltely i have gained more in terms of INFLATION/RUPEE GAIN
    I hope this suffice u.

    INDIRECTLY I got 1500 /sq feet GAIn, but off course this gain will appreciate also once neighborhood develops....

    savvy_v:)
    CommentQuote
  • phase 2

    Originally Posted by vinchi
    i have a unit too at orion,the construction will start may be in dec 2012 or jan 2013,you may be not be knowing the location is changed of all three bldg.
    thanks


    Hi Vinchi,
    I visited the site in OCT 2012, and they gave me a site map. I see 4 buildings on the map for phase 2...orion, selene, flora and one more. My relationship manager is Shunezi Murumker, his estimate for construction begin date is around June 2013. So my guess is no earlier than late 2013.
    CommentQuote
  • Originally Posted by savvy_v
    Agree with u that u wont get interest by realator;
    But this is ur point; U signed agreement with company with due understanding right;
    Also Realtors have booked place/land,and also took loan for their project , we must not FORGET...I am not taking their side but its fact...

    MY EXAMPLE;

    Here is cacluation;
    BOOKED FLAT in 2010-DEC. Rate was 3600/sq feet base rate. floor rise 30 rs.

    means 30 floorrise will be 30x30=900=3600 = 4500 /sq feet.

    According to bank rate I shud get 9 % on my paid money to HIRCO; for 2 years.

    So calculation is;

    Year Year Interest Interest Balance
    1 135,000.00 135,000.00 1,635,000.00 2 147,150.00 282,150.00 1,782,150.00
    Standard Calculation
    Base amount: 1,500,000.00
    Interest Rate: 9%
    Effective Annual Rate: 9%
    Calculation period: 2 years

    PLZ SEE;http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

    That means i shud get 17,82 laks for my investment which I made 2 years back, right

    Now see reality.
    Now rate is 4500 /sq feet with 50 rs floor rise.

    So in totality my flat at 30 floor will become 50x30=1500 floor rise+ 4500= 7000
    7 k per sq feet if if have to book now in DEC 2012/jan 2013.

    So ultinaltely i have gained more in terms of INFLATION/RUPEE GAIN
    I hope this suffice u.

    INDIRECTLY I got 1500 /sq feet GAIn, but off course this gain will appreciate also once neighborhood develops....

    savvy_v:)



    Well Savvy, I agree with whatever you are saying. The point that I am trying to make is we cannot just relax because it is HIRCO, wo we have to be careful. Just because it is HIRCO doesn't mean nothing will go wrong. I have seen in NCR ...Jaypee is a big name but their projects are running late and customer service is also not very good... None of the people from original Hiranandani are in HIRCO ...it is a different company ..in fact there is a dispute between Niranjan and HIRCO ...HIRCO Chennai project is also through rough patches ...Has HIRCO (not Hiranandani) delivered a big residential project yet?
    CommentQuote
  • I have invested in Phase 2.... Logically if they constructed phase 1, sooner or later they will complete phase 2. The longer they take the better for us as this place has a long way to go to be considered developed.
    CommentQuote
  • Originally Posted by malkotia


    Well Savvy, I agree with whatever you are saying. The point that I am trying to make is we cannot just relax because it is HIRCO, wo we have to be careful. Just because it is HIRCO doesn't mean nothing will go wrong.
    ABSOLUTELY... BUT WHEN U SIGN PROJECT U DID NOT SEE CLAUSES?

    I have seen in NCR ...Jaypee is a big name but their projects are running late and customer service is also not very good...

    None of the people from original Hiranandani are in HIRCO ...it is a different company
    TRUE . HIRCO is comprsing of many board of director, and Niranjan is one of them.
    See more details on Hirco - Leadership Through Quality Communities




    ..in fact there is a dispute between Niranjan and HIRCO ...
    CANT AGREE WITH U. I DID NT HEAR ABOUT SO...
    ANY REFERRENCES
    HIRCO Chennai project is also through rough patches ...Has HIRCO (not Hiranandani) delivered a big residential project yet?

    NO IDEA. ROUGH PATCHES IS PART OF LIFE

    READ MORE ; http://www.hircoplc.com/pdfs/Interim-results-statement-31-March-2012-final.pdf

    regards,
    savvy_v:)
    CommentQuote
  • Savvy_v
    Yearly Financial statement would be worse that what you have shared......i think investors should be happy that Niranjan Hiranandani has offered to buy out this company......if the deal goes through Project will complete else not sure if HIRCO has potential to execute this project...strange part is HIRCO is launching buildings without approvals which is really sad...most of the developers have postponed their launches in MMR and Mumbai due to Approvals(except LODHA)......also response for their new launch Flora @5K psft is pretty subdued and not encouraging
    CommentQuote
  • CommentQuote
  • This thread is hijacked by agents of HIRCO. There are complaints all over the internet about the activities of this company.
    CommentQuote


  • I think This pdf mentions Niranjan is in good process of buying HIRCO.what it mentions is;by SOURCE:
    Niranjan Hiranandani, the past chairman of Hirco Plc, is suing Hirco Plc in the Singapore Court, according to sources familiar with the development.

    Savvy_v:)
    CommentQuote
  • Just saw this ad on .. Either the owner is trying his luck or feels everyone around him is dumb :-


    3 BHK Multistorey Apartment For Sale in Panvel

    Total Price : 2.90 Crore(s) (Price per sq.ft. : Rs. 15,500)
    Name of Project: Palace Gardens | Ready to Move
    Developer: Hirco
    Property Location: Panvel - mumbai, Panvel, Mumbai - Harbour Line
    CommentQuote
  • Originally Posted by rohu01
    This thread is hijacked by agents of HIRCO. There are complaints all over the internet about the activities of this company.


    dear rohu01
    you don't see any complaints about Hirco on this thread because we as investors have not been affected by any legal / illegal activities of this company outside of the HPG project. To be honest as an investor, I am least bothered with the corporate issues of Hirco. All I expect is that the project in which I have invested is going as per schedule and without any delays, and also that I get relevant attendance from their customer care unit if I have any question(s) w.r.t. the project in which I have invested in. Hirco has been v efficient in executing the project so far as well as responding to my queries and that's why at least I am not complaining.
    cheers,
    B
    (investor in HPG, Aura)
    CommentQuote
  • Originally Posted by gaurang
    Just saw this ad on .. Either the owner is trying his luck or feels everyone around him is dumb :-


    3 BHK Multistorey Apartment For Sale in Panvel

    Total Price : 2.90 Crore(s) (Price per sq.ft. : Rs. 15,500)
    Name of Project: Palace Gardens | Ready to Move
    Developer: Hirco
    Property Location: Panvel - mumbai, Panvel, Mumbai - Harbour Line


    Sweet Deal! Seems like a very generous seller :bab (59):
    Can I buy??
    CommentQuote
  • I am not talking about corporate issues, I was referring to the problems faced by similar investors in their chennai project many of whom have accused them of fraud. Do a search on internet, you will find many of them.

    Originally Posted by bhushank4
    dear rohu01
    you don't see any complaints about Hirco on this thread because we as investors have not been affected by any legal / illegal activities of this company outside of the HPG project. To be honest as an investor, I am least bothered with the corporate issues of Hirco. All I expect is that the project in which I have invested is going as per schedule and without any delays, and also that I get relevant attendance from their customer care unit if I have any question(s) w.r.t. the project in which I have invested in. Hirco has been v efficient in executing the project so far as well as responding to my queries and that's why at least I am not complaining.
    cheers,
    B
    (investor in HPG, Aura)
    CommentQuote
  • Originally Posted by rohu01
    I am not talking about corporate issues, I was referring to the problems faced by similar investors in their chennai project many of whom have accused them of fraud. Do a search on internet, you will find many of them.


    I have already said it and let me say it again. I am least concerned with whatever happens outside of Hiranandani Palace Gardens Panvel. Matter-of-fact, this thread is also a HPG Panvel thread so lets keep it down to this project only.

    cheers
    B
    CommentQuote
  • Most people will agree that my post was relevant to this thread. Thief will remain a thief wherever he goes, relocating to a different place doesn't make him an honest person. And the name of the project in Chennai is also HPG so the brand name is already tarnished.

    Originally Posted by bhushank4
    I have already said it and let me say it again. I am least concerned with whatever happens outside of Hiranandani Palace Gardens Panvel. Matter-of-fact, this thread is also a HPG Panvel thread so lets keep it down to this project only.

    cheers
    B
    CommentQuote