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



    AGREE WITH U.DOnt know why they are delaying, any particular reason?
    By end of day, All realators are same, subject to condition's..;)

    Are we getting into a mess ????? or have we got into a mess???

    Dont u think we have known facts of this before having put our 20 % . We ourselves have accepted & put money with due understanding, Why, how we can blame.?
    Wait & watch policy can help? except for end users, they might be in hurry, but I feel, we shud be much positive, at least Phase one is over.

    Savvy_v
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  • Originally Posted by savvy_v
    Originally Posted by malkotia



    AGREE WITH U.DOnt know why they are delaying, any particular reason?
    By end of day, All realators are same, subject to condition's..;)

    Are we getting into a mess ????? or have we got into a mess???

    Dont u think we have known facts of this before having put our 20 % . We ourselves have accepted & put money with due understanding, Why, how we can blame.?
    Wait & watch policy can help? except for end users, they might be in hurry, but I feel, we shud be much positive, at least Phase one is over.

    Savvy_v


    At the time of booking (Jan-12) they told construction will start in 1 to 1.5 years, i din't have any problem with same, As I wrote in my earlier posts, they have been giving different dates at different times. Now they changed my RM and new RM says the plan for Selene is not finalised yet (meaning they do not have any dates in mind).

    I am not too worried about the delay but they should give some firm answer. Personally I have missed few opportunities due to this. I lined up my funds as was expecting a demand in Jan-13 as told by them in Sep-12, but now there is no firm dates. I liked few investments in between but did not make investment as had parked money for this. Now if I invest this money and they come with a demand in six month's I will be in soup. Builder cannot take buyer for granted, so if there is a change in their plan, what is harm in sending an email communication. Also there is some trend adn similarity in their modus operandi..In Chennai they delivered couple of builinds in 2010 as well and made handover of those buildings a big affair by calling celebrities etc ...Now they are not responding to they people whose buildings aare still pending (you can see this from Realbuyer's post as well. Also there is a trend that if a particular customer follows-up with them deligently forst they try to avoid and if that doesn't work they change the RM so that whatever committment (Read goli) were given by earlier RM are null and void....So in a nutshell I am not bothered too much about delay but am worried about uncertainty and lack of clarity ...more you keep your money with builder ...more risk you are in. As per contract they will only return principal not interest ....?? also on top of this 17.5% cancellation charges ..that is totally one sided..although we signed on the dotted lines ,,still it can be challenged with CCI.

    That is my two cent..but I know you are much more invester (and probably much more richer) than me ...:)

    At the time of booking (Jan-12) they told construction will start in 1 to 1.5 years, i din't have any problem with same, As I wrote in my earlier posts, they have been giving different dates at different times. Now they changed my RM and new RM says the plan for Selene is not finalised yet (meaning they do not have any dates in mind).

    I am not too worried about the delay but they should give some firm answer. Personally I have missed few opportunities due to this. I lined up my funds as was expecting a demand in Jan-13 as told by them in Sep-12, but now there is no firm dates. I liked few investments in between but did not make investment as had parked money for this. Now if I invest this money and they come with a demand in six month's I will be in soup. Builder cannot take buyer for granted, so if there is a change in their plan, what is harm in sending an email communication. Also there is some trend adn similarity in their modus operandi..In Chennai they delivered couple of builinds in 2010 as well and made handover of those buildings a big affair by calling celebrities etc ...Now they are not responding to they people whose buildings aare still pending (you can see this from Realbuyer's post as well. Also there is a trend that if a particular customer follows-up with them deligently forst they try to avoid and if that doesn't work they change the RM so that whatever committment (Read goli) were given by earlier RM are null and void....So in a nutshell I am not bothered too much about delay but am worried about uncertainty and lack of clarity ...more you keep your money with builder ...more risk you are in. As per contract they will only return principal not interest ....?? also on top of this 17.5% cancellation charges ..that is totally one sided..although we signed on the dotted lines ,,still it can be challenged with CCI.

    That is my two cent..but I know you are much more invester (and probably much more richer) than me ...:)
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  • Originally Posted by savvy_v
    we shud be much positive, at least Phase one is over.

    Dear Savvy,
    sorry to disappoint you but the truth is phase#1 is not over yet. Possession of phase#1 is expected in second half of 2014.
    cheers,
    B
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  • Hi Savvy,
    u look very positive,as always,good to know,also u do not mind the delay,as u know hirco is selling at rs 5000 per sq ft+ 50 high rise, if u have a good offer + all the positives,u can give me a same positive offer for my flat. thanks
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  • Originally Posted by vinchi
    Hi Savvy,
    u look very positive,as always,good to know,also u do not mind the delay,as u know hirco is selling at rs 5000 per sq ft+ 50 high rise, if u have a good offer + all the positives,u can give me a same positive offer for my flat. thanks



    Here again there is a catch.....only Flora is being sold at rs 5000 psft....rest all the buildings are being sold at rs 4500 psft,even those which are nearing completion....it is strange that a prelaunch building is commanding more than a building which is nearing completion....God knows what kind of strategy they are following.

    As i said earlier these RM's are nothing but scapegoats......i don't think we can expect much from them....need to get hold of their Bosses......either this company is out of cash or they are not getting approvals for Phase II.
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  • Competition commission flooded with complaints against realtorsWhile the watchdog has dismissed many of the cases, a CCI member has given a dissenting

    Encouraged by the penalty slapped on the biggest real estate company DLF in a Gurgaon case last August, there has been a rush of complaints at the Competition Commission of India (CCI) against several property majors since then. “At least 200 complaint letters came to us against real estate players, of them around 15 were official cases,” said an official at CCI.

    With big names such as Hiranandani Infrastructure & Real Estate Company (Hirco), Raheja Developers and Omaxe Group being dragged to the competition watchdog by home owners/buyers, CCI dismissed at least six such cases in the past two months on the plea that these companies did not enjoy the position of dominance in the market.

    Most complaints that reached CCI cited delay in delivery and biased buyer-builder agreements for filing the cases.

    CAUGHT IN THE NET & FREED
    Most cases on homes’ delivery delay, dismissal due to lack of companies’ market dominance
    Real estate company Case dismissed on
    Omaxe Feb 21,’12
    Hirco Developments Feb 9,’12
    Kolkata West
    International City Jan 24,’12
    Exact Developers Jan 12,’12
    Today Homes Jan 12,’12
    Raheja Developers Decr 21,’11
    Source: CCI
    CCI, in its order in such case, said, “It is quite possible that injustice has been done to the informant at the hands of the opposite party. However, for any injustice done by a builder to the consumer, the remedy does not lie under Section 3 or Section 4 of the Competition Act, neither section 4 should be attracted for each and every building project, however big or small, started by an enterprise.” It added the intent of Section 4 was to curb anti-competitive practices arising in the market because a dominant player was adopting such practices and tactics, which killed competition. The objective was also to prevent abuse of dominance.

    Nayan Raheja, director, Raheja Developers, told Business Standard, the case against the company was baseless and the complainant wanted the return of security deposit after he was asked to sign the agreement papers. “Despite the case being dismissed by CCI, we have returned the 20 per cent security deposit and we are also modifying the buyer-builder agreement, considering the recommendations of CCI in the DLF case,” said Raheja.

    The CCI order said, “There are a large numbers of players in the real-estate sector and many of these are bigger operators than Raheja Developers. The question of Section 4 does not arise.”

    V Suresh, principal executive officer, Hirco, among the companies dragged to CCI recently, said, “We follow absolute corporate governance and there should not be any case against us.”

    While the competition watchdog has dismissed many of the cases, a CCI member, R Prasad, has given a dissenting order on most of them. He argued that the practices adopted by the real estate players are anti-competitive and there is abuse of dominance by them.

    “Once the customers become captive, the builders start fleecing them. I have already held in the case of DLF that this conduct is called ‘after market abuse’. This is a fit case of abuse of dominance by the opposite parties,” said Prasad in the dissenting order.

    DLF was accused of ‘abuse of dominance’ and tilted buyer-builder agreements for three projects — Park Place, Belaire, and recently Magnolia in Gurgaon. The case is in the Competition Appellate Tribunal (COMPAT) at the moment.

    In view of so many real estate cases coming up at the CCI, National Real Estate Development Council (Naredco) is planning to come out with a draft national agreement, which will be a model buyer-builder agreement for the industry to follow. It is in dialogue with customers, consumer forums, besides following the CCI recommendations in the DLF case, to draft the agreement. One of the discrepancies that the draft agreement may look at correcting is the clause where a buyer is expected to pay up to 18 per cent interest on defaulting on the installment. However, in case of a delay in delivery by the developer, it pays only one to two per cent as penalty charge.

    Although most realty players have blamed the 2008 global economic crisis for the delay in delivery of projects, a CCI official rejected the theory. “Most delays happened as these real estate players, after opening the bookings for the projects, bought land somewhere else.”

    He said, “Developers should open an escrow account, to ensure that the buyers’ money is going in that project only.”
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  • Originally Posted by malkotia
    Originally Posted by savvy_v


    At the time of booking (Jan-12) they told construction will start in 1 to 1.5 years, i din't have any problem with same, As I wrote in my earlier posts, they have been giving different dates at different times.
    I agree with u, that there is delay, but DELAY can happen n any huge project like this.
    Probably they have utilized this funds to CHENNAI project, we never know their policy.




    Now they changed my RM and new RM says the plan for Selene is not finalized yet (meaning they do not have any dates in mind).

    Well, VENUS, SELENE, FLORA are in one row. What I was assured taht They will have excavation of all building at same time,
    Probably I feel VENUS is booked 100 %. SELENE -60-80 %... FLORA booking on row.... {Exactly don't known %, but selling at 5 k means they will get buyers _PLZ NOTE IB is quoting 6350 /sq feet , with NO FLOOR RISE, This to me looks hidden FLOOR RISE, also they have 2 plans for payment plans. also thats a GIMMICK.... to fool people.


    I am not too worried about the delay but they should give some firm answer.
    AGREE 100 %

    Personally I have missed few opportunities due to this. I lined up my funds as was expecting a demand in Jan-13 as told by them in Sep-12, but now there is no firm dates.
    I can understand, but What I would have done in your case is to park money in short term fixed plans to earn interest of 7.5 to 9 % on the amount which would earn me some Interest rather than waiting DEMAND from them... I would suggest you this now...

    I liked few investments in between but did not make investment as had parked money for this. Now if I invest this money and they come with a demand in six month's I will be in soup.
    Well considering present scenario, , Summer coming .....
    ALSO RAINY SEASON WILL DELAY PLINTH/EXCAVATION.
    EXCAVATION will start after RAINY SEASON OVER... thats roughly in AUG 2013..
    So considering scenario SEP /OT 2013, Plinth money will be asked in NOV 2013..
    Thats MY GUESS...

    Unless plinth is finished I feel SELENE PLINTH will be ready SEP 2013 to NOV 2013.... So u have liberty of 6-8 mths from now.
    What u can do, is Visit the area, personally rather than writing MAIL>
    Meet RM, Talk to SENIOR RM,and find facts,and produce your facts...



    Builder cannot take buyer for granted, so if there is a change in their plan, what is harm in sending an email communication. Also there is some trend adn similarity in their modus operandi..

    WE CANT TRUST BUILDER IN INDIA, we have to trust Ourselves,and plan accordingly. After all these BUILDERS will lay egg at different time with different ideas..

    Why not meet all people on one day at MARKETING OFFICE somewhere in APRIL & display our demands.. as a group, and protest with them....



    In Chennai they delivered couple of builinds in 2010 as well and made handover of those buildings a big affair by calling celebrities etc ...Now they are not responding to they people whose buildings aare still pending (you can see this from Realbuyer's post as well. Also there is a trend that if a particular customer follows-up with them deligently forst they try to avoid and if that doesn't work they change the RM so that whatever committment (Read goli) were given by earlier RM are null and void....

    So in a nutshell I am not bothered too much about delay but am worried about uncertainty and lack of clarity ...more you keep your money with builder ...more risk you are in. As per contract they will only return principal not interest ....?? also on top of this 17.5% cancellation charges ..that is totally one sided..although we signed on the dotted lines ,,still it can be challenged with CCI.

    That is my two cent..but I know you are much more invester (and probably much more richer) than me ...Well Richness is not the matter here,after all we are in same BOAT the only think ,who sails boat will not sink. we shud see what we need. .......we shud see that we should not sink ourselves with sinkable BOAT,and we shud not choose sinkable BOAT....

    Savvy_v:)

    Savvy_v:)

    Savvy_v:)
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  • Thread gone silent ????
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  • Just read in some other threads that work on hirco has stopped. Anyone has some confirmation?
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  • Originally Posted by malkotia
    Just read in some other threads that work on hirco has stopped. Anyone has some confirmation?


    STOPPED....
    Well, whats reason, NO Reason....
    I dont have any confirmation...
    If more delay good for me... :D, as I can park my money somewhere...where gains will be there...
    savvy_v;)
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  • Originally Posted by savvy_v
    STOPPED....
    Well, whats reason, NO Reason....
    I dont have any confirmation...
    If more delay good for me... :D, as I can park my money somewhere...where gains will be there...
    savvy_v;)

    I am also happy that work has stopped, atleast more money for sure....if not completed also no problem will learn something from house of hiranandani
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  • Originally Posted by savvy_v
    Originally Posted by realebuyer


    Real.....
    I will be talking to them EYE to EYE next month.;)
    lets see.
    savvy_v


    Well savvy_v i hope your RM reamins the same till next month:D

    Well savvy_v i hope your RM reamins the same till next month:D
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  • Originally Posted by Chrisindia
    I am also happy that work has stopped, atleast more money for sure....if not completed also no problem will learn something from house of hiranandani

    What I fail to understand is when Selene is completely sold out at 2o percent cash advance and builder does not have any stock....banks are ready to lend the previous 10 buildings and also once registered bank loans are available for Selene or whatever other buildings why are we so negative ....the investors should after all reckoning have to take an amount of risk...I don't see any risk what so ever....delay, corruption etc etc are part of Indian culture and we will get away very shortly.....there are roughly 200-300 flat owners in Selene and all are educated and experienced people are worth at least 1.5 cr(laxmi is always goes to people who love saraswati)now a few are so worried about this investment....hirco has promised that they will return 25lacs without any interest....so your loss will be only 5 lacs in interest and also you will have pease of mind that you did not got cheated or maximum with a delay of one year you may end up with 1 cr profit once as promised it get delivered in 2017-18...
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  • Originally Posted by Chrisindia
    What I fail to understand is when Selene is completely sold out at 2o percent cash advance and builder does not have any stock....banks are ready to lend the previous 10 buildings and also once registered bank loans are available for Selene or whatever other buildings why are we so negative ....the investors should after all reckoning have to take an amount of risk...I don't see any risk what so ever....delay, corruption etc etc are part of Indian culture and we will get away very shortly.....there are roughly 200-300 flat owners in Selene and all are educated and experienced people are worth at least 1.5 cr(laxmi is always goes to people who love saraswati)now a few are so worried about this investment....hirco has promised that they will return 25lacs without any interest....so your loss will be only 5 lacs in interest and also you will have pease of mind that you did not got cheated or maximum with a delay of one year you may end up with 1 cr profit once as promised it get delivered in 2017-18...


    Sir for you information Selene has 120 flats....
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  • Originally Posted by Chrisindia
    What I fail to understand is when Selene is completely sold out at 2o percent cash advance and builder does not have any stock....banks are ready to lend the previous 10 buildings and also once registered bank loans are available for Selene or whatever other buildings why are we so negative ....the investors should after all reckoning have to take an amount of risk...I don't see any risk what so ever....delay, corruption etc etc are part of Indian culture and we will get away very shortly.....there are roughly 200-300 flat owners in Selene and all are educated and experienced people are worth at least 1.5 cr(laxmi is always goes to people who love saraswati)now a few are so worried about this investment....hirco has promised that they will return 25lacs without any interest....so your loss will be only 5 lacs in interest and also you will have pease of mind that you did not got cheated or maximum with a delay of one year you may end up with 1 cr profit once as promised it get delivered in 2017-18...


    Well project getting stopped is not good for anyone by any means ...I am sorry to say but I suspect Savvy and Chrisindia ids are managed by same person. Some comment comes from Savyy and is seconded by Chrisindia more forcefully.. I think as per these threads Chrisindia even bought a flat on Savvy's advice. Can it be just a coincidence... Both these guys (or same guys) are able to put a positive turn to anything ..... What a positive attitude ...Normally Savvy has all the inside information but in this case is pretending ignorance ...very naive ....

    For your information Selene is not sold out ...avaialble from HIRCO 4500 +45
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