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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

    Originally posted by savvy_v View Post
    Well, Malkotia,
    U are absolutely right.
    Well just to clarify you.

    1] We trust a Builder with a positive note,and to deliver its product over a period of time.
    2] To give a good product , Realator, needs time,and its understandable from their side to get approvals, and all sanctions before building a city like HIRCO in CHENNAI & in PANVEL.
    3] No builder will put his money & build project & wait for his product to be sold.
    4] This is not a PHARMA Industry or VEHICLE MANUFACTURING INDUSTRY.
    5] Also as a end user I also feel why builder does not respond, but believe, me the feeling of waiting is same as good as u have invested money in ur FD in bank account.
    The psychology of man is when we invest in CAR, we use it from Day one.
    Simillarly, when we Invest in BANK IN FD, we get gains on day one ,and maturity will be after 5 years.

    Same scenario is here, we invest for booking amount for same with due understanding signed by them,called PAL....
    Now once money is being transacted, builder lobby on our behalf get sanctions, and make provision to sale their product.

    As far as HIRCO is concerned, I also have similar experience from them,
    I booked in 2010,in HPG-PANVEL VENUS, Now 2 years over.
    So in these 2 years i have had correspondence with them, and now, building phase will start phase -2 in Mid May 2013.
    Once construction starts as a reputed builder the construction goes on scedule & we get our product in time.

    So my opinion, PATIENCE is the KEY of success...
    & more or less, we also get some breathing space to arrange our funds, isn't it?????




    regrads,
    Savvy_v
    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 ...

    Comment


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

      Originally posted by malkotia View Post
      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/fin...calculator.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

      Comment


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

        phase 2

        Originally posted by vinchi View Post
        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.

        Comment


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

          Originally posted by savvy_v View Post
          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/fin...calculator.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?

          Comment


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

            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.

            Comment


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

              Originally posted by malkotia View Post

              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.
              PHP Code:
              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
              PHP Code:
              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 ...
              PHP Code:
              CANT AGREE WITH UI DID NT HEAR ABOUT SO... 
              ANY REFERRENCESHIRCO Chennai project is also through rough patches ...Has HIRCO (not Hiranandani) delivered a big residential project yet?
              NO IDEA. ROUGH PATCHES IS PART OF LIFEREAD MORE ; http://www.hircoplc.com/pdfs/Interim...2012-final.pdf

              regards,
              savvy_v

              Comment


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

                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

                Comment


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

                  This company seems to be in a mess

                  Directors of Hirco suing board of Hirco Plc: Sources - The Economic Times

                  Comment


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

                    This thread is hijacked by agents of HIRCO. There are complaints all over the internet about the activities of this company.

                    Comment


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

                      Originally posted by realebuyer View Post
                      PHP Code:
                      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
                      Last edited February 7 2013, 10:46 PM.

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