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 rohu01
    I always thought there was a law which required builders to get the registration done within a fortnight or may be month after booking amount is received irrespective of status of construction. May be someone with more expertise can clarify this.


    Well,
    Rohu...
    Pointblank... Wrong.
    If it is so... All properties will be registered within one mth of time, and builder need to give possession in time as explained.
    It does not work like that.

    Procedure:
    Builder will launch project with Layout plan, Floor plan ,and area of flat.....with prior CC for building.
    Then procedure as follows;

    1] Booking amount recd on behalf of customer.
    2] Receipt of booking amount towards mentioned with signature duly signed by saler {RE} ,on INR 1 REVENUE stamp.
    {This confirmed the booking is done.}
    3} PAL{Provisional allotment letter issued by RE-SALER.
    4] Builder will get approval subsequently for floor wise plan from TDP.{Town development}.
    5] Meanwhile builder is expected to clear all formalities of building road DP PLAN , water connection/electricity connection to that particular building.
    6] Excavation& Plinth...
    7] Now Here is click.
    U can register the agreement of sale in registered office .... by paying REG dues as required by builder, u can opt or , u can do later.

    Registering property on ur name in DY SUB REGISTRAR OFFICE will ensure u to have flat on your name.
    The registered document will mention start date of Plinth; end of date & possession date.

    Bhushan rightly pointed some buyers have opted to sale transfer property, and save REG charges on their name....

    What i got from RM is we can register property once excavation/Plinth Demand note is asked for.. which is expected in OCT 2013 in VENUS case...

    I dono why delay is happening from PHASE -2 EXCAVATION;
    is it
    1] due to conflict between HIRCO/HPG.{I DONT THINK SO......{Mr. Niranjan will not tarnish image of Buyers especially the HPG},
    2] Is it because HPG is in hurry to not to tarnish image of them ,by speeding work on Phase-1,and handing over their flat.
    3] is it because some of the building Like {VENUS booking is full, and Selene almost 60-65%}- flora 25 %.. dono.
    4] Is it because hpg plan to habitable people in phase -1, and concentrate more on HPG club, and School, which could be a prime concern for them to attract buyers for PHASE-2..
    5] Is it because, delay in phase -1 will hamper delay & less booking of phase-2.

    Your expert opinion please forum is appreciated.....

    Bhushan can u focus ur views.....

    savvy_v;)
    CommentQuote
  • Originally Posted by bhushank4
    I am not an expert but I would like to share some words of experience here. Nowadays, most of the builders accept booking amounts in the name of soft-launches and this even before they have received all approvals or construction certificates (CC) for constructing this building. The project is officially launched when MOST of the approvals are acquired. Also, the CC is not given for the entire building at once. Its normally issued in stages for e.g. first CC for construction till plinth, second CC for first 5 floors and so on till the last slab. Therefore, its logical that the registrations are being done only after construction of plinth which in itself is a proof that the builder has started getting CCs for this building from the concerned authorities. If the CC is not in place, I don't understand on what basis the registration could be done.

    I am a phase#1 buyer and I would like to share with you guys that after completion of plinth, it was left upon us by Hirco, whether or not to do the registration. Some investors opt to not do the registration so that they can easily sell-off the property when it is appreciated. We registered our flat immediately after plinth completion.

    cheers,
    B


    B,
    What was duration
    1] In between Booking
    2] Registration of ur property at plinth level{ In Months}? Can u plz specify to Buyers.... FORUM friends...

    3] Can u also guide ... There was clause of 2 years block -Unlock period for Phase-2 Buyers.. Now still its there for People who opt for SELENE-FLORA....
    What was registration date /amount u paid for the end product of your flat?
    4] How was their approach when doing Reg formalities completed by HPG, were they line-ant and more cooperative...? was there any hurdles u faced while registering the flat...?

    Ur expert opinion will guide subsequent buyers... on this forum dear..
    can u focus your views...

    savvy_v
    CommentQuote
  • Originally Posted by savvy_v
    B,
    What was duration
    1] In between Booking
    2] Registration of ur property at plinth level{ In Months}? Can u plz specify to Buyers.... FORUM friends...

    3] Can u also guide ... There was clause of 2 years block -Unlock period for Phase-2 Buyers.. Now still its there for People who opt for SELENE-FLORA....
    What was registration date /amount u paid for the end product of your flat?
    4] How was their approach when doing Reg formalities completed by HPG, were they line-ant and more cooperative...? was there any hurdles u faced while registering the flat...?

    Ur expert opinion will guide subsequent buyers... on this forum dear..
    can u focus your views...

    savvy_v


    1. In addition can anyone please check how much is the penalty paid by HIRCo in case of delays in possession
    2. When does clock for two years lock in period start.
    CommentQuote
  • Originally Posted by malkotia
    1. In addition can anyone please check how much is the penalty paid by HIRCo in case of delays in possession
    2. When does clock for two years lock in period start.


    Well MALKOTIA....

    Penalty clause is not their from Seller side.. & even if there its difficult to take them in court of Law.
    Usually 6 mth late possession is VALID according to law, due to CRISIS, Man made,{STRIKE- APPROVAL etc etc...}. or Nature made{Floods, or any earth quake, or any major water issue or SAND,or CEMENT/STEEL issue}.

    As far as LOCK IN PERIOD ; its after DOB{Date of booking}.

    Hope thsi suffice u.
    savvy_v:)
    CommentQuote
  • Originally Posted by malkotia
    1. In addition can anyone please check how much is the penalty paid by HIRCo in case of delays in possession
    2. When does clock for two years lock in period start.


    Standard is 9% across the industry, I don't think Hirco will be any different, this clause is mentioned in the agreement, phase 1 guys will be able to tell us provided they have completed registration process.
    CommentQuote
  • Originally Posted by realebuyer
    Standard is 9% across the industry, I don't think Hirco will be any different, this clause is mentioned in the agreement, phase 1 guys will be able to tell us provided they have completed registration process.




    Ok Real...
    Absolutely u hit the nail.
    In fact the law says.
    1] If possession is more than 6 mths from the documented date of possession, the compensation earned is 9 % on the amount paid till the date of possession.
    e.g if DOP{Date of Possession }is; 1st July 2012... & possession of flat is in 30th June 2013 .{one YEAR DELAY} then there is delay of 6 mth possession.

    Say fr example; amount paid till 1st July 2012 , will be if 70 laks....
    9 % per annum will be given as compensation for 6 mth from Jan 1st to date of possession thats 30th june 2013.

    & approximately its as under; for 70 laks will be;
    Total Interest at 9 %; 318544


    Hope this suffice u.
    savvy_v;)
    CommentQuote
  • Looking for a 1 BHK in the project

    Hi everyone,

    I am actually looking to buy a 1BHK flat in HPG Panvel.:)

    Looking to purchase under the 20-80 scheme.

    I have no hurry for moving in as i am planning to buy it for investment purposes.

    Can anyone help me with the current prices. Any idea about the name of the buildings in which should be looking for.:)

    Thanks & Regards
    CommentQuote
  • Originally Posted by PanvelWizkid
    Hi everyone,

    I am actually looking to buy a 1BHK flat in HPG Panvel.:)

    Looking to purchase under the 20-80 scheme.

    I have no hurry for moving in as i am planning to buy it for investment purposes.

    Can anyone help me with the current prices. Any idea about the name of the buildings in which should be looking for.:)

    Thanks & Regards


    All 1 BHK have been sold out.....none available from the developer.....you may find one in the resale market......2 buildings having 1 BHK Apollo and Athena are nearing possession......at present there is no 20-80 scheme available for any of the buildings in this project.

    Current price ₹4500 psft for all the buildings except Flora where it is ₹ 5000 psft.
    CommentQuote
  • Originally Posted by realebuyer
    All 1 BHK have been sold out.....none available from the developer.....you may find one in the resale market......2 buildings having 1 BHK Apollo and Athena are nearing possession......at present there is no 20-80 scheme available for any of the buildings in this project.

    Current price ₹4500 psft for all the buildings except Flora where it is ₹ 5000 psft.



    Real, U have very-much inside information...;)
    ?
    SO VENUS RATE is how much...
    CommentQuote
  • Originally Posted by savvy_v
    Real, U have very-much inside information...;)
    ?
    SO VENUS RATE is how much...

    Not sure about the resale market but anything from the developer would be around Rs. 4500
    CommentQuote
  • Originally Posted by seekigurview
    Relevance is that it brings some positivism in the forum. I hope HPG Panvel comes on track as early as possible.


    As far as I could interprete the article it talks about family feud between hiranandanis and they are telling media that they will find some amicable solution to the same. However if Hirco goes to trouble I don't think the family wil bail it out. Only possibility could be the takeover by hirandani. But from news items it looks like hiranandani is not serious abt takeover as it is offering peanuts which will not be acceptable to Hirco plc. I think positivity will come only when we approach to Hirco as a group and ask for a written confirmation from Hirco abt their plan.

    If they are an ethical company and if they are concerned abt their reputation and customer why don't they send a communication to their buyers and appraise them about the challenges they are facing and reassure the buyers. I don't understand meaning of RM. Has any RM from Hirco proactively informed customers about anything on the project. At least my RM has not done that. We do know that any project irrespective of whether it is a construction project, IT project or any project, goes through issues but then there is always a recovery plan and communication to all stakeholders. Let me tell that in IT if you don't keep your customer informed about the project you risk loosing business to the competitor.

    However here there are buyers in this project who are looking at only one aspect and that aspect is more the delay in start more appreciation they will get. Whereas there is nothing wrong with that thinking but we have to consider other facts and risks associated with it. With time the situations such as financial condition of the builder, political scenario, economic conditions etc change and once situations change builder will first look at their interest and then anybody else. This is what happened in noida extension. It was launched at below 2000 Psf and then there were land disputes and the projects were in jeopardy for more than a year.


    Akhilesh Yadav government came, took money from builders and reached to some consensus with farmers. Now since builders paid money to Yadav ji, they started looking at ways to recover money. Some of the builders changed their plan and wrote to their buyers that they are now not launching 800 sft apartments and in stead offered the buyers to go for a 1200 sft apartment. This was done with an aim to get rid of existing customers since as a result of resolution of the land issues the rates went upto 3000 Psf. A common man who had somehow managed to mobilise courage to book 800 sft apartment can in no way afford an apartment of size 1.5 times that he booked.

    All this panvel area was hyped because of various things such as airport, sez ,blah blah on the hope of employment generation and connectivity. I think there is no two views that the area is nowhere near what we would have thought five years back. Now if the area doesn't do well in next couple of years, Hirco will not be interested in spending further in this area as the success for Hirco means commercial activity in their township for which they don't have even a single customer yet. The customers will come for cost advantage and infrastructure, which is not there at the moment. The easiest thing for Hirco to do in difficult situations is to cancel the phase 2 buildings as they do not have any obligations

    Drawing a parallel from above example of noda extension they can tell us that they are now going with new buildings with higher specifications with names Southampton, Manchester United and arsenal in stead of Selene, Venus and flora and that the area of the apartments is 4000 sft. Or 900 sft. Will you go for it. I went for Selene because I wanted an apartment of size bigger than in phase one but no bigger than 2200. I would be forced to exit from the project

    Having said that there is also a possibility that this area comes up very well in next few years as it has got advantages of being on old and new Mumbai Pune highways, broadening of sion panvel highway, name of reputed builders etc and we will reap big appreciations. But the thing is we should not sit quite assuming that Hirco is very reputed builder and so will always take care of our interests. Please note the land in powai was acquired almost free of cost for making an affordable housing for poors. Everybody knows reality.

    Sorry friends it is Easter long weekend and I had relaxed time to write a long post.
    CommentQuote
  • Originally Posted by malkotia
    As far as I could interprete the article it talks about family feud between hiranandanis and they are telling media that they will find some amicable solution to the same. However if Hirco goes to trouble I don't think the family wil bail it out. Only possibility could be the takeover by hirandani. But from news items it looks like hiranandani is not serious abt takeover as it is offering peanuts which will not be acceptable to Hirco plc. I think positivity will come only when we approach to Hirco as a group and ask for a written confirmation from Hirco abt their plan.

    If they are an ethical company and if they are concerned abt their reputation and customer why don't they send a communication to their buyers and appraise them about the challenges they are facing and reassure the buyers. I don't understand meaning of RM. Has any RM from Hirco proactively informed customer about anything about the project. At least my RM has not done that. We do know that any project irrespective of wheat her it is a construction project, IT project or any project, goes through issues but then there is always a recovery plan and communication to all stakeholders. Let me tell that in IT if you don't keep your customer informed about the project you risk loosing business to the competitor.

    However here there are buyers here in this project who are looking at only one aspect and that aspect is more the delay in start more appreciation they will get. Whereas there is nothing wrong with the same but we have to consider other facts and risk associated with it. With time the situations such as financial condition of the builder, political scenario, economic conditions etc change and once situations change builder will first look at their interest and then anybody else. This is what happened in noida extension. It was launched at below 2000 Psf then there were land disputes and the projects were in jeopardy for more than a year.


    Akhilesh Yadav government came, took money from builders and reached to some consensus with farmers. Now since builders paid money to Yadav ji, they started looking at ways to recover money. Some of the builders changed their plan and wrote to their buyers that they are now not launching 800 sft apartments and in stead offered the buyers to go for a 1200 sft apartment. This was done with an aim to get rid of existing customers since due to resolution of the land issue ensured that rates went upto 3000 Psf. A common man who had somehow managed to mobilise courage to book 800 sft apartment can in no way afford an apartment of size 1.5 times that he booked. All this panvel area was hyped because of various things such as airport, suez blah blah on the hope of employment generation and connectivity. I think there is no two views that the area is nowhere near what we would have thought five years back. Now if the area does do well in next couple of years, Hirco will not be interested in spending further in this area as the success for Hirco means commercial activity in their township for which they don't have even a single customer yet. The customers will come for cost advantage and infrastructure, which is not there at the moment. The easiest thing for Hirco to do in difficult situations is to cancel the phase 2 buildings as they do not have any obligations

    Drawing a parallel from above example of noda extension they can tell us that they are now going with new buildings with higher specifications with names Southampton, Manchester United and arsenal in stead of Selene, Venus and flora and that the area of the apartments is 4000 sft. Or 900 sft. Will you go for it. I went for Selene because I wanted an apartment of size bigger than in phase one but no bigger than 2200. I would be forced to exit from the project

    Having said that there is also a possibility that this area comes up very well in next few years as it has got advantages of being on old and new Mumbai Pune highways, broadening of sion panvel highway, name of reputed builders etc and we will reap big appreciations. But he thing is we should not sit quite assuming that Hirco is very reputed builder and so will always take care of our interests. Please note the land in powai was acquired almost free of cost for making an affordable housing for poors. Everybody knows reality.

    Sorry friends it is Easter long weekend and I had relaxed time to write a long post.


    Very well written, appreciate your thought process:)
    CommentQuote
  • Originally Posted by savvy_v
    MALKOTIA, ur views on this....


    ..:: House of Hiranandani ::..


    Looks good. I am not very clear though by just having optical fibre in last mile how will they improve speed drastically. If the pipe connecting to wider world in not fibre optics won't help much. Also in the residential are even a normal broadband serves the purpose. So it is nice to have but not an absolute necessity. Also if you read the article carefully it is at a very high level it bout any details....looks similar to man Mohan singh promising free to all poors. So at the moment we are looking for roti kapada aur Makaan (read possession ) and not (fibre optic).
    CommentQuote
  • I went for Selene because I wanted an apartment of size bigger than in phase one but no bigger than 2200. I would be forced to exit from the project

    Loosing patience, is sign of intolerance,
    I agree with u and Me ready to move as GROUP..
    when u coming in INDIA? , I will be in APRIL 20th there.
    Lets meet in person, as all NRIS, Local group, and sit on their HEAD>
    .
    ..


    Having said that there is also a possibility that this area comes up very well in next few years as it has got advantages of being on old and new Mumbai Pune highways, broadening of sion panvel highway, name of reputed builders etc and we will reap big appreciations. But the thing is we should not sit quite assuming that Hirco is very reputed builder and so will always take care of our interests. Please note the land in powai was acquired almost free of cost for making an affordable housing for poors. Everybody knows reality.

    AGREE with u.Things will change with changing scenario, but believe me in INDIA the phase of growth is liek SNAIl.....TORTOISE...RACE....;)

    Sorry friends it is Easter long weekend and I had relaxed time to write a long


    savvy_v;)
    CommentQuote
  • Hirco Vs Hiranandanis - The Truth

    Dear sir or madam,

    I am a long standing shareholders in Hirco and therefore understand exactly what has been going on with this development. It is fair to say that is very much not the case on this board.

    Seems to be a fair amount of misunderstanding about who is actually in charge of this project. The answer is it is not Hirco Plc but in fact the Hiranandanis.

    The Hiranandani's raised £350 million pounds by floating Hirco in London. In exchange for this cash Hirco were issued with £250m of preference shares in the projects. On these preference shares Hirco shareholders were entitled to a 12% dividend per annum. The balance of the equity raised entitled us to 40% share of the residual asset value left after paying back both the preference shares and accrued interest as well as the £106m the Hiranandani's had invested.

    For example in Sept 2007 the valuation of the projects was £590m. At that point Hirco were due £266m in preference shares and accrued dividends. That leaves £324m of equity in the project. The Hiranandani's £106m is next in line which leaves £218m left for the equity holders. Hirco's 40% share of that was 87m and the familes share was £130m.

    What has gone horribly wrong is that the projects have been massively delayed and in that period the amount of accrued dividends due to Hirco has shot up. As of Sept 2012 we are owed £469m. The valuation on the projects have gone down below this figure so effectively Hirandani's have nothing left in the company and neither are they ever likely to given the £469m is accruing at 12% a year.

    The big problem between the parties is that the Hiranandani's realise their equity in the project has no value and they have lost whatever money they had put in. What they do have unfortunately have is 100% of the voting rights in the operating company. This they have been using to effectively blackmail Hirco into a deal where they merged their interests in the project with Hirco's. They wanted the company to be simplified and for them to have a 51% share going forward. In exchange they offered to hurry projects along with the promise of cash being available to be returned if the deal was approved. Now given they had virtually no equity left Hirco shareholders quite rightly said we are not willing to agree to those terms. Also having already been screwed over once would you really then let the family still have a controlling stake whereby they could renege on their promises again.

    The Hiranandani's have been hoping that by taking a go slow approach and telling Hirco shareholders that they won't see any cash returned back to them for another 10 years or so that Hirco might just fold in and accept some sort of deal. Unfortunately for them Hirco raised some cash from some high profile investors to ensure they could tough it out and explore legal avenues to seek redress.

    That brings us to where we are today. At present Hirco have no running of the projects at all. The Hiranandani's have operational control. They are in charge of the construction schedule. They are in charge of pricing. They are in charge of where the money is spent. They are in charge of sales. They are in charge of construction. Everything is in the hands of Hiranandani. So much so that they are not even providing Hirco with data and information they are legally obliged to do as part of the initial agreement. The fact the projects are delayed time and time again is down to the fact the Hiranandani's have no interest in the projects being completed quickly. Hirco have no legal rights to overrule the family despite being owed more money than the projects are worth. If they had input they would hurry the process along by pricing more competitively and selling the units so that they can extract their cash from the project.

    The matters are going to court. Arbitration in Singapore will ensue and I am sure Hirco will be arguing that the Hiranandani's are playing silly beggars here and that given they have no equity left in the project that overall control of the operating companies should revert back to Hirco. Proceedings are also being launched in London against Priya and Niranjan for misleading investors at the time of the IPO. Personally I think the pair of them are pretty low forms of life. Having fleeced shareholders of £350m Niranjan thinks that 6 years on that a fair value for the company £40m.

    Happy to answer any queries or clarify any other points which posters may have. Think its important for people to understand exactly what has gone on and what is currently going on rather than take for gospel what Niranjan tries to peddle in the Indian media
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