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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  • thnx all for the specifications listed !
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  • has anyone booked flats in Palace Garden

    has anyone booked flats in Palace Garden if so

    can you guys answer some of my queries

    how is the quality of construction
    are all the walls RCC
    are the fixtures top grade
    is the project on schedule and be completed on schedule
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  • Contrasting Experiences

    Hirco Palace Gardens, Panvel:
    Soft launched Area of 2.5BHK flat as shown to me while booking a flat in Feb'09 =1608sqft.
    Area of the above flat finalized with an allotment letter in Feb'10 = 1499sqft.
    The internal layout of the flat remains the same leading to a considerable decrease in loading percentage and increase in carpet area.

    IB Greens, Panvel:
    Soft launched Area of 3BHK flat as shown to me while booking a flat in Oct'09 =1407sqft.
    Since Oct'09 the area has been revised not once not twice but three times till date and the latest area floated on their website i.e. in July'10 = 1673sqft.
    The internal layout of the flat has also been revised but the estimated gain in Carpet area is only about 100sqft against the 266sqft increase in the Super Builtup area leading to a considerable increase in loading percentage. I am not even sure whether the latest revision in 3BHK area as shown on the IB website is the final one since there has been neither an allotment letter nor agreement.
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  • Originally Posted by bhushank4
    Hirco Palace Gardens, Panvel:
    Soft launched Area of 2.5BHK flat as shown to me while booking a flat in Feb'09 =1608sqft.
    Area of the above flat finalized with an allotment letter in Feb'10 = 1499sqft.
    The internal layout of the flat remains the same leading to a considerable decrease in loading percentage and increase in carpet area.


    In Sep 2009 when I contacted HIRCO the area was 1499, which is same as of now, with around 30% reduction for carpet area, so we CANNOT say there is increase in carpet area. But what is sure is that they have a clear idea of what they are constructiing unlike IB Greens.

    Other 2 impt points about HIRCO are it is on LEASEHOLD for 99 years and it is in Rasayani, which is an obvious GAS CHAMBER as all the big industries are there. It is not supposed to be a residential area, but a real industrial area.
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  • Originally Posted by indiabulls
    In Sep 2009 when I contacted HIRCO the area was 1499, which is same as of now, with around 30% reduction for carpet area, so we CANNOT say there is increase in carpet area. But what is sure is that they have a clear idea of what they are constructiing unlike IB Greens.

    Other 2 impt points about HIRCO are it is on LEASEHOLD for 99 years and it is in Rasayani, which is an obvious GAS CHAMBER as all the big industries are there. It is not supposed to be a residential area, but a real industrial area.


    Dear indiabulls

    I have visited the site in last year even b4 investing in the same and spent a whole day out there without even a single trace of any GAS other than breeze of fresh air coming from the nearby Matheran Mountains. HPG itself is spread over 300 acres (3 times that of IB) and with much more open spaces that IB can ever think abt. On one side of the site is a mountain and on the other side there is a small river.... you can see the distant matheran mountains on the remaining two sides..... which further eliminates the possibility of pollution.... Neways I cannot blame those who still dismiss this beautiful project as GAS chamber out of the feeling of missing the bus!!
    I would like to ask all those who dismiss HPG, itself spread over 300acres (and still miles away frm actual Rasayni industries) as a Gas Chamber about their opinions and terminology for the new constructions that are lining up the western express highway of Mumbai right in the vicinity of thousands of running vehicles that emit thousands of cubic meters of pollution everyday...

    Also,I have made it clear in my previous post why one shouldn't be worried much about that 99yrs lease issue.

    You might be right that the area was already modified in Sept'09 as I didn't follow up with them till I got my provisional allotment letter in Feb'10 wherein I saw a modified area. Nevertheless I have a proof that when I booked my unit in Feb'09, the area shown to me was above 1600sqft. Pictures are attached herewith...

    It can be clearly seen that everything else remaining the same, the common area sq footage has been reduced from 389 sqft to 285 sqft thereby reducing the loading considerably.
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  • HPG Master Plan

    Attaching Master Plan layout and close-up layout of Phase#1
    Attachments:
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  • Dear Bhushan,
    You have all the good reasons for booking in HIRCO and as long as your conscience is not worried about Leasehold, etc. you have made a right decision. Also HIRCO is very professional and reliable unlike IB.

    As per my conscience I cannot accept Leasehold and I DO NOT have missed bus feeling as I dont want to buy leasehold. It is very clear to me. I wrote so as one new customer asked some feedback.

    Just two ponts I wanted to add. Leasehold also means you are not the owner of the walls of your flat. Theroritically you cannot modify or do anything on the walls without HIRCO permission. This is just like you live in a 5 star hotel for many years.

    Secondly, in the idustrial area, sometimes they emit all the poisonous/smelling gases after the midnight (particularly when there is proximity of residential area). But I am not sure about HIRCO area. One need to stay overnight, or may be one full week to know the real situation.

    Also one cannot compare industrial pollution with vehicle pollution. Vehicle pollution is there in all the big cities of the WORLD, may be in a lesser or higher scale and the contaminants are almost the same everywhere. But you dont know anything about the industrial gases you are going to breathe as it varies from industry to industry and also on the process efficiency...modern plants emits less.

    But in general,the whole Mumbai is highly polluted, except the areas touching the sea where the breeze is surely from the sea.
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  • Originally Posted by indiabulls
    Dear Bhushan,

    Just two ponts I wanted to add. Leasehold also means you are not the owner of the walls of your flat. Theroritically you cannot modify or do anything on the walls without HIRCO permission.



    Dear Indiabulls,

    It is definitely possible to sell my flat whenever I would like to do so, let alone modify anything on the wall or modify the wall itself both theory and practice :)

    The million dollar question is how many times are you going to modify your wall just because you own a freehold property?....... I think an average man who is capable of planning a little bit would do it only once..... someone below avg might do it twice :)

    I have v simple plan abt my HPG flat...... as you mentioned l m looking forward to live in my five star hotel like flat for about 25 yrs and finally make a good amount of money by selling it to someone who is as practical as I am. And I am sure in 25 yrs from now there will be more people around who think like me :)

    cheers
    Bhushan
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  • Originally Posted by bhushank4
    Dear Indiabulls,

    It is definitely possible to sell my flat whenever I would like to do so, let alone modify anything on the wall or modify the wall itself both theory and practice :)

    The million dollar question is how many times are you going to modify your wall just because you own a freehold property?....... I think an average man who is capable of planning a little bit would do it only once..... someone below avg might do it twice :)

    I have v simple plan abt my HPG flat...... as you mentioned l m looking forward to live in my five star hotel like flat for about 25 yrs and finally make a good amount of money by selling it to someone who is as practical as I am. And I am sure in 25 yrs from now there will be more people around who think like me :)

    cheers
    Bhushan


    Dear Bhushan,
    I am fully convinced that you know clearly what you are doing. As long as one is very clear of what he believes and do (like you), there is nothing to worry. JUST GO AHEAD!!!
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  • rise in rate

    Hirco has launched its 3 new buildings in HPG with a revised rate of Rs.3850/- psf and Rs.25/- floor rise.
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  • Originally Posted by bhushank4
    Hirco has launched its 3 new buildings in HPG with a revised rate of Rs.3850/- psf and Rs.25/- floor rise.

    Hirco has priced its project very wrongly.

    Since January 2009, the rates have increased from Rs 3600 to 3850 (7% rise)
    vs.
    Kalpataru Riverside where rates have increased from 3100 to 4350 (40% rise)

    Everywhere in Mumbai rates have increased on an average by 25%-40%. Some projects in Powai and Worli have seen 80% rise.

    And as a matterof fact no project other than Hirco has seen less than 20% rise.

    I still believe Hirco current price is wrong. The project should not be worth more than 3100-3400 at current market rates on a competitive basis.
    As Hirco gets most of its sale from naive NRIs, Hirco is making such a huge margin. You see Hirco Panvel advertisements everyday on Dubai channels.

    For investors living in Mumbai I think there are better opportunities (Kharghar, Dombivali, Panvel (not Rasayani)).

    Don't fall in Hirco's trap. Past performance(Powai) is no guarantee of future results (Rasayani). I think Hirco has got it wrong this time:
    1) Chemical factories backyard. Even if they create a beverly hills there, I would never buy at a place where an industrial accident is waiting to happen.
    2) Illogical priciing. 3850 in Rasayani, on what basis. 3100 is highest they should have charged.
    3) Hirco brand is fast losing value. Thane and Bangalore are examples where Hirco has failed.
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  • Originally Posted by jadhav_ravi
    Hirco has priced its project very wrongly.

    Since January 2009, the rates have increased from Rs 3600 to 3850 (7% rise)
    vs.
    Kalpataru Riverside where rates have increased from 3100 to 4350 (40% rise)

    Everywhere in Mumbai rates have increased on an average by 25%-40%. Some projects in Powai and Worli have seen 80% rise.

    And as a matterof fact no project other than Hirco has seen less than 20% rise.


    We have two comparisons here:
    1. Hirco HPG vs Kalpataru Riverside
    2. Hirco HPG vs Powai / Worli Projects

    Both these comparisons are highly unfair because:

    1. in Jan 2009 when Kalpataru Riverside was nearing completion, Hirco had just soft launched the project and in any given period of time a project nearing completion will appreciate more than a project which has hardly commenced, so since Jan'09 till date on one hand Kalpataru Riverside has already given more than 50% possessions and on the other hand Hirco HPG is nearing the completion of Plinth. Anyone can guess, the reason behind Kalpataru Riverside appreciating more than Hirco HPG. I can bet that when Hirco starts giving possessions in its HPG project in New Panvel (somewhere in yr.2012) their prices would have soared a fair bit more than those of Kalpataru Riverside.

    2. Its beyond my understanding the base on which someone can even think about comparing the appreciation value of projects in S.Mumbai with those in New Panvel. We might be able to think about comparing these two after New Panvel gets all its proposed infrastructure including Airport, Metro, Sewri - Nhava Sheva Sea link etc etc. And all this might take at least 10 - 15 years from now.
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  • Originally Posted by bhushank4
    We have two comparisons here:
    1. Hirco HPG vs Kalpataru Riverside
    2. Hirco HPG vs Powai / Worli Projects

    Both these comparisons are highly unfair because:
    Originally Posted by bhushank4


    1. in Jan 2009 when Kalpataru Riverside was nearing completion, Hirco had just soft launched the project and in any given period of time a project nearing completion will appreciate more than a project which has hardly commenced, so since Jan'09 till date on one hand Kalpataru Riverside has already given more than 50% possessions and on the other hand Hirco HPG is nearing the completion of Plinth. Anyone can guess, the reason behind Kalpataru Riverside appreciating more than Hirco HPG. I can bet that when Hirco starts giving possessions in its HPG project in New Panvel (somewhere in yr.2012) their prices would have soared a fair bit more than those of Kalpataru Riverside.


    2. Its beyond my understanding the base on which someone can even think about comparing the appreciation value of projects in S.Mumbai with those in New Panvel. We might be able to think about comparing these two after New Panvel gets all its proposed infrastructure including Airport, Metro, Sewri - Nhava Sheva Sea link etc etc. And all this might take at least 10 - 15 years from now.


    No offence meant, but don't live in a world of denial Bhushan.

    A) INVESTMENT & PRICING:


    Every property (from strange to strangest, underconstruction/soft launch/hard launch/rocket launch to ready to move in, class 3 developer to class 1 developer) in Mumbai/Thane/NaviMumbai rose 25-40% from September '09 to March '10

    Hirco Rasayani (meaning "chemicals" in Hindi) not Panvel rose 7%

    From an investor point of view, buying in any other project in virar/kurar, panvel/parel, kharGhar/bandraGhar, dombivali/kandivali/chandivali, pune/thane, goregaon/mazgaon/ambegaon, would have been more rewarding. All projects as well as resale properties in panvel also rose by 25-40%.

    And the situation continues. Anyone buying in Hirco Rasayani should understand that Hirco's pricing is skewed and hence not seeing appreciation at the same rate. It is still overpriced!


    B) Is Chemicals (Rasayani) inhabitable??


    The area is an industrial disaster zone:

    -- 15 million litres of highly polluted effluents are discharged into the patalgaanga river in Rasayani everyday. Because of Tata Power dam at khopoli, the patalganga river is now an effluent drain!!

    -- The area is second most polluted region in the country!!

    --There are more than 50 chemicals units manufacturing insecticides, pesticides, fertilizers, dye intermediaries

    -- The town has become a huge dumping ground for chemicals units operating on obsolete technology. In the residential areas surrounding the industrial estates, people keep their windows and doors bolted at night. There is a fear that factories may discharge poisonous gases.

    -- Hazardous wastes in the shape of a sludge are dumped in open fields besides residential colonies.

    -- The area is perpetually engulfed in smog. For the residents, life is worse than hell. The factories emit gases at night.



    I do not want to sound biased but I think it is right for me to give the full picture to people who may rather get the partial picture from the nice TV advertisements. I do not want someone to lose their hard earned money.

    Hirco's punch line is they are creating the next Powai but what needs to be pointed out is that Powai is a fresh water lake and not a chemical (rasayani) effluent drain.



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  • Originally Posted by jadhav_ravi


    No offence meant, but don't live in a world of denial Bhushan.

    A) INVESTMENT & PRICING:


    Every property (from strange to strangest, underconstruction/soft launch/hard launch/rocket launch to ready to move in, class 3 developer to class 1 developer) in Mumbai/Thane/NaviMumbai rose 25-40% from September '09 to March '10

    Hirco Rasayani (meaning "chemicals" in Hindi) not Panvel rose 7%

    From an investor point of view, buying in any other project in virar/kurar, panvel/parel, kharGhar/bandraGhar, dombivali/kandivali/chandivali, pune/thane, goregaon/mazgaon/ambegaon, would have been more rewarding. All projects as well as resale properties in panvel also rose by 25-40%.

    And the situation continues. Anyone buying in Hirco Rasayani should understand that Hirco's pricing is skewed and hence not seeing appreciation at the same rate. It is still overpriced!


    dear Ravi

    You have to make up your mind first about the time period in which you would like to compare the appreciation, 'coz in ur previous post it was from Jan'09 till date and in this post you are referring the period between Sept'09 till date.
    Anyways, even if we consider your latest period of 10 months between sept'09 till date, 7% rise of Hirco sounds reasonable to me as against 25-40% rise of any other project which sounds more like a RE bubble for that short period. As an investor I am actually glad that Hirco is not getting carried away by other players around them who are trying to be opportunistic and trying to make hay when sun is shining by raking up their rates in good times (of our economy).
    Even you have admitted that Hirco is overpriced at their current rates, but believe me or not they are still selling their beautiful project in new Panvel at a very consistent pace. And all their buyers aren't NRIs forsure.


    Originally Posted by jadhav_ravi

    B) Is Chemicals (Rasayani) inhabitable??


    The area is an industrial disaster zone:

    -- 15 million litres of highly polluted effluents are discharged into the patalgaanga river in Rasayani everyday. Because of Tata Power dam at khopoli, the patalganga river is now an effluent drain!!

    -- The area is second most polluted region in the country!!

    --There are more than 50 chemicals units manufacturing insecticides, pesticides, fertilizers, dye intermediaries

    -- The town has become a huge dumping ground for chemicals units operating on obsolete technology. In the residential areas surrounding the industrial estates, people keep their windows and doors bolted at night. There is a fear that factories may discharge poisonous gases.

    -- Hazardous wastes in the shape of a sludge are dumped in open fields besides residential colonies.

    -- The area is perpetually engulfed in smog. For the residents, life is worse than hell. The factories emit gases at night.



    I do not want to sound biased but I think it is right for me to give the full picture to people who may rather get the partial picture from the nice TV advertisements. I do not want someone to lose their hard earned money.

    Hirco's punch line is they are creating the next Powai but what needs to be pointed out is that Powai is a fresh water lake and not a chemical (rasayani) effluent drain.



    I think you r wasting your time here....

    For your kind information HPG project is nowhere near Patalganga River or Khopoli. The nearest railway station is Mohpe (3kms). Karjat is at 20kms from the Project and Khopoli is further 15 kms from Karjat.

    From the picture that you are trying to paint it seems that people using Rasayani rly staion (5kms from HPG) for commutation cannot do so wtihout wearing a face mask (to protect them from toxic gases), which is not the case :)
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  • Originally Posted by bhushank4
    dear Ravi

    You have to make up your mind first about the time period in which you would like to compare the appreciation, 'coz in ur previous post it was from Jan'09 till date and in this post you are referring the period between Sept'09 till date.
    Anyways, even if we consider your latest period of 10 months between sept'09 till date, 7% rise of Hirco sounds reasonable to me as against 25-40% rise of any other project which sounds more like a RE bubble for that short period. As an investor I am actually glad that Hirco is not getting carried away by other players around them who are trying to be opportunistic and trying to make hay when sun is shining by raking up their rates in good times (of our economy).
    Even you have admitted that Hirco is overpriced at their current rates, but believe me or not they are still selling their beautiful project in new Panvel at a very consistent pace. And all their buyers aren't NRIs forsure.




    I think you r wasting your time here....

    For your kind information HPG project is nowhere near Patalganga River or Khopoli. The nearest railway station is Mohpe (3kms). Karjat is at 20kms from the Project and Khopoli is further 15 kms from Karjat.

    From the picture that you are trying to paint it seems that people using Rasayani rly staion (5kms from HPG) for commutation cannot do so wtihout wearing a face mask (to protect them from toxic gases), which is not the case :)



    1) So Hirco is the big saint in whole of Mumbai. It rose the rate only 7% because it believes in fairness.
    hahahahaha.
    Look into the details as to how they bribed government to rob powai land meant for poor people and then you will know how big of a saint Hirco is.

    "Hiranandani was asked by state govt. in 1986 to develop the 230-acre land in Powai to build smaller, affordable flats for low- income groups.
    Hiranandani was given the Powai land at 40 paisa per sq ft.
    The developer built a hotel, hospital and a mall instead. For the poor people it
    built flats of 2,000 to 4,000 sq ft (4/5BHK) each which currently sell at Rs 10000+ psf."

    2) Patalganga river flows through Rasayani. Get to the ground before you argue more.

    I have lived in Rasayani then Panvel and now I live in new Panvel.
    Khopoli dam has made the flow of patalganga river in Rasayani appear more like an effluent drain and that is where I referenced Khopoli. Don't come down squawking before reading and understanding. I know Khopoli is 30 kms from Rasayani but that is where the river flow some from!!!
    The industrial units are no more than 4Km away from Hirco site. Hirco site is less than 2Km from Patalganga river. Please don't misguide people.

    I never said People in Rasayani wear face mask to station but according to all environmental surveys, there is too much industrial pollution in Rasayani and the MPCB is turning a blind eye to it.

    I think you have a bias when talking about Hirco Project as you have invested in the project.
    This forum is for free speech so please do not try to subdue other's point of view or misguide people. Get your facts before you take this further.


    No offence meant, but don't live in a world of denial Bhushan.

    A) INVESTMENT & PRICING:


    Every property (from strange to strangest, underconstruction/soft launch/hard launch/rocket launch to ready to move in, class 3 developer to class 1 developer) in Mumbai/Thane/NaviMumbai rose 25-40% from September '09 to March '10

    Hirco Rasayani (meaning "chemicals" in Hindi) not Panvel rose 7%

    From an investor point of view, buying in any other project in virar/kurar, panvel/parel, kharGhar/bandraGhar, dombivali/kandivali/chandivali, pune/thane, goregaon/mazgaon/ambegaon, would have been more rewarding. All projects as well as resale properties in panvel also rose by 25-40%.

    And the situation continues. Anyone buying in Hirco Rasayani should understand that Hirco's pricing is skewed and hence not seeing appreciation at the same rate. It is still overpriced!

    B) Is Chemicals (Rasayani) inhabitable??


    The area is an industrial disaster zone:

    -- 15 million litres of highly polluted effluents are discharged into the patalgaanga river in Rasayani everyday. Because of Tata Power dam at khopoli, the patalganga river is now an effluent drain!!

    -- The area is second most polluted region in the country!!

    --There are more than 50 chemicals units manufacturing insecticides, pesticides, fertilizers, dye intermediaries

    -- The town has become a huge dumping ground for chemicals units operating on obsolete technology. In the residential areas surrounding the industrial estates, people keep their windows and doors bolted at night. There is a fear that factories may discharge poisonous gases.

    -- Hazardous wastes in the shape of a sludge are dumped in open fields besides residential colonies.

    -- The area is perpetually engulfed in smog. For the residents, life is worse than hell. The factories emit gases at night.



    I do not want to sound biased but I think it is right for me to give the full picture to people who may rather get the partial picture from the nice TV advertisements. I do not want someone to lose their hard earned money.

    Hirco's punch line is they are creating the next Powai but what needs to be pointed out is that Powai is a fresh water lake and not a chemical (rasayani) effluent drain.
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