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
    Which airport you are talking about????????????????????


    Sir, savvy is talking about Pune airport:bab (59):
    CommentQuote
  • Realebuyer ..

    Lets give savvy a break here ...

    Are you saying savvy should have covered every sq inch of the development to figure out how many people he saw working on the site, outside and inside ?

    We still are more than a year away from possession for Phase1. Is that sufficient time to get an OC ?

    You keep saying "building construction is completely stopped" without mentioning your sources.

    Commercial - Here again you say it's stopped bcoz of permission expiration. All we know is the last one has expired .. Maybe there is a different approval process now. There are hundred's of SEZ's that have been delayed. So, everything gets abandoned ? I don't think it quite works that way ..

    Check out Google Maps Sattelite view and you see some very early stages work on Phase2 in addition to the Phase1 buildings.

    There are no gaurantees in life for anything. We all know Phase2 has been delayed and could delay further. We need to keep enquiring and make sure they give accurate information.

    They have already defaulted their loans and do not have cash to start off the project
    Whoa .. can you back this up .. The earlier link you sent, it merely stated that Hirco has not provided the agency information on the project. To conclude from this that they are in financial distress is premature in my opinion.


    Pest1cide,
    Yep, currently no direct exit from the expressway. Although, when well settled down the road, it should be possible to get that done. Hirco did mention they have it mind for the future.


    Enjoy!!
    CommentQuote
  • Originally Posted by vikas123
    Realebuyer ..

    Lets give savvy a break here ...

    Are you saying savvy should have covered every sq inch of the development to figure out how many people he saw working on the site, outside and inside ?

    We still are more than a year away from possession for Phase1. Is that sufficient time to get an OC ?

    You keep saying "building construction is completely stopped" without mentioning your sources.

    Commercial - Here again you say it's stopped bcoz of permission expiration. All we know is the last one has expired .. Maybe there is a different approval process now. There are hundred's of SEZ's that have been delayed. So, everything gets abandoned ? I don't think it quite works that way ..

    Check out Google Maps Sattelite view and you see some very early stages work on Phase2 in addition to the Phase1 buildings.

    There are no gaurantees in life for anything. We all know Phase2 has been delayed and could delay further. We need to keep enquiring and make sure they give accurate information.

    They have already defaulted their loans and do not have cash to start off the project
    Whoa .. can you back this up .. The earlier link you sent, it merely stated that Hirco has not provided the agency information on the project. To conclude from this that they are in financial distress is premature in my opinion.


    Pest1cide,
    Yep, currently no direct exit from the expressway. Although, when well settled down the road, it should be possible to get that done. Hirco did mention they have it mind for the future.


    Enjoy!!


    Thanks Vikas... for ur comments,
    Positive buyers have +ve Notes & info. Ngetaive buyers have _ve one.
    I appreciate +ve at the same time accepts critics......

    As far as OC for building phase-1



    AVAILABLE INFO FROM MY VISIT;

      Huge MSEB GRID is being fixed.
      WATER SOURCE alsready in place.
      LIFT PERMISSION in process.
      SEWAGE & DISPOSAL APPROVAL in link.
      So OC getting in their view 5 mths down line from now.

      MORE INFO ON OC;
      The Builder is obliged to give the Occupation Certificate

      The Occupation Certificate (OC) is an important document for those purchasing flats under the MOFA (Maharashtra Ownership Flat Act), and must be acquired before possession of property. Consumer courts will support the purchaser if the said is not done by a developer.
      Recently, a Consumer Disputes Redressal Forum ordered a developer to give a purchaser OC within four months.
      A recent case
      As per an agreement in September 2006, the purchaser bought two flats in a locality near ANDHERI . After paying the agreed amount for the flats, a remainder of one lakh per flat was agreed to be paid on possession. The possession was promised within 12 months from the date of agreement. The promise was not fulfilled
      The OC or the Completion Certificate however, was not provided as promised. The builder was notified; failure to respond prompted the purchaser to file a complaint before the Forum and also an application seeking interim relief.
      The developers said that the purchaser wanted to merge both the flats into a single unit, as per the letter in September 2006. And since this was against the building’s approved plan, he was to do so at his own expense after getting an approval from the sanctioning authorities. Since the purchaser failed to set what he had planned the OC couldn’t be obtained from the authorities.
      The forum maintained that the developer should have fulfilled their basic obligation of constructing the flats as per the original plan. The flat’s construction is incomplete even after three years. The modifications were at the purchaser’s behest. The developer had received a payment of almost 98 per cent of the final agreed amount, and in spite the flats were not finished.
      The developers claim that the work was completed and possession handed and will appeal against this order.
      Importance of Occupation Certificate (OC)
      The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws.
      Many get possession, though not the OC, due to which the municipality can either evict or impose penalties. Without the OC, the possession is illegal.

      Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
      As of COMMERCIAL;
      Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
      Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
      Their completion wud take another 8-9 mths probably.
      Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

      Savvy_v:)
      The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws.
      Many get possession, though not the OC, due to which the municipality can either evict or impose penalties. Without the OC, the possession is illegal.

      Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
      As of COMMERCIAL;
      Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
      Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
      Their completion wud take another 8-9 mths probably.
      Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

      Savvy_v:)
      The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws.
      Many get possession, though not the OC, due to which the municipality can either evict or impose penalties. Without the OC, the possession is illegal.

      Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
      As of COMMERCIAL;
      Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
      Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
      Their completion wud take another 8-9 mths probably.
      Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

      Savvy_v:)
      The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws.
      Many get possession, though not the OC, due to which the municipality can either evict or impose penalties. Without the OC, the possession is illegal.

      Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
      As of COMMERCIAL;
      Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
      Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
      Their completion wud take another 8-9 mths probably.
      Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

      Savvy_v:)
      The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws.
      Many get possession, though not the OC, due to which the municipality can either evict or impose penalties. Without the OC, the possession is illegal.

      Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
      As of COMMERCIAL;
      Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
      Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
      Their completion wud take another 8-9 mths probably.
      Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

      Savvy_v:)
      The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws.
      Many get possession, though not the OC, due to which the municipality can either evict or impose penalties. Without the OC, the possession is illegal.

      Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
      As of COMMERCIAL;
      Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
      Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
      Their completion wud take another 8-9 mths probably.
      Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

      Savvy_v:)
      The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws.
      Many get possession, though not the OC, due to which the municipality can either evict or impose penalties. Without the OC, the possession is illegal.

      Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
      As of COMMERCIAL;
      Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
      Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
      Their completion wud take another 8-9 mths probably.
      Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

      Savvy_v:)
    CommentQuote
  • Originally Posted by savvy_v


    AVAILABLE INFO FROM MY VISIT;

      Huge MSEB GRID is being fixed.
      WATER SOURCE alsready in place.
      LIFT PERMISSION in process.
      SEWAGE & DISPOSAL APPROVAL in link.




      Hi Savvy
      thanks for the valuable information you have posted from your visit.



      Originally Posted by savvy_v


      The Builder is obliged to give the Occupation Certificate


      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B

      There is no doubt about this statement. But there are 100's of instances of buildings getting OCs after people actually occupied the building in present time Mumbai as well as Navi Mumbai. The water supply department (BMC in case of Mumbai) and electricity board (Reliance Energy / Tata Power in case of Mumbai), still provide the respective basic amenities on humanity basis but at higher rates once the water and electric meters are installed by the builder. Eventually OC is procured by builder. But this story (of delayed OC procurement) holds true for small time builders in most of the cases. I m sure we need not worry about OC in case of HPG at least.

      cheers
      B
    CommentQuote
  • Originally Posted by savvy_v

    Hope VIKAS by LATE DEC 13 ;JAN 2014 Phase- one would be handed over.
    As of COMMERCIAL;
    Was told to me that MOU of commercial will be done once Phase-1 buyers jhand over possession.
    Also I have observed that commercial 2bldg. are in process, one 12 floor one 7 floor,
    Their completion wud take another 8-9 mths probably.
    Indirectly MOU commercial will all lot depend on PHASE 1 completion & hand over .. for people working to habitate their.

    Savvy_v:)


    Savvy are you sure that Phase I would be completed by Jan 2014?

    Even Hirco Board is not sure about Phase I Completeion and have postponed it to November 2015(Hirco Hirco plc Annual Financial Report)

    Savvy when you say that you have seen construction progressing clearly shows that you are lying.....but anyways that is your look out.....it is your investment...I know for sure that construction will not start anytime soon and all those who have invested here should hope that either Niranjan buys it out or HIRCO PLC takes it over else all the buyers are in for some big trouble

    Vikas please check HIRCO PLC stock price it close to 30 pence a share down from 500 pence 5 years ago....this clearly shows that investors have lost all the money in this project and this company is heading for Bankruptcy unless someone buys it out.....in fact please read their annual report you will get all the answers....regarding SEZ you need to apply for extension every year provided your SEZ has not started generating any revenues from exports....all SEZ's have a certain validity within which they have to start generating revenues you cannot keep on applying for extension without doing anything on the ground.....there is a reason to it....if you are developing SEZ you get tax benefits from GOI and I m sure HIRCO must have got those benefits....but when your SEZ gets cancelled or if you cancel it then you need to return all the benefits to the government.....Many builders like Mahindra, Raheja have voluntarily cancelled their SEZ's due to feasibility issue......

    They have already defaulted their loans and do not have cash to start off the project
    Whoa .. can you back this up .. The earlier link you sent, it merely stated that Hirco has not provided the agency information on the project. To conclude from this that they are in financial distress is premature in my opinion.


    Well vikas the reason companies do not provide bank facilities info to CARE is because of a possibility of downgrade.......and they were going to be downgraded that is the reason why they did not share info with CARE....

    Mr. Bhushan this is for you....well written by simsagar on darker side of Hira.....also to add some of the new buildings in Hira Powai do not have OC....hope u know this
    Originally Posted by simsagar
    Now let me give you some insights...Hirananadani started construction business with Estate and then came Meadows....probably later came Powai project - due to some good branding and positioning exercise (Bayer etc came here!!) - Hira Powai was run away hit - do u know even today close to 90% of Hira Powai has no direct BMC H2O connection - they heavily depend on tanker and shell out close to 20K per month for society maintenance - majority is for tanker water.

    Few buildings near RODAS in Powai have direct BMC water connection but then ppl never speak of this...few chaps have sold-off in Powai and moved to Ghatk'per or Mulund- as per them life is better than Hira Powai.

    Now, Hira Powai is hit but due to legal issues the dream run will become a nightmare - they are struggling with Estate (low sale/occupancy) while Meadows is saturated...

    Projects around Hira benefit more than Hira itself - in fact Vasant Vihar benefitted more in price appreciation than Meadows folks...Pokhran Road 1 & 2 developed due to Vasant Vihar colony (by Lok grp) but prices appreciated due to Hira Meadows..

    Anyways, the point i want to make is Hiranandani is branding and positioning otherwise they are no great shakes...plz throw ur hard earned monies and regret later in Hira..
    CommentQuote
  • I read in other threads that even many Hiranadani buildings in Powai don't have OC so how can you guys be so sure about HIRCO? I don't think they have received OC for any of the buildings they have constructed so far.
    CommentQuote
  • Reale,

    You are mixing up Hirco PLC and Hirco India at will .. Keep in mind that Hirco PLC has clearly stated that they have very limited visibility of what is happening on the ground.

    Savy is hopeful of a Jan '14 timeframe, the official word last i was told is mid-2014. Hirco PLC says it's Nov '15. If the work is progressing as Savvy has been told, it'll probably be sooner than Nov 15.

    You again refuse to share your sources other than saying i know for sure ..

    Hirco PLC share price is down .. agreed .. I do not think we have a full comprehension of how that impacts Hirco India due to the elaborate corporate structure that has been put in place.

    SEZ modalities may need to be worked out .. agreed .. Work stopped because of it .. thats again conjecture.

    Being downgraded is totally different from defaulting on loans i think .. that they were going to be downgraded or have been defaulting on their loans is again conjecture on your part .. These are loose statements to be making in my opinion if you can't back them up.

    Enjoy !!
    CommentQuote
  • Vikas,

    I agree with you. I think some people on this forum are here only to put negative statements. If these people are so negative, then why are they even invested. Concerns are welcome and they should be brought to the table and this is exactly what this forum is meant for. But some of the posts are simply disturbing. I doubt the motive of these people.

    And the argument that Savvy's comments made them invest does not hold any water. I think people who simply invested because of his comments, did not do their due diligence and are now just putting the blame on someone else. I have some good presentations for these people for investment, will they be interested ;)

    I firmly believe that we should have some patience and let things progress. Typing 'HPG Panvel, National Highway 4, Maharashtra Jeevan Pradhikaran, Maharashtra, India' in google maps shows HPG Panvel and the progress made so far. It does not look as disappointing as some people point it out. Infact, the progress seems to be pretty good.

    Enjoy...
    CommentQuote
  • I think even if the airport does not come up, still in the next decade or so, Panvel might be a good location.. Why do I say so? With exponential population growth and the growing middle class, affordability in Mumbai has become very difficult and people are moving to satellite cities to buy their dream (sort of) house.

    Few of the people that I know who invested in Kandivali, Borivali in the last decade - probably 15 years or so, are now reaping the benefits of exponential growth. I think with real estate one has to have some patience.
    CommentQuote
  • And if someone really goes to google maps and searches for the words I provided in my previous post, then you can see in close proximity Dhirubhai Ambani hospital and Reliance colony.
    CommentQuote
  • What is the difference between the two ? Your 2nd statement if true should be even more concerning for investors in this project

    Originally Posted by vikas123
    Reale,

    You are mixing up Hirco PLC and Hirco India at will .. Keep in mind that Hirco PLC has clearly stated that they have very limited visibility of what is happening on the ground.
    CommentQuote
  • Originally Posted by realebuyer

    Mr. Bhushan this is for you....well written by simsagar on darker side of Hira.....also to add some of the new buildings in Hira Powai do not have OC....hope u know this


    Dear realebuyer,

    Most of us on this forum are investors who are not looking forward to move-into their apartments in HPG as soon as their flats are ready (whatever be the real date of completion). Thats why I think delays in obtaining OCs might not actually affect most of us.

    Legally, the authorities that have approved registration of the flats in a particular building, have to provide OC for that building. It is as simple as that. Being a phase#1 investor I know that most of the flat-buyers who have invested in phase#1 buildings, including myself have successfully registered their flats with the local authorities.

    Last but not least lets not compare two different projects of Hiranandani's here on this thread (HPG Panvel) because it will be a waste of everybody's time. I have repeatedly requested in my previous posts that we should keep our comments limited to this project because only that will lead to a fruitful discussion and also save our time and energy. Being an individual owner of my flat in this project I care about the successful completion of this project. I don't wish to waste my time thinking about each and every project that Hira executed till date. Nevertheless I don't deny that the past projects by Hira could be used as measure of their ability to execute the projects successfully and looking at Hira Powai, I am more than impressed about the same which is also one of the reasons why I invested in HPG.

    cheers
    B
    CommentQuote
  • Hi Rohu,

    Check out the posts by "vestore" starting on Page 115 of this thread to get the context .
    Also check out the link reale posted earlier Hirco Hirco plc Annual Financial Report for additional info ..

    Enjoy!!

    Originally Posted by rohu01
    What is the difference between the two ? Your 2nd statement if true should be even more concerning for investors in this project
    CommentQuote
  • Originally Posted by vikas123
    Reale,

    You are mixing up Hirco PLC and Hirco India at will .. Keep in mind that Hirco PLC has clearly stated that they have very limited visibility of what is happening on the ground.

    Savy is hopeful of a Jan '14 timeframe, the official word last i was told is mid-2014. Hirco PLC says it's Nov '15. If the work is progressing as Savvy has been told, it'll probably be sooner than Nov 15.

    You again refuse to share your sources other than saying i know for sure ..

    Hirco PLC share price is down .. agreed .. I do not think we have a full comprehension of how that impacts Hirco India due to the elaborate corporate structure that has been put in place.

    SEZ modalities may need to be worked out .. agreed .. Work stopped because of it .. thats again conjecture.

    Being downgraded is totally different from defaulting on loans i think .. that they were going to be downgraded or have been defaulting on their loans is again conjecture on your part .. These are loose statements to be making in my opinion if you can't back them up.

    Enjoy !!


    Vikas you are getting confused, there is no such thing as HIRCO India.
    All the money used in buying land and construction is nothing but HIRCO PLC's money.....the companies in india are nothing but consultants who are carrying out work for HIRCO PLC....there is no revenue generation model for these consultant companies...they are completely dependent upon HIRCO PLC for funds....I m sorry but there is no corporate structure here...primary motto for Niranjan was to show losses in these projects and lower the valuation of HIRCO PLC and then buy it out at low price....which of course he tried but was not successful....instead he was dragged to court by HIRCO Investors who were never paid any interest and dividends on their investment.....in short at this point no one is ready to put any money into this project......even vestore said the same thing....if HIRCO PLC gets control of the project then there is a chance that project will start and be completed quickly....which will not be the case with Hiranandanis......Hubtown and HDIL were two companies whose ratings were suspended and after a month there was news in ET that both have defaulted on their NCD's.....it came in paper as both were listed entities and they had an impact on the stock market.....as far as Hirco goes it will never come in newspaper as no one cares...
    CommentQuote
  • Originally Posted by realebuyer
    ..Hubtown and HDIL were two companies whose ratings were suspended and after a month there was news in ET that both have defaulted on their NCD's...


    Wrong on three counts:
    1. Their ratings were downgraded and not suspended.
    2. They defaulted on the interest on NCDs and not on the NCDs themselves.
    3. The ratings were downgraded AFTER the default.
    CommentQuote