Hi, Is it advisable to buy Hiranandani Hills 2 BHK property available at resale value of Rs.70 lacs onwards, per sq.ft at around Rs. 5,500.2BHK (1289 sq ft) property located near the new international airport and is seemed to be well-connected with the national highway and Mumbai -Pune express highway.

Please help with your expert views and recommend!

Thanks in advance!
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  • Isn't it the same property which was under litigation with Hirco and subsequently bought by Hiranandani? If it is then the project is a joint venture between Hirco and Hiranandani Group. There was a significant delay in execution of the project leading to Hirco to seek legal recourse. Ultimately Hiranandani took over the project a the time of bank auction. Not sure about the current status. I believe there is a thread on the project which you can refer to.
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  • The construction work on the Hiranandani's panvel project seemed to be restarted as per my knowledge, found it while checking out other properties in Panvel to meet my house hunt in Navi Mumbai
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  • Any updates about construction at hirandani hills panvel

    Any updates about construction at hirandani hills panvel
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  • If the construction work is started then 5500 per sqft is still a very good price. Few year down the line its going to be a run away price, once airport construction is in full swing.


    I think in 5 years down the line a price of around 7000 and upwards per sqft will not be unrealistic
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  • Originally Posted by Akriti Shah
    Hi, Is it advisable to buy Hiranandani Hills 2 BHK property available at resale value of Rs.70 lacs onwards, per sq.ft at around Rs. 5,500.2BHK (1289 sq ft) property located near the new international airport and is seemed to be well-connected with the national highway and Mumbai -Pune express highway.

    Please help with your expert views and recommend!

    Thanks in advance!


    Akriti Shah; AllIsWell; The airort is far from now from being started i feel. I had been there recently but all i see is barren land and mangroves on the Plot. Regarding Hiranandani hills the construction i fl is in full swing. AllIsWell; r u sure with the ongoing rates because i feel looking at the fluctuating RE its a challenge on what the rates are gong to be after 5 years.

    Regards
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  • Originally Posted by Akriti Shah
    Hi, Is it advisable to buy Hiranandani Hills 2 BHK property available at resale value of Rs.70 lacs onwards, per sq.ft at around Rs. 5,500.2BHK (1289 sq ft) property located near the new international airport and is seemed to be well-connected with the national highway and Mumbai -Pune express highway.

    Please help with your expert views and recommend!

    Thanks in advance!

    Under contruction is a risk - no assurance it will complete or when. So if buyer is okey then fine, else its its for end use - there should be many ready flats available in Panvel. Secondly, it is optimistic to assume that 5500/- psf is a throw away price; its pretty high given most of the news of airport has already being accounted for in the price and there is no airport. So assuming aiport will double the prices is anybody's guess
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  • Yes...why not..it will quote 15k in 5years....LOL...........

    People are saying the same thing since 3yrs and will keep saying this for next 5yrs....

    Nothing will happen for next 5yrs atleast...its better to buy at 6k after 3yrs....or who knows with real estate in correction it might be still 5.5k in 3yrs.... so three year interest saved 30%

    Remember, even if airport startscand trans-harbor link starts, doesn't matter..only connectivity improves....

    It depends on growth of commercial activity(MNC offices, not brokers/couriers/godowns) in that area, which will easily take 10+yrs...given the slow economic growth in our country....
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  • Originally Posted by Akriti Shah
    Hi, Is it advisable to buy Hiranandani Hills 2 BHK property available at resale value of Rs.70 lacs onwards, per sq.ft at around Rs. 5,500.2BHK (1289 sq ft) property located near the new international airport and is seemed to be well-connected with the national highway and Mumbai -Pune express highway.

    Please help with your expert views and recommend!

    Thanks in advance!


    How will the new international airport affect you?
    are you sure it will be used as passenger terminal only?
    Is there anything else around the airport that would make a person stay there?
    It is far flung and nothing around as of now. Rates are around 5k since ages.
    If you have cash in hand, try Thane, you might get something decent, RTM property.
    My free advice, steer away from HIRCO.

    Good Luck.
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  • Originally Posted by AllIsWell
    If the construction work is started then 5500 per sqft is still a very good price. Few year down the line its going to be a run away price, once airport construction is in full swing.


    I think in 5 years down the line a price of around 7000 and upwards per sqft will not be unrealistic


    If you buy today at 5500, your landed cost is 6100.. including sd and ser tax etc.. and if you are expecting it to go up to 7000 in 5 years, that's an increase of 900 Rs.. that's an absolute return of 15% in 5 years. that's much worse return than a savings bank..

    The project is so far away and Panvel is so poorly connected that's it's best to avoid this... buy a 1 bhk at a good place or a compact 2 bhk in something like Piramal at Thane...
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  • I recently visited the Hiranadani Hills property at Panvel, Navi Mumbai. While they are trying to complete the work in the Phase A (started in 2010), they have started booking for Phase C, which they say they will formally announce in April 2016. The construction according to the sales team, which sits there since Feb 2016, for the Phase C will start in October 2016.

    I had similar concerns and read all about the legal battle of banks and Hiranandani, and claims by Hirco on how the Hiranandanis has defaulted them, but I also read from the Economic Times site that the banks auctioned the property and Niranjan Hiranandani emerged as the highest bidder. Currently the projects at Panvel and Chennai are under Hiranandani Communities being handled by Niranjan Hiranandani.

    If you go by the brand name you can trust Niranjan Hiranandani and claims of restoring, restructuring and restarting the sites at Panvel and Chennai. I will be deeply disappointed if they fail to deliver what they promise. I just hope the legacy of the Hiranandani's continues with his immediate family members too (I say this as I choose to ignore Hirco's reports).

    Wait till october, if they are delivering as they promised go for it.
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  • Yes the wait continues !!
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  • Two new commercial project completed 1500 Homes to be delivered this year and 1500 Homes new to be launched
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  • there was a commercial STPI licensed technology park supposed to have opened at the entrance of this facility, with CapGemini and Wipro already booking spaces there. Did you guys see any office goers around? or did it stall?
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