What buyers say about Hirco Palace Gardens
| Hirco’s Palace garden is back in news with marketing in full swing for their apartments. They currently are aggressively marketing and have tied with all know property portals and realty firms to sell their apartments. The price ofcourse has increased to Rs 2950 per sq ft from its previous offer of Rs 2400. Prince with their new project in Sriperumbadur is giving a tough fight for Hirco. |
I just observed an Interesting comment from Raj, one of readers. Raj has already invested in Palace Garden and is an investment banker by profession. Read what he has to say about Palace garden and i hope this would aid your decision making process.
I have booked an apartment in Palace Gardens from an investment angle initially to looking to keep it as another home with its own lifestyle features. Obviously the price for the region is on the higher side but going by past records Hiranandani projects have always commanded this sort of a premium. I had previously lived in Mumbai and have come to realise that these guys leave no stones unturned in ensuring quality. They also have the ability to really fizz up a place from scratch and there are only a few in india who could do that.
They did that to Powai a sleepy place in mumbai. When they started in mumbai they started at around Rs.2000 a sq. ft and currently they are at Rs.20000 a sq ft. Rentals are also at around Rs. 50 per sq. ft. Even in the midst of some horrible years both business wise and security wise where the promoter used to move around with black cap commandos for his personal safety, they never allowed the prices to fall.
Obviously one cant compare Chennai to Mumbai in terms of disposable income but i am going by the premise that the top notch builders like Hiranandani will definitely command their brand premium. Moreover looking at an area like Sriperumbudur where currently supply lags demand it surely presents a good opportunity for capital appreciation and if one is an astute investor with patience probably even a good rental yield on initial investment. For the kind of infrastructure which they are creating and in the massive land area that they have at their disposal, they have the capability to rev up the place. I was talking to a person associated with a villa developer near hiranandani upscale and he mentioned about the efforts hiranandani takes in seeing that there is no compromise on quality.
They really keep the material suppliers on their toes and even a slight quality dive on materials is returned promptly. i am an investment banker by profession and in this line i felt that Hirco the company which is doing Palace Gardens, being a listed company will have to improve on its profitability on a regular basis. Its results will be there for the public to see and hence the large financial investors in hirco will obviously want a growing financial trajectory for its company as against a private company which wont be bothered about regular profit growth. This I believe has the potential for prices in palace gardens to keep going up on a steady basis. moreover hirco being a listed company will always have the ability to raise money in a large scale to leave anything to chance.
Hence i feel that this is an investment worth taking from one of the best builders in india
One thing for sure. It wont surely touch 20000 in the next 10 years. But its a good investment bet.
one of the readers has reaised an issue that property in hiranandani place gardens are in dispute with tamilnadu governemtn as the govt promised it to mahindra-nishan factory. should that hold true, buying a property seems to be risk affaris. can anyover confirm the same?
What I came to know that there is no major residential land left in that area ( most of the land is with State industry development copn) & new six lane road coming up in the area(joining ECR & Chennai Bangalore Highway, alongwith Metro reaching & Greefield Airport Project,feel this is going to be gold mine.
The only negative part today can be that it is going to take longer period to develop that area.
Also I have heard Wipro & other IT majors are bringing close to 50 ,000 employees in that part city in their new offices?Can anybody confirm that.
I am not very familar with this project. But I wonder, why would somebody want to invest in Palace Gardens when there are plots available in and around Sriperambadur between 7-14 lakhs per ground. You will be paying a lot of money for the maintenance of your flat and there is not going to be much rental income. I might as well get 4 grounds of land for the same price as a 3 BRM flat. I feel this will yield a better return on investment. Just thinking out loud!
SV,
Well Said.
Guys,
Would request everyone to visit few of the townships developed by Hiranandani at other places. Feel that would give an idea of advantage of living in an independent plot vs in a township.
Independent plot is always a better investment ,but that takes you to different tangent of debate of discussing plot vs flat.
Onle one comment : this is going to touch 8000 per sq ft in next 5 yrs from current level of 3050 psqft. If that excites u, then probably you should go for it otherwise plots can be better option.Also the people coming in that area fro job from outside are not going to buy plots & build houses rather they would like to live in a community .
SV had mentioned plots in Sriperumbudur. I am interested in buying a plot there. Any information on who is selling would be helpul. Thanks, Geetha
My comments were meant for people who were looking at investment options and not lifestyle choices. I live in the US. I am only concerned about the best value for my money and I believe so are a lot of readers of this blog. The universal rule is that land value appreciates and building value depriciates with time. As an example, the current rate at vadapalani for a new flat is about 4800-5000 Rs per sq ft but a 10 or 15 yr old flat in the same location will only fetch half the price. I feel the best investment value lies in North Chennai in places like Tiruvottriyur, Minjur, Ennore, Gummidipoondi, Manali, etc. These places have been unexplored for a long time and it is now starting to get attention with the announcement of Ennore SEZ, Ennore Port expansion, India-Singapore economic zone,etc.
Geetha, You can look at various websites online like http://www.magicbricks.com
By the way Palace gardens prices have been further increased it’s now Rs 3050 + 20 per sq ft for floor rise for G+27 fllor buildings.
I booked an apartment in G+3. Any idea when the G+3 will be ready? The sales manager says that G+3 will be handed over by october this year. Also I am not sure whether they can handover G+3 without the other infrastructure like school, hospital being ready. Any thoughts?
G+3 would not be difficult to deliver in Oct.
This being a township project ,all facilities would come in phases ,but however you can pose the same question to buliders as without basic infrastructure in place ,it does not make sense to start living ther!
For some reason, I am unable to post in the other blog regarding palace gardens. Let’s use this instead.
DLF issue got a lot of attention last weekend in the local press. A similar thing should be done for Hirco, who I feel are even bigger scamsters than DLF. After all, Hirco provided me a sale agreement without handover date. I would be filing a case sometime in April in order to get my refund and ensure that these crooks don’t continue misleading people like me.
please suggest the way to file case against Hirco. I have paid money appx one & half years back.yet to see any progress.I want my money back.
Also I do not find any activity on yahoogroup for this builder ?Do not know what is happening?
Following is the procedure: To start with send a notice, with an advocate’s help, to Hirco demanding refund of your amount. Furnish all the events that happened since your date of booking in your notice and give the builder some time to respond to your notice. Incase the response is unfavourable, I assume it will be, you can file a case at the consumer court. I already sent a notice to Hirco and received a response as well. Basically they are not admitting to any of their malpractices and lies and instead are telling that I have defaulted on my payments. They are quoting lines from the allotment letter where it is mentioned that the sale agreement would be executed upon full payment for the apartment only. They are also saying that they provided me a sale agreement and that I failed to sign it for the reasons best know to me. They do not want to admit the fact that there was no handover date on the sale agreement. I would be filing a case this week. I am totally surprised to see the lack of activity in the yahoo group. Infact there was another forum on this website, where I am unable to post any messages.
I am also in a similar situation wanting to withdraw.
Hello Mr. Srini and Mr.Subbu
I am planning to book an appartment with HIRCO and after seeing your comments I am thinking otherwise. Are these guys worth putting our hard earned money – Pl. post your thoughts.
I too concur the views of Mr. Srini. In Jan 2008 I paid 20% of the cost of a three bedroom apartment in their proposed Chartwell II. The guys in Dubai who sold it to me promised that my next payment will be due in May 2008 as they expect the plinth to complete by that time and the expected handover the apartment was September 2009. Until August 2009, there is no progress. In the meantime, when I rigorously started following up with their Mumbai and their Dubai partner Hircon, they came to an understanding with me that they would change my booking to a low rise building Windermere II which would be delivered quickly and collected the original offer letter back from me and issued a revised quotation for the low rise building. After a few weeks of my follow up I came to know that they tried to sell me this apartment which belongs to someone else who declined to forego his rights on this property. I am at a loss to find out which is my property and when I will get my money back. I have almost decided to proceed against them legally, prefer to go to the consumer court besides bringing their unethical business practices to the notice of all overseas investors through forum like this.
For every single phone call I make, I get a stereotype reply from them that they don’t have a policy for refund. But God only should question them, is there a policy that authorizes them to dwell on genuine investor’s money without keeping their commitments, no offer letter, no agreement, no transfer of title to a property but happily sitting on 20% of money invested by buyers like me. The pity is people like me are paying more than18% interest for the money borrowed for initial investment and the irony is Hirco says, they have the right to demand 18% interest for delayed intstalments.
Every alternate week, you will find that the person who is responsible for your case has resigned and left the company, for e.g Mr. Dastoor Behram, Ms. Rochelle Chatterjee etc.
Buyers need to demonstrate utmost caution before deciding to invest money with them in future.
I was wondering any thing happened further due to legal proceedings by you? I feel it makes sense to also make their life difficult by sending complaints to various agencies like NSE, BSE, SEBI ( as they have filed with SEBI for listing on the bourses) Builders association of India and so on