Ladies/ Gents, will forward some of emails received in Nov 13 from Hirco office in Powai, Mumbai, who I presume has left Hirco or keeping quite. No further updates received. ============ -------------------------------------------------------------------------------- From: lgupta@hirco To: mmorpe@live Subject: RE: Panvel Project-Atlas Date: Wed, 11 Dec 2013 05:35:36 +0000 Dear Sir, Ms Pritpal Walia is not in office. In the Phase 1, first eleven towers, work is undertaken on the utility work (power sub-station). The internal plastering is almost done. The finishing of the interiors and exteriors is remaining to be completed. We still await an update on the project status and the settlement on the matter, however it is anticipated by Feb /March 2014. Once received we will keep you informed. Should you require any further clarification please feel free to contact me. Warm regards Lopamudra Gupta Sales and Customer Service h1 ______________________________________________________ Direct: +91 22 2571 9216 | Cell: +91 98208 64465 Board: +91 22 2571 9000 | Email: lgupta@hirco | Website: palacegardens Alpha, 11th Floor, Central Avenue, Hiranandani Gardens, Powai, Mumbai 400076. ================ From: Milind Orpe [mailto:mmorpe@live] Sent: Tuesday, December 10, 2013 10:28 PM To: Walia, Pritpal Kaur Subject: FW: Panvel Project Dear Pritpal, We have received your email dated 18th Nov 13 to my wife Mrs. Sampada Orpe. However, following correspondence with Sunny Vista Realtors Pvt. Ltd. is causing some concerns. I would like to know the status of this project as on date, whether good progress is being made for timely delivery of apartment (Atlas/ 902). Awaiting yours. Best regards, Milind Orpe 00971 50 2602635 From: Milind Orpe Sent: Monday, 4 November 2013 20:19 To: Sales Subject: Re: Panvel Project Dear Sir, We have noted unfortunate development as below. Can you please send me your contact details to discuss in detail? I am very concerned now about the prospect of this project. Best regards, Milind Orpe 00971 50 2602635 Apartment: ATLAS - 902 Palace Gardens Panvel Sent from my BlackBerry 10 smartphone. From: Sales Sent: Tuesday, 22 October 2013 17:08 To: mmorpe@live Subject: Panvel Project Dated: 22nd October 2013 Dear Customer, You have probably read some media reports regarding Loan recovery proceedings being initiated by our bankers. We would like to bring you up to speed on what is ongoing at the project. You are aware that large integrated Townships, like the one we are developing, have long gestation periods with high cash inflows for basic infrastructure in the initial period. Unfortunately, the recent downturn in the Indian Economy and the Real Estate Sector has put financial strain on the cash flows for many such projects, including ours. Further, we have invested substantially in Commercial Buildings that are almost complete, but not yet leased, resulting in no cash inflows from this huge investment. This has added further strain to the cash flows. We are in touch with PNB, UCO Bank, Andhra Bank and LIC Housing Finance Ltd (Project Financing Companies) explaining the situation. We have explained to them that their actions are uncalled for. They have visited our Project Site and have expressed their satisfaction at the facilities created so far. However, the banks need to allow the company to build the flats and reschedule the loans, since neither party will lose in the long term. Such an approval from the bank is not forthcoming. The company is corresponding with the bank in this regard. We have requested the banks to co-operate and help us fulfill our obligations to our Customers and also fulfill our obligations to them. We will continue our efforts with these Institutions and will keep you posted. We wish to assure all our customers that the Company remains committed to deliver the flats to its customers and will continue to do everything possible, under the circumstances. V Suresh Director Sunny Vista Realtors Pvt. Ltd.
Posted on: Fri, 14 Mar 2014 07:40:28 +0000