update on the panvel project

Q: I RECEIVED FOLLOWING EMAIL TODAY FROM NIRANJAN HIRANANDAN CONTROLLED COMPANY:
QUOTE:
Dear Sir/Madam,

We refer to the allotment of your flat in the building Atlas in the project “Palace Gardens”, Panvel by Sunny Vista Realtors Private Limited (SVRPL).

We are pleased to inform you that Persipina Developers Private Limited (A Niranjan Hiranandani Group Co. (Company) has purchased (under the Securitization and Re-construction of Financial assets and Enforcement of Security Interest act, 2002 and Security Interest Enforcement (Rules), 2002), the immovable property / secured assets of the project, which was mortgaged to Consortium led by Punjab National Bank (PNB) by SVRPL. The process of taking over the project is underway.

We have to request you to address all communication and make future payments towards your flat in favour of “Persipina Developers Private Ltd” to the following :-

Ms. Swathi Ghosh
Persipina Developers Private Limited
Alpha building, 11th floor, Main Street, Hiranandani Gardens,
Powai, Mumbai – 400 076
We shall be, separately, sending a detailed communication to provide more updates on the processes after reviewing the current documentation entered into with you. In the interim, we request you to provide either to Ms. Swathi Ghosh or to Ms. Ankita Panchamia on apanchamia@hrealty.com, the details of the purchase price, allotment letters together with agreements, if any, and the payments made by you to SVRPL.

The Company remains fully committed to completion of the project. While the project was unfortunately stalled owing to extreme circumstances in the past, given that the Company has now taken over the project, it is expected to progress smoothly and in a timely manner.

We value your association with the project and thank you for your understanding with an assurance of our best services at all times.

We look forward to a positive and long standing relationship going forward.

Thanking you,

Yours faithfully,
Tarun K. Mukherjee