Heard from many resources that drones cannot fly below the home point altitute. Is it true? Say if I take off a Marvic at the roof of a building or at top of a hill, could I fly the Marvic to the ground/street or mid way of the hill?

Yes. Not an issue at all

you surely can. I just flew mine down into a quarry two days ago, no problem at all

Thanks and noted.

Yep. Should be no issue.