Rising Wellworth purchases 6.7 acre in Pune for Rs 2.6 billion

14 Apr 2023 CW Team

Through its company Rising Wellworth Enterprises LLP, real estate developer VTP Realty paid more than Rs 2.6 billion for a 6.7-acre property parcel in Pune's Thergaon neighbourhood. The deal is an expansion of a previous development agreement that the two parties signed.

In August 2017, the business and the property owner had signed a development agreement for the mentioned land piece. The landowner agreed to give up a specific piece of commercial property in exchange for the company developing a real estate project on this piece of land as specified in the agreement.

Rising Wellworth Enterprises, the project's developer, subsequently secured the necessary approvals, developed a project that included both residential and commercial areas, and as a result, started constructing residential property.

According to the records discovered through CRE Matrix, the company was anticipated to finish building the commercial property, assign the commercial space to the owner as agreed payment, and obtain the completion certificate for the same by March 2021.

However, the development of the project's commercial component had not started until that point, thus the developer was unable to allocate the agreed-upon built-up area of commercial units as and in exchange for consideration.

In September 2021, the developer and landowner entered into a new agreement. The developer asked for enough time for the completion of the commercial portion and proposed to provide a refundable security deposit in addition to the earliest security deposit as mutually agreed under the earlier agreements.

Also read:
Tamil Nadu: TNUHDB unveils new housing development
NBCC appeals bid for the redevelopment of GPRA colony, Sarojini Nagar

Infrastructure Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..