+
Rising Wellworth purchases 6.7 acre in Pune for Rs 2.6 billion
Real Estate

Rising Wellworth purchases 6.7 acre in Pune for Rs 2.6 billion

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


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

Next Story
Infrastructure Transport

Railway Board Approves Budgam–Delhi Parcel Train

The Railway Board has approved the launch of a Joint Parcel Product–Rapid Cargo Service (JPP-RCS) for the Jammu division. The train will operate daily between Budgam railway station in the Kashmir Valley and Adarsh Nagar in Delhi.The service will comprise one seating-cum-luggage rake and eight parcel vans. To support traders, loading and unloading facilities will be provided at Bari Brahmana station. Initially, the cargo service will run on a pilot basis, with security arrangements ensured by state police.Officials said the initiative is designed to increase the railways’ share in the cour..

Next Story
Infrastructure Energy

PFC Secures EUR 150 Million Loan from KfW to Fund RDSS Projects

Power Finance Corporation (PFC) has signed a loan agreement worth EUR 150 million with Germany’s KfW to finance projects under the Government of India’s Revamped Distribution Sector Scheme (RDSS).The funding will support initiatives aimed at improving the operational and financial efficiency of power distribution companies across the country.Parminder Chopra, CMD, PFC, said, “PFC has been at the forefront of financing and enabling reforms in India’s power distribution sector. This new line of credit will help in realising Government’s vision of ensuring reliable, affordable, and sust..

Next Story
Infrastructure Energy

PM Launches Rs 68.80-Bn Buxar Thermal Power Plant, Key Projects in Bihar

Prime Minister Narendra Modi on Friday inaugurated a series of projects in Bihar, including the Rs 68.80-billion Buxar thermal power plant from Gayaji district.The thermal power plant is expected to significantly enhance power generation, strengthen energy security, and cater to the rising electricity demand in the region.The Prime Minister also flagged off two new trains – the Amrit Bharat Express between Gayaji and Delhi, and the Buddhist Circuit train between Vaishali and Koderma, aimed at improving connectivity and tourism across key Buddhist destinations.In the healthcare sector, he ina..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?