Rising Wellworth, an arm of VTP Realty, purchases 6.7 acres in Pune for Rs 260 crores

VTP Realty has purchased a 6.7-acre land parcel in Pune's Thergaon neighbourhood for more than Rs 260 crore through its subsidiary Rising Wellworth Enterprises LLP. The deal is an expansion of a previous development agreement that the two parties signed. The business and the landowner had agreed to a development agreement for the aforementioned piece of property in August, 2017.

The landowner agreed to keep 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 and developed a project that included both residential and commercial areas. They have now begun construction of the residential part of the project.

According to recently published reports, the developer had agreed to complete construction and handover of the commercial property by March 2021. However, the developer failed to complete the building on time and provide the agreed upon built up area for the commercial units. Therefore, the developer and landowner entered into a new agreement in September 2021 wherein the developer asked for more time for the commercial portion to be completed and offered to provide a larger refundable security deposit than what was initially agreed upon in the prior agreements.

The builder however was not able to honour the second agreement as well with led to the owner finally choosing to execute a sale deed and accept money in lieu of the originally intended consideration of a built-up commercial area.

The builder has paid Rs 18.20 crore in stamp duty to register the deal on March 30, 20223. Having already paid a deposit of Rs 9 crores, the builder will pay the balance in instalments scheduled until September this year. Both parties have agreed that in exceptional circumstances, a minimum of Rs 220 crore must be paid by September 30th, with the remaining Rs 40 crore payable by December 31st.

Next (Delhi HC orders joint task force to combat illegal sand mining along Yamuna River)

Rising Wellworth, an arm of VTP Realty, purchases 6.7 acres in Pune for Rs 260 crores

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