Through its company Rising Wellworth Enterprises LLP, real estate developer VTP Realty has bought 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.
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.
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.
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