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property developer VTP Realty has acquired 6.7 acres of land in Thergaon Mohalla Of Pune 260 crores through its subsidiary for more than Rs. rising wellworth Enterprises LLP. The transaction is an extension of an earlier development agreement between the two entities.
The company had entered into a development agreement for the said land parcel with the land owner in August 2017. Under this agreement, the company was expected to develop a realty project on this land parcel and the land owner would retain a certain portion of the commercial property. As idea in this project.
the creator, rising wellworth The enterprises, then obtained necessary approvals and implemented a project consisting of residential and commercial areas and accordingly started construction of residential property.
The company was expected to complete the construction of the commercial property and allot the commercial area to the owner as per the agreed consideration and receive the completion certificate for the same by March 2021, documents received through it showed. CRE Matrix,
However, the construction of the commercial portion of the project had not commenced by then and the developer was not able to allot the agreed built-up area of commercial units as consideration.
The developer then entered into a fresh agreement with the landlord in September 2021, requesting adequate time to complete the commercial portion and additional security deposits at the earliest as mutually agreed upon under earlier agreements. Refundable security deposit was offered.
However, the said project was not completed within the extended time period and the owner then decided to execute the sale deed and give monetary consideration in lieu of the agreed consideration of the built up commercial area.
The land owner has decided to execute the sale deed and accept monetary consideration in lieu of the agreed consideration for the commercial area constructed.
ET’s email query VTP Realty remained unanswered till the time of going to press.
The buyer has paid stamp duty of Rs 18.20 crore for registration of the deal which took place on March 30. The developer will pay the entire money in installments and has paid Rs 9.11 crore as a token of confirmation of the deal.
The buyer has agreed to pay the balance by the end of September. Both the parties have mutually decided that under exceptional circumstances a minimum of Rs 220 crore needs to be paid by the end of September and the remaining Rs 40 crore by the end of December. ends
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