Audit gives Paranjape Schemes 73 out of 100, flags delivery and RERA record

Paranjape Schemes is a big name in Pune real estate. The developer says it has been in business for more than 35 years. According to the company, more than 200 projects have been completed in nine cities and about 20 million sq ft has been handed over. Besides residential buildings, it also works in commercial property, integrated townships and senior living. Athashri is its best-known brand. The company claims more than 35 of its projects are under way and that more than 75,000 people live in its properties.

In the PTM audit, Paranjape Schemes received a working score of 73 out of 100. Confidence in the evidence is described as "medium to high". The firmest evidence came from the developer's own project portfolio, recent MahaRERA records, individual project registrations and public customer reviews. The financial picture is less clear, because the developer works through several companies and no single recent consolidated credit rating applicable to the whole platform is available.

Group records from MahaRERA under a single PAN show 32 registrations for Paranjape Schemes, of which 15 projects are shown as completed and 17 as under construction. The same analysis records 84 complaints, declared litigation in 21 projects and five lapsed registrations. On-time delivery among completed projects works out to about 53 per cent. Fourteen projects are reported to be running six months or more behind schedule.

The audit made clear that these figures should be read with caution. A complaint does not mean a fault has been proved. A case being declared in court does not settle who is right. A lapsed registration does not automatically mean a project has failed. RERA records cover only projects registered under the relevant legal entities and within the registration period. Even so, the audit said these signals cannot be ignored.

The scores break down as follows: 13.5 out of 20 for delivery and execution, 14 out of 15 for track record, 8.5 out of 15 for MahaRERA and regulatory record, 7.5 out of 10 for construction and project quality, 6 out of 10 for customer experience and reputation, 6 out of 10 for financial strength, 9.5 out of 10 for presence and scale in Pune, 4 out of 5 for transparency and governance, and 4 out of 5 for innovation and sustainability.

In Pune, the company's presence extends to Hinjewadi, Bhugaon, Wakad, Bavdhan, Pashan, Kothrud and Erandwane. Blue Ridge in Hinjewadi, Forest Trails in the Bhugaon-Mulshi belt and Trident Business Park in Wakad are among its major names. The company itself describes Athashri as a pioneer of senior citizen housing in India.

The regulatory picture is highly uneven. Trident Business Park and Trident E & F have strong records, and a RERA-based analysis gave both a project-level score of 87. On the other hand, Happiness Hub, Forest Trails Highland Towers and Abhiruchi Parisar show considerably more complaints or delivery concerns. According to one analysis, the regulator has deregistered Cliff Residences in Pune. The audit said the reasons or consequences cannot be drawn without examining the original MahaRERA order and the legal position since.

Customer reviews praise the location, amenities and large complexes, and mention the gym, swimming pool and sports facilities. There are also complaints of poor workmanship, late possession, incomplete amenities and poor management. These reviews are not engineering reports, so they were not treated as proof of construction defects.

The audit advises buyers not to ask merely whether Paranjape is a good builder. They should check the correct RERA number of their unit, the earlier and current possession dates, complaints against that registration, and the status of the occupancy certificate. They should also ask residents of the same tower about leakage and maintenance. Because the company works through several legal entities, the promoter named in the agreement must also be checked.

The audit's conclusion is that Paranjape's reputation and Pune experience are strong, but the whole portfolio cannot be judged as one. The project, phase and promoter entity matter a great deal. The score of 73 is a working score, not a permanent stamp. It is also not a credit rating, an engineering certification or investment advice. According to the audit, the developer should get a chance to respond to these figures.