About 20 Friends came to jointly purchase and develop the land at Hissa No. 1, 2, and 3 carved out of S. No. 148 situated at Kothrud, admeasuring about 1 Hectare 56 R. Mr. Pralhad Govind Chipalkatti, Mrs. Leela Ramchandra Kulkarni, Mr. Vijay Pandit Chipalkatti,  Mrs. Kusum Vasantrao Chipalkatti, Major Vasant Krishna Bopardikar, Mr. Yashwant Krishna Bopardikar, Mrs. Shanta Shriniwas Tervadekar, Mr. Bhagwant Nagesh Datar, Mr. Govind Ramchandra Pai, Mr. Vishnu Krishna Chipalkatti, Mr. Govind Krishna Kulkarni, Mrs. Kunda Madhukar Mondkar, Mr. Dashrathram Raghunathrao, Mrs. Suhasini Ramchandra Deshpande, Mr. Narayan Moreshwar Gore, Mr. Vivek Hari Karandikar, Mr. Eknath Govind Dhumal, Mr. D. P. chipalkatti, Mr. M. B. Chipalkatti and Mr. J. A. Masarguppi prepared and submitted a lay-out of the Said land which was sanctioned and approved by Pune Municipal Corporation in 1966. These 20 friends formed and incorporated the New Friends Sahakari Griha Rachana Sanstha Maryadit which has been duly registered on 09.04.1981. 
However, due to the implementation of the U L.(C & R) Act , 1976 no further progress could be achieved except the formation and registration of the Society. The members of the Society being desirous of constructing Flat type buildings on the said land on ownership basis (One for each member) approached the reputed and well known as Promoters, Builders and Contractors M/s. Mutha Kulkarni and Co. who agreed to take over the construction of the proposed scheme of ownership flat type buildings on the said land. It was mutually agreed that except for the twenty flats to be allotted to the members of the Society, all the remaining flats, construction, open spaces, parking lots, shall be allotted to the new Purchasers as per the desire and discretion of the M/s. Mutha Kulkarni and Co.  and that Such Purchasers shall become the members of the society and the Society shall admit them as members as per the instruction of the M/s. Mutha Kulkarni and Co. Such members shall abide by the rules, regulations, resolutions, and bye-laws of the Society made and framed and passed as per the provisions of the Maharashtra Co-op. Societies Act 1960 and rules made thereunder.  And accordingly, over the period, various residential and commercials units were constructed with the consent and approval of the society over the period with the help of various developers/builders. Today, the New Friends Co-operative Housing Society Ltd. is one of the prominent co-operative housing society at Paud Road, Kothrud, Pune with 282 members having residential and commercial units.