Kolte-Patil bets big on redevelopment with Mumbai project

Moneycontrol Bureau

Pune-based estate developer Kolte-Patil Developers Limited (KPDL) has announced plans  to foray into Mumbai’s burgeoning  real estate market with a redevelopment project at Khar (West). The  project, Link Palace Premises Co-operative Society Limited, is spread over a 1,594-sqmt plot with a total  developable area of about 0.1 million sqft.

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With a steep rise in the demand for  property redevelopment in Mumbai and with the redevelopment market opening up with recent amendments in the  Development Control rules, KPDL estimates substantial returns through this route. Kolte-Patil Developers Ltd has  also identified areas such as the Dadar-Chembur belt, Worli, Mulund and the Khar-Bandra-Santacruz areas as possible  locations for their future redevelopment plans.

Kolte-Patil Developers closed trade on the BSE at Rs 59.65, down Rs 2.25.