Listed Pune-based real estate developer Kolte Patil Developers Limited (KPDL) signed two new society redevelopment projects in the Mumbai Metropolitan Region (MMR) with a total saleable area of 7.3 lakh square feet translating into top-line potential of Rs 1,200 crore, the company said in a statement on April 27.
The two projects are strategically located in the prime residential areas of Mulund West in Mumbai, and Vashi in Navi Mumbai, marking KPDL’s entry into these rapidly growing micro-markets of MMR, the company stated.
In Mumbai, the company has already delivered two projects and five projects are under development; all of these are in the western suburbs of Mumbai. With these two new additions, KPDL further strengthens its MMR presence as a part of its strategy to diversify outside Pune and is continuously evaluating several business development and growth opportunities in its defined markets, it said.
"Mulund project represents the largest society re-development project undertaken by Kolte-Patil in Mumbai. This is also the first expansion into a micro-market in the central suburbs, creating an additional level of locational diversification," the company said.
Also read: Mahindra Lifespace gets society redevelopment project in Mumbai; revenue potential Rs 850 crore
Vashi project marks Kolte-Patil’s entry into the Navi Mumbai micro-market. Kolte-Patil will jointly develop this project with Nivasti Group. Navi Mumbai market has strong growth potential with rapidly developing transport infrastructure, social infrastructure and high affordability quotient, KPDL said.
“The projects announced today form a significant milestone in Kolte-Patil’s journey of creating value from its MMR initiatives. MMR is a key market in our portfolio, and we have been expanding our footprint gradually and judiciously," Rahul Talele, Group CEO, KPDL said.
Also read: INDIA'SMOST DELAYED RESIDENTIAL PROJECTS
"So far, all of our seven projects are in the western suburbs of Mumbai. As we grow, we are venturing into the central suburbs of Mumbai and Navi Mumbai to claim a larger share in the MMR market," he added.
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