Pune-based listed real-estate firm Kolte-Patil Developers plans to invest Rs 1,500 crore in the next three years in the Pune, Mumbai and Bengaluru markets.
Rahul Talele, Group CEO of Kolte-Patil Developers, told Moneycontrol that the firm is willing to enter stuck slum rehabilitation projects in Mumbai, which have sales potential of around Rs 300-800 crore.
However, it is interested only in those projects where slum dwellers have vacated construction sites.
The real-estate firm said it wants to continue its expansion in the residential segment, and will continue to focus on Pune, Mumbai and Bengaluru in the next three years.
"We are working towards investing Rs 500 crore in the ongoing fiscal. By this, we plan to invest Rs 1,500 crore in the next three years. We want to expand our presence in Pune by entering those micro-markets where we are not yet present. In Mumbai, we are looking at the western suburbs, central Mumbai and Navi Mumbai. We are looking for redevelopment projects in these areas,” added Talele.
Two more Mumbai projects in the next few days
The company, he said, would launch two more projects in Mumbai's Khar and Kalina areas in the next few days. It will, then, work on taking up a redevelopment project around Vashi in Navi Mumbai. Kolte-Patil also plans to launch a project in the Dahisar area of Mumbai in the next 2-4 quarters.
"We do have a presence in Bengaluru, and wish to expand our presence there as well. We are looking for areas that will give us good visibility. Our preference is for projects with a minimum of 1-2 acres. Our approach or strategy is simply based on three things -- housing society redevelopment, joint ventures and outright land deals,” added Talele.
May consider slum rehabilitation projects
Talele said that the company would not say no to a slum rehabilitation project, provided it meets their conditions.
"In case of slum rehabilitation projects, we will prefer those where the slum-dwellers have already vacated the sites. Currently, there is nothing in hand. However, we are evaluating such projects where the sales worth is between Rs 300 and Rs 800 crore, and are not rushing to get into any kind of uncertainty in any of the markets. This is the amount we are looking for projects in general and not only for slum rehabilitation projects."
Company to focus on affordable, middle income segment projects
The company will prefer launching projects in the affordable and middle income segments. Post COVID-19, it has reworked apartment sizes in Pune.
"Post COVID-19, the saleable area of a given apartment that we have constructed has gone up by 10 percent, at least in Pune. Earlier, we used to offer 1 BHK apartment of 550-600 sq ft. Now, it is up to, say, 700 sq ft. In the case of 2 BHK, we used to offer 800-900 sq ft but now customers are even asking for around 1,000 sq ft. However, there is no major deviation in the case of 3 BHK apartments," he said.
"For Mumbai and Bengaluru, we are looking at providing more amenities when it comes to open spaces. In Mumbai, there is a demand for balconies,” he said.
The Pune-based company said it is also planning to provide electric vehicle (EV) charging stations in their housing projects wherever feasible.
"We had recently partnered with Tata Power for an EV charging station, and are giving it, depending on the size and viability of the installation. Considering our scale in Pune, I think we will end up giving it in all projects, but for the rest it will depend on many factors,” Talele said.
The company has so far delivered more than 23 million sq ft of real-estate projects, and around 10 million units are under construction, mainly in the residential segment.
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