Pune-based real estate group, Kolte-Patil Developers, has announced the creation of a residential development platform with a global leader in smart affordable housing, Planet Smart City, to develop 15,000 housing units in Pune, Bengaluru and Mumbai.
This residential platform follows the success of Universe, at Sector R10, Life Republic, which was the first co-development between KPDL and Planet Smart City, the company said.
The projects will be developed over the next three years, it said.
The partners will endeavour to grow the platform over a period of time, based on suitable structures as mutually agreed upon as the right opportunities continue to emerge, the company said.
Also Read: Gopal Sarda steps down as CEO at Kolte-Patil Developers
The platform will enable KPDL to capture opportunistic and structured outright land purchase transactions while maintaining a healthy balance sheet. It is expected to generate substantial earnings in the coming years, which will contribute significantly to the company’s growth.
Commenting on this key development, Yashvardhan Patil, Group CEO, Kolte-Patil Developers, said that “We are excited to progress on our partnership with a global smart affordable housing leader like Planet Smart City. Building on the success of Universe at Life Republic we look forward to a long and mutually beneficial association.
“Our joint platform will allow us to expand the portfolio of projects in our focus markets of Pune, Mumbai and Bengaluru in line with our capital efficient land sourcing philosophy. With a focus on sustainability, the aim is to address the evolving needs of urban citizens looking for smart, holistic and socially inclusive community-centric living in India,” he said.
“This is an important day for Planet Smart City’s strategic development. India, like many countries across Southeast Asia, has huge opportunity across several states and the industry has tremendous potential especially, for viable operators, to offer long-term, future-proof solutions," said Giovanni Savio, Global CEO of Planet Smart City.
By extending our partnership with Kolte-Patil—a genuine leader in real estate development in India—we are in a strong position to work for a pipeline of 15,000 housing units that help to provide an answer to the housing challenge in a fully-fledged ESG framework where technology and social innovation will be the main drivers to implement a new concept of urban living, he said.
Planet Smart City was founded in 2015 by real estate experts Giovanni Savio and Susanna Marchionni and chaired by physicist and entrepreneur Stefano Buono. It is a global leading PropTech company that designs and builds neighbourhoods in countries with high housing deficits and works in partnership with real estate developers around the world to improve quality of life.
The Planet Smart City model has been proven in Brazil where four projects are underway: Smart City Laguna, Smart City Natal, Smart City Aquiraz and Viva!Smart.
In 2020, the business expanded into India. In Italy, the company collaborates with leading real estate developers in numerous smart social housing projects. Since its establishment, Planet Smart City has raised over US $190 million of capital from institutional and private investors to implement its ambitious growth plans, with the aim of selling 44,500 housing units by 2025.
Kolte-Patil Developers Ltd incorporated in 1991, has developed and constructed over 50 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of around 20 million square feet across Pune, Mumbai and Bengaluru.
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