Kolte-Patil Developers Limited on January 23 revealed that it has entered into agreements for two new society redevelopment projects in the western suburbs of Mumbai. These projects, located in Dahisar and Versova areas, have a combined saleable area of approximately 3.06 lakh square feet. The top-line potential of these projects is estimated to be around Rs 545 crore, as stated by Kolte-Patil Developers Limited in their official statement.
According to the company, the two acquired projects are at strategic locations in prime residential areas, Dahisar and Versova, in line with the company's growth and diversification goals of expanding presence in Mumbai. With these additions, the company now has of a total of 15 projects in the Mumbai Metropolitan Region (MMR), addressing a wide spectrum of real estate demand in the city.
"This marks another significant milestone in our journey to strengthen our presence in the Mumbai that represents the largest real estate market in the country. These projects align with our strategic goals and we are confident that our active initiatives and growing presence in society re-development space will continue to enhance our standing in the MMR market in a significant manner. The acquisition of these projects further demonstrate our commitment to growth and diversification beyond Pune," said Rahul Talele, Group CEO, Kolte-Patil Developers Ltd.
The redevelopment of old buildings in Mumbai has witnessed a surge in activity, with several listed players actively participating in this space. Companies like Kolte-Patil Developers Limited, Rustomjee Group, Mahindra Lifespaces, and others have been notably aggressive in pursuing redevelopment projects in Mumbai.
"The Dahisar project is well connected to the Western Express Highway. Further, the close proximity to the metro connecting via Andheri and its further expansion to the BKC add to the attractiveness of the project. The Company has demonstrated success in the Dahisar micromarket following the execution of its residential re-development project, Vaayu," said the company in a press release.
Meanwhile, the company said that Versova project has strong demand potential and access to rapidly expanding public infrastructure including the metro lines and the proposed Versova-Virar Sea Link which will provide coastal road connectivity between South Mumbai and Western suburbs.
Meanwhile, in the ongoing fiscal, the company acquired eight projects, comprising two in Pune and six in MMR, with a combined total development potential of 3.3 million square feet and a topline potential of Rs 4,000 crore.
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