Pune-based listed real estate developer Kolte-Patil Developers Limited on May 10 announced that it has signed two new residential development projects in Pune, with a total estimated saleable area of 1.9 million square feet and a topline potential of Rs 1,300 crore. The projects are located in Wagholi (Nagar Road), and NIBM Road (Kondhwa) in Pune.
The move is part of efforts to strengthen Kolte-Patil Developers’ leadership in the high-potential micro-markets of Pune, the company said in a regulatory filing with the Bombay Stock Exchange (BSE).
The statement noted that Kolte-Patil had acquired around 5 acres of land at Wagholi (Nagar Road), a well-planned micro market of Pune, to develop a middle-income-group residential project. Wagholi has rapidly evolved as a preferred residential destination because of its proximity to major IT/ITES hubs and industrial zones, seamless connectivity to the other parts of Pune city and well-developed social infrastructure.
The company also announced in the statement that it was forming a Joint Venture to develop a premium residential project at NIBM Road, Kondhwa. This micro-market provides a unique combination of scenic appeal, robust infrastructure, and easy connectivity, making it a popular location across customer segments. Having developed and delivered around 5 million sq. ft. across projects, Kolte-Patil has a strong foothold in this micro-market, the statement added.
Also read: Kolte-Patil Developers plans to invest Rs 1,500 crore in Pune, Mumbai, Bengaluru
“Pune has been our key market since inception and we remain optimistic about the city's potential,” Rahul Talele, Group CEO, Kolte-Patil Developers Ltd, said in the statement. “Robust urban infrastructure, high ranking on quality of life parameters, reasonable cost of living and growing per capita income backed by strong employment prospects across sectors, have contributed significantly to the growing residential real estate market of Pune.”
"We have structured these transactions with a low upfront investment. This aligns with our objective of driving growth across markets while maintaining low capital intensity, with a view of optimising return on capital,” Talele added.
The announcement comes around two weeks after the company signed two new society redevelopment projects in the Mumbai Metropolitan Region (MMR) with a total saleable area of 7.3 lakh square feet, and a topline potential of Rs 1,200 crore.
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