Moneycontrol PRO

Kolte Patil Developers launches two redevelopment projects in Mumbai; aims Rs 410 crore revenue

Going forward, it plans to take up a redevelopment project around Vashi in Navi Mumbai, besides launching a project in the Dahisar area of Mumbai in the next 2-4 quarters.

Representational image of Mumbai's skyline. (Picture credits: Mehul R Thakkar)

Representational image of Mumbai's skyline. (Picture credits: Mehul R Thakkar)

Pune-based listed real estate developer Kolte-Patil Developers Ltd (KPDL), on March 2, announced the launch of two redevelopment projects in Mumbai with an aim of strengthening its residential portfolio in India's financial capital. The two new launches in the western suburbs of Mumbai, named K52 in Khar and Alora in Kalina, Santacruz, have a revenue potential of Rs 110 crore and Rs 300 crore.

K52 in Khar is a luxurious bespoke residential tower with 20, 2BHK residences. The project includes four podium-level floors, in addition to 12 habitable floor spaces, spread across 1,252 square meters (sq mt).

It is located right opposite Khar Gymkhana, close to Carter Road and Pali Hill, offering unmatched connectivity to high street retail, hospitals and educational institutions. The carpet area of each residence is approximately 844 sq.ft, with a ticket size of Rs 6 crore+, the company said in a statement.

The company currently has one redevelopment project named Vaayu in the Borivali area of Mumbai ongoing since over a year. Moneycontrol had reported in August 2022, about the company’s plans to launch two more projects in Mumbai's Khar and Kalina areas in the next few days.

The company also plans on taking up a redevelopment project around Vashi in Navi Mumbai. KPDL also plans to launch a project in the Dahisar area of Mumbai in the next two to four quarters.

KPDL is focused on increasing its share from the Mumbai market, which contributed 19 percent to its total sales of Rs 1,528 crore in the first nine months of FY23.

Also read: Kolte-Patil Developers plans to invest Rs 1,500 crore in Pune, Mumbai, Bengaluru

Further, the second launch, Alora in Kalina, Santacruz, is a gated community spread across 1.34 acres, consisting of five 11-storey towers offering a mix of 2BHK and 3BHK configurations with price points ranging from Rs 2.8 crore to Rs 4.5 crore, added the company statement.

The statement added, "Its proximity to the international and domestic airports, as well as its accessibility to the metro station, railway station, western express highway, hospitals, and educational institutions makes it a prime residential location. The project has been thoughtfully designed, keeping new-age preferences in mind, to provide abundant open green-spaces."

Also read: Kolte-Patil Standalone December 2022 Net Sales at Rs 262.41 crore, up 353.45% Y-o-Y

"KPDL is committed to diversifying its offerings and expanding its presence in Mumbai. Being cognisant of the city’s evolving demand for holistic real estate, providing comfort, quality, sustainability and world-class amenities have become our key focus areas while developing such residential projects." said Rahul Talele, Group CEO, Kolte-Patil Developers Limited.

Talele added, "It is these modern home-buying trends that shaped our approach when we started working on the blueprints of K52 and Alora. With these two new launches, we look forward to reshaping Mumbai's skyline that will set a benchmark for bespoke residences with smarter amenities."

Moneycontrol News
first published: Mar 2, 2023 06:25 pm