Pune-based listed real estate company Kolte Patil Developers Limited (KPDL) announced on August 01 that it has signed two new society re-development projects in the western suburbs of Mumbai. According to the company, the two projects are spread across an area of 4.8 lakh sqft and have a topline of Rs 950 crore.
The new additions signify the company's move towards diversification beyond Pune, strengthening its presence in the Mumbai Metropolitan Region (MMR), and continuing the strong momentum in FY24, as stated in the company's official statement.
Both these projects are located in the high-potential micro-market of Bangur Nagar in Goregaon (West) and bring the company's tally of projects in the Mumbai Metropolitan Region (MMR) to 14.
"The addition of these new projects represents an important milestone in our continued efforts to generate growth and achieve business diversification through initiatives outside Pune. We look forward to leveraging the goodwill and visibility of the Kolte-Patil brand in the MMR region.
Society redevelopment projects offer a significant, multi-year opportunity for trusted players such as Kolte-Patil, and with a decade-long presence in MMR, we are well-placed to ride the momentum," said Rahul Talele, Group CEO, Kolte-Patil Developers Ltd.
The company said that with the two new additions in MMR, the new business development deals now aggregate a topline potential of Rs 3,450 crore.
In April and May 2023, the company announced the acquisition of four projects, two in Pune and two in Mumbai, with a total development potential of 2.6 million sq. ft. and topline potential of Rs. 2,500 crore.
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