Shares of Kolte-Patil surged 7 percent intraday on Tuesday after it signed development mangement agreement (DMA) with Now Realty to collaborate and develop its residential project named 'Sereno' situated at Baner in Pune. The project will offer 0.6 million square feet of saleable development area.
All the requisite approvals are already in place and construction has already commenced on part of the project.
Sujay Kalele, group chief executive officer says the realty company will earn anywhere close to 8-15 percent margins of the collections accrued from this project's sales.
“The project is 0.6 million sqft of which the first phase of 0.3 million sqft we have already launched. It will be a co-branded project, we are targeting an average sales price of between Rs 9000-10000/sqft,” he said.
The stock closed at Rs 211.75, up Rs 5.35, or 2.59 percent on the BSE.
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