Pune: Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune based real estate player with growing presence in Mumbai and Bengaluru, has signed two new society re-development projects in the Western suburbs of Mumbai. With total saleable area of ~4.8 lakh sq. ft., these projects have a total topline potential of ~Rs. 950 crore. These new additions signify the Company’s strategic move towards diversification beyond Pune, strengthening its presence in Mumbai Metropolitan Region (MMR) and taking forward the strong momentum in FY24.
Both these projects are strategically 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 projects. Bangur Nagar is an established residential neighborhood that boasts excellent connectivity to different areas within Mumbai, close proximity to the corporate hub in Malad and a well-developed social infrastructure. The Company has demonstrated success in this micro-market with its residential redevelopment project, Verve, encompassing a saleable area of ~2.77 lakh sq. ft. This project has been completely sold out, achieving sales value of ~Rs. 495 crore.
Commenting on this development, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Ltd., said, “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 have a substantial and rapidly expanding presence in MMR, having successfully launched/delivered projects in the western suburbs of Mumbai. Prioritizing customer satisfaction, we endeavor to understand the preferences and requirements of our customers and incorporate them into project planning and execution with speed, resulting in an elevated brand experience. We look forward to leveraging this 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.”
In April-May 2023, the Company announced acquisition of four projects, two in Pune and two in Mumbai, with the total development potential of ~2.6 million sq. ft. and topline potential of Rs. 2,500 crore. With the two new additions in MMR, the new business development deals now aggregate a topline potential of ~Rs 3,450 crore. The company is continuously assessing multiple business development and expansion prospects in its targeted markets through innovative, capital-efficient deals.
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