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 residential development projects in Pune, with a total estimated saleable area of 1.9 million square feet and a top-line potential of ~INR 1,300 crore. These projects are located in Wagholi (Nagar Road), and NIBM Road (Kondhwa) in Pune. This move marks the Company’s efforts towards further strengthening its leadership position in the high potential micro- markets of Pune.
|Sr. No.||Pune||Deal Type||Saleable Area
(Lac sq. ft.)
|1.||Wagholi (Nagar Road)||Outright||~7.5||~400|
|2.||NIBM Road (Kondhwa)||Joint Venture||~11.5||~900|
Note: Based on current estimates
- Wagholi (Nagar Road) Project – Kolte-Patil has acquired ~5 acres of land at Wagholi (Nagar Road), a well-planned micro market of Pune, to develop an MIG residential project. Wagholi has rapidly evolved as a preferred residential destination because of close proximity to the major IT/ITES hubs and industrial zones, seamless connectivity to the other parts of the Pune city and well-developed social infrastructure. The Company has a deep understanding of customer requirements in the micro-market, having developed and delivered more than ~5 million sq. ft. in Wagholi.
- NIBM Road (Kondhwa) Project – Kolte-Patil has entered into 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 more than ~5 million sq. ft. across projects, Kolte-Patil has a strong foothold in this micro-market.
Commenting on the recent development, Rahul Talele, Group CEO, Kolte-Patil Developers Ltd. said, “Pune has been our key market since inception and we remain optimistic about the city’s potential. 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. In a significant development, we signed two new projects at attractive locations that allow deeper penetration in the high potential micro markets of Pune. Leveraging our strong brand equity built over three decades of operations in the city, 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 optimizing return on capital. We look forward to consolidating our leadership position in Pune and see this translate into sustained value for all our stakeholders.”