Mumbai: Pune-based listed developer Kolte-Patil Developers Limited has signed two new society redevelopment projects in the western suburbs of Mumbai with total saleable area of 3.06 lakh square feet translating into top-line potential of ₹545 crore, the company said.
The two acquired projects are located in prime residential areas, Dahisar and Versova. This has taken the company’s footprint in the Mumbai Metropolitan Region (MMR) to a total of 15 housing projects.
The company’s Dahisar redevelopment projects has a saleable area of 2.23 lakh sq ft with a revenue potential of ₹325 crore, while the project at Versova spans 93,000 sq ft with a revenue potential of ₹220 crore.
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Rahul Talele, Group CEO, Kolte-Patil Developers Ltd. said, “This marks another significant milestone in our journey to strengthen our presence in Mumbai that represents the largest real estate market in the country. These projects align with our strategic goals and we are confident that our active initiatives and growing presence in society re-development space will continue to enhance our standing in the MMR market in a significant manner.”
“Our success comes from navigating the complexities of the real estate landscape and executing projects with speed in line with the preferences and requirements of our customers to deliver an elevated brand experience. The acquisition of these projects further demonstrate our commitment to growth and diversification beyond Pune. With a decade-long presence, we are well positioned to capitalize on the tremendous opportunity in Mumbai for trusted developers like Kolte-Patil,” he said.
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During the year FY24 so far, the company has successfully acquired eight projects, comprising two in Pune and six in MMR, with a combined total development potential of 3.3 million square feet and a topline potential of ₹4,000 crore.