Kolte-Patil Projects: Kolte-Patil adds two residential projects with 1.9-million-sq-ft development potential in Pune

MUMBAI: Realty developer Kolte-Patil Developers has entered into agreements to undertake two new residential development projects in Pune, with a total estimated saleable area of 1.9 million sq ft and revenue potential of nearly Rs 1,300 crore.

These projects are in Pune’s Wagholi on Nagar Road and NIBM Road in Kondhwa. This marks the company’s efforts towards further strengthening its position in the high potential micro- markets of Pune, the company said in a release.

“Pune has been our key market since inception and we remain optimistic about the city’s potential. The new projects align 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,” said Rahul Talele, Group CEO, Kolte-Patil Developers.

Of these projects, the company has acquired around 5 acres of land at Wagholi to develop a mid-income residential project with saleable area of 7.5 lakh sq ft. The micro market is close to the major information technology (IT) and IT-enabled services hubs and industrial zones with social infrastructure and connectivity to the other parts of the city. The company has so far developed and delivered over 5 million sq ft in Wagholi.

The company has entered a joint venture to develop a premium residential project at NIBM Road, Kondhwa. The project has a total development potential of 1.15 million sq ft. Kolte-Patil has so far developed and delivered over 5 million sq ft across projects in this micro market.

The Pune-based company has so far developed and constructed over 50 projects including residential complexes, integrated townships, commercial complexes, and IT Parks covering a saleable area of 25 million sq ft across Pune, Mumbai and Bengaluru.