Kolte Patil zooms nearly 2 per cent on securing two new projects in Pune

Kolte-Patil Developers Limited, a real estate company based in Pune, announced this morning that it has signed two new projects in Hinjewadi and Tathawade areas in Pune.  

These projects will have a combined saleable area of approximately 1.3 million square feet (msf) and will fall under the Development Management (DM) model.   

Hinjewadi project will have a saleable area of 0.75 msf and will be used for residential purposes. The second project, i.e., Tathawade project, will have a saleable area of 0.55 msf and will be used for residential & other purposes.  

By working in the capacity of a development manager, the real estate company will lend its brand to these projects and work together with the landowners to supervise the product design, sales & marketing, project quality and cash flow management to complete as well as handover the projects on time to the buyers.   

The costs involved in the projects would continue to be borne by the respective projects. The location in which the projects will be constructed, are established micro-markets within Pune and have multiple schools, hospitals, retail & residential spaces in close proximity.  

As per a company official, this development is aligned with the company’s business development strategy of expanding its market share in the core markets of Pune, Mumbai and Bengaluru.  

At 1.41 pm today, the share price of Kolte-Patil Developers Limited was trading at Rs 228.05 on BSE, which was an increase of 1.24 per cent over its closing price of Rs 225.25 on Friday.