Kolte-Patil acquires two society redevelopment projects in Mumbai Metropolitan Region
Kolte-Patil acquires two society redevelopment projects in Mumbai Metropolitan Region
With estimated saleable area of 4.8 lakh sq. ft. and topline potential of Rs. 950 crore, these projects located in Goregaon will further strengthen the Company’s presence in MMR
In FY24, the Company has acquired projects in Pune and MMR with the total topline potential of ~Rs 3,450 crore
Pune, August 1, 2023: 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.
About Kolte-Patil Developers Limited
Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL; KPDL), incorporated in 1991, is a leading real estate company with dominant presence in the Pune residential market, and growing presence in Mumbai and Bengaluru. Kolte-Patil is a trusted name with a reputation for high quality standards, design uniqueness, corporate governance, transparency and timely delivery of projects. The company has developed and constructed over 58 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of ~26 million square feet across Pune, Mumbai and Bengaluru. The Indian Green Building Council (IGBC) has certified several of the company’s projects. KPDL markets its projects under two brands: ’Kolte-Patil’ (addressing the mid-income segment) and ‘24K’ (addressing the premium luxury segment).
Consolidating its leadership position in Pune, the company forayed into the Mumbai market in 2013 focusing on society redevelopment projects that have lower capital intensity. The company signed fourteen projects (two completed, five on-going, seven future projects) till date at prime locations across the city.
KPDL has seamlessly navigated varied economic cycles enabled by one of the lowest debt levels in the sector. The Company’s long-term bank debt has been rated ‘A+ / Stable’, short-term bank loan facilities as A1 and nonconvertible debentures as A+/Stable by CRISIL.
The Company’s growth trajectory, internal processes and corporate governance practices have benefitted from partnerships with marquee financial institutions like KKR, JP Morgan Asset Management, Portman Holdings, ASK Capital, Motilal Oswal, ICICI Ventures and Planet Smart City.
Over the years, KPDL has received multiple awards and recognitions including Asia’s Greatest Brand 2017 by AsiaOne, The Economic Times – The Game Changers of Maharashtra 2018, Times Realty Icons – Best Realtor 2019, CNN NEWS18 – Developer of the Year Residential 2019, ET Now – Most Trusted Brand India’s 2019, Top Challengers 2019-20 by Construction World Global Awards Online,Trusted Brand of the Year, Times Realty, 2021-22 and Residential High Rise Architecture India2021, Asia Pacific Property Awards (IPA).
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