Kolte-Patil Developers Pen New Society Redevelopment Deals in Mumbai Suburbs

Renowned Pune-based property entity, Kolte-Patil Developers Limited, has sealed agreements for two new society redevelopment ventures in Mumbai’s western suburbs. According to details released by the company, these projects cover a total saleable expanse of 3.06 lakh square feet, potentially contributing an impressive ₹545 crore to the company’s revenue. News comes from the source of Reader Wall.

Placement of Projects

The two new additions to Kolte-Patil’s portfolio are situated in prime residential localities, namely Dahisar and Versova. This move expands the company’s presence in the Mumbai Metropolitan Region (MMR) to a total of 15 housing ventures.

About the Projects

The Dahisar project under Kolte-Patil’s umbrella contains a sellable area of 2.23 lakh sq ft with an estimated revenue potential of ₹325 crore. Meanwhile, the Versova project is spread over 93,000 sq ft and houses a revenue expectancy of ₹220 crore.

A Word From the Company’s CEO

Rahul Talele, Group CEO, Kolte-Patil Developers Ltd, describes these acquisitions as significant milestones, highlighting the company’s ongoing journey to fortify its position in Mumbai’s extensive real estate market. He added, “Encompassing these projects aligns with our strategic objectives, leading us to believe that our growing presence in the society redevelopment sector will progressively augment our status in the MMR market.

Talele further explained, “Our achievements are a result of our ability to adeptly work through the intricacies of the real estate market and agility in project execution that aligns with the preferences and necessities of our customers, ensuring an elevated brand experience. The procurement of these projects reflects our commitment to growth and diversity beyond Pune. Having spent a decade here, we are well placed to exploit the abundant opportunities that Mumbai presents for trusted developers like Kolte-Patil.”

Company’s Performance in FY24 So Far

During the FY24 financial period to date, Kolte-Patil has successfully recognized and acquired eight projects, two of which are in Pune and six in the MMR. The combined developmental potential of these projects amounts to 3.3 million square feet and a top-line potential of ₹4,000 crore.