Pune-based Kolte-Patil Developers Expands Footprint in Mumbai with Two Redevelopment Projects
Pune, 1st August 2023: Kolte-Patil Developers Limited, a prominent real estate player based in Pune, is expanding its footprint in Mumbai with the signing of two society re-development projects in the Western suburbs.
These projects, located in Bangur Nagar, Goregaon (West), have a combined saleable area of approximately 4.8 lakh sq. ft. and a total topline potential of about Rs. 950 crore. This move reflects the company’s strategic decision to diversify beyond Pune and strengthen its presence in the Mumbai Metropolitan Region (MMR), continuing the strong momentum in FY24.
Bangur Nagar is a well-established residential neighborhood known for its excellent connectivity to different areas within Mumbai, close proximity to the corporate hub in Malad, and well-developed social infrastructure. Kolte-Patil Developers has previously demonstrated success in this micro-market with its residential redevelopment project, Verve, which was completely sold out, achieving a sales value of approximately Rs. 495 crore.
Rahul Talele, Group CEO, Kolte-Patil Developers Ltd., commented on this development, stating, “The addition of these new projects represents a significant milestone in our efforts to foster growth and diversify our business beyond Pune. With a substantial and rapidly expanding presence in MMR, we have successfully launched and delivered projects in the western suburbs of Mumbai. Our priority is customer satisfaction, and we strive to understand and incorporate our customers’ preferences and requirements into project planning and execution, enhancing their overall brand experience. We look forward to leveraging the goodwill and visibility of the Kolte-Patil brand in the MMR region. Society redevelopment projects present a significant multi-year opportunity for trusted players like Kolte-Patil, and with a decade-long presence in MMR, we are well-positioned to capitalize on this momentum.”
Earlier in April-May 2023, the company announced the acquisition of four projects – two in Pune and two in Mumbai – with a total development potential of approximately 2.6 million sq. ft. and a topline potential of Rs. 2,500 crore. Now, with the addition of the two new projects in MMR, the new business development deals amount to a topline potential of approximately Rs. 3,450 crore. Kolte-Patil Developers is actively evaluating multiple business development and expansion prospects in its targeted markets through innovative and capital-efficient deals.
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