August 2, 2023: Pune based real estate player Kolte Patil Developers, with growing presence in Mumbai and Bengaluru, has signed two new society redevelopment projects at Bangur Nagar in Goregaon (West).
According to the company statement, with a total saleable area of 4.8 lakh sqft, these projects have a total topline potential of Rs 950 crore.
Bangur Nagar is an established residential neighbourhood that has 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 sqft. This project has been completely sold out, achieving sales value of Rs 495 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. With this addition, the company’s tally of projects in the MMR is 14 projects.
Rahul Talele, group CEO, Kolte-Patil Developers, 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. 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 sqft 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.
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