May 10, 2023: Kolte-Patil Developers today announced the launch of two new residential development projects in Pune. These projects will have a total estimated saleable area of 1.9 million square foot (msf), and a revenue potential of Rs 1,300 crore. One of these projects is located in Wagholi (Nagar Road) and the other one is located in NIBM Road (Kondhwa).
Kolte-Patil acquired a 5-acre land parcel at Wagholi, Pune, to develop an MIG residential project. The project has an estimated developable potential of 7.5 lakh sqft and revenue potential of Rs 400 crore. The development site is in close proximity to major IT/ITES hubs and industrial zones, and enjoys good connectivity with other parts of Pune. The company has already developed over 5 msf in Wagholi.
The real estate developer has entered into a joint venture to develop a premium residential project at NIBM Road, Kondhwa. The project has an estimated developable potential of around 11.5 lakh sqft and revenue potential of Rs 900 crore. Kolte-Patil has already developed and delivered around 5 msf across projects in this micro-market.
Rahul Talele, group CEO, Kolte-Patil Developers, said, “Pune has been our key market since inception and we remain optimistic about the city’s potential. Robust urban infrastructure, high ranking on quality of life parameters, reasonable cost of living and growing per capita income backed by strong employment prospects across sectors, have contributed significantly to the growing residential real estate market of Pune.”
Kolte-Patil had also announced on April 27, 2023, the launch of two new society redevelopment projects in the Mumbai Metropolitan Region (MMR) with total saleable area of 7.3 lakh sqft and revenue potential of Rs 1,200 crore.
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