Realty player Kolte-Patil Developers, on April 26, 2017, said that it had signed an agreement to redevelop a residential project in Dahisar, in Mumbai. The Dahisar Shree Avadhoot Co-operative Housing Society has a plot area of over 15,035 sq metres and Kolte-Patil’s economic interest in this project is 4 lakh sq ft, the company said in a statement.
See also: Budget 2017: Provisions for redevelopment projects to bring relief to home owners
“The society has been acquired on the same underlying philosophy as our other Mumbai projects, with capital deployment being linked to approvals and project-specific timelines. Our focus in Mumbai, is on generating strong returns and reducing our working capital cycle,” the company’s CEO, Gopal Sarda said. He said the company has a diversified portfolio and its foray into Mumbai will facilitate PAT expansion and reduce working capital cycle for the firm, while providing synergies to the existing Pune operations.
The company has developed and constructed over 50 projects, including residential complexes, commercial complexes and IT parks, covering a saleable area of 15 million sq ft across Pune and Bengaluru.
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