Kolte-Patil adds 2 new residential projects in Pune with potential of Rs 1,300 cr
May 10, 2023
Pune (Maharashtra) [India], May 10 : Real estate firm Kolte-Patil Developers on Wednesday said it added two new residential projects in Pune with a total estimated saleable area of 1.9 million square feet and a top line potential of Rs 1,300 crore.
These projects are located in Wagholi (Nagar Road), and NIBM Road (Kondhwa) in Pune. This move marks the company's efforts towards further strengthening its leadership position in the high-potential micro markets of Pune, according to a statement shared with exchanges by Kolte-Patil.
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."
For the first project, Kolte-Patil acquired five acres at Wagholi (Nagar Road), a well-planned micro market of Pune, to develop a middle-income group (MIG) residential project. The statement added Wagholi has rapidly evolved as a preferred residential destination because of close proximity to the major IT/ITeS hubs and industrial zones, seamless connectivity to the other parts of the Pune city and well-developed social infrastructure.
In a significant development, we signed two new projects at attractive locations that allow deeper
penetration in the high potential micro markets of Pune... This aligns with our objective of driving growth across markets while maintaining low capital intensity, with a view of optimising return on capital. We look forward to consolidating our leadership position in Pune and see this translate into sustained value for all our stakeholders."
For the second project, Kolte-Patil has entered into a joint venture to develop a premium residential project on NIBM Road, Kondhwa. According to the statement, this micro-market provides a unique combination of scenic appeal, robust infrastructure, and easy connectivity, making it a popular location across customer segments.
