Kolte-Patil signs two new projects with a combined saleable area of ~1.3 msf in Pune under DM model

Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune based real estate developer, with growing presence in Mumbai and Bengaluru, today announced the signing of two new projects in Pune under the Development Management (DM) model.

As the development manager, Kolte-Patil will lend its brand to these projects and jointly collaborate with the land owners to oversee product design, sales and marketing, project quality and cash flow management leading to time-bound handover to buyers. The project costs would continue to be borne by the respective projects. Both locations of the new projects are established micro-markets within Pune and are strategically located with multiple schools, hospitals, retail and residential spaces in close proximity.

- At Hinjewadi, 8.4 acres of property will be developed for residential purpose. Total saleable are will be ~0.75 million sq.ft.

- At Tathawade, 5.4 acres of property will be developed for mixed use. Total saleable are will be ~0.55 million sq.ft.

In February 2021, Kolte-Patil had signed three new projects with a combined saleable area of ~2.2 msf in Pune under capital light models. These new DM projects will further strengthen the Company's market position in Pune.

Commenting on this key development, Mr. Gopal Sarda, Group CEO, Kolte-Patil Developers Ltd. said, "We are delighted to add these projects in Pune to our portfolio under the DM model. An increasing number of landowners/developers are looking to partner with us given our brand equity, balance sheet strength, faster execution and cash flow generation record. These two new project additions along with three announced in Feb earlier are in line with our Business Development strategy of expanding our market share in our core markets of Pune, Mumbai and Bengaluru.

We look forward to build on our Business Development intensity with structured transactions and scale the profitable, operating cash flow generating business that we have built and deliver stronger ROCEs and IRRs."

Shares of KOLTE-PATIL DEVELOPERS LTD. was last trading in BSE at Rs.224.9 as compared to the previous close of Rs. 229.55. The total number of shares traded during the day was 5589 in over 348 trades.

The stock hit an intraday high of Rs. 232 and intraday low of 224.5. The net turnover during the day was Rs. 1271970.

Source : Equity Bulls

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