The realty firm Kolte-Patil Developers Ltd announced that it has signed two residential projects in Pune with a total estimated revenue potential of Rs 1,300 crore. The company informed that the new projects have a total estimated saleable area of 1.9 million sq ft. One of the areas is Wagholi where Kolte Patil has acquired approximately five acre land having estimated developable potential of nearly 7.5 lakh sq ft and revenue potential of Rs 400 crore.
For the second project, the company has entered into a joint venture at National Institute of Bank Management, (NIBM) Road in which the estimated developable potential is of approximately 11.5 lakh sq ft and revenue potential is of Rs 900 crore. In the Wagholi area, the company aims to develop a middle-income group residential project. On the other hand, the NIBM Road project which is said to be a popular location across customer segments.
“In a significant development, we signed two new projects at attractive locations that allow deeper penetration in the high potential micro markets of Pune. We look forward to consolidating our leadership position in Pune and see this translate into sustained value for all our stakeholders,” says Kolte-Patil Developers Group CEO Rahul Talele.