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Kolte-Patil buys 2 Mumbai Goregaon society projects

2023-08-03

Realty developer Kolte-Patil Developers had entered into agreements to redevelop two housing societies in the Bangur Nagar micro-market in Goregaon, located in the western suburbs of Mumbai. It was estimated that these projects, which had a total saleable area of around 4.8 lakh sq ft, could generate revenue of Rs 9.5 billion.

The Pune-based company had previously executed a residential redevelopment project covering 2.77 lakh sq ft in the same micro-market. This particular project had already been sold out, with a sales value of Rs 4.95 billion.

Rahul Talele, Group CEO, Kolte-Patil Developers, stated that the addition of these new projects was an important milestone in their efforts to achieve growth and diversification beyond Pune. The company had already established a substantial presence in the Mumbai Metropolitan Region (MMR) by successfully launching and delivering projects in the western suburbs of Mumbai.

These new additions were aligned with the company's strategy of diversifying beyond its core development market in Pune and strengthening its presence in the MMR. The company aimed to carry forward the strong momentum in 2023-24.

Kolte-Patil Developers entered the Mumbai market in 2013, focusing on society redevelopment projects with lower capital intensity. They had already signed 14 projects, including two completed, five ongoing, and seven in the pipeline at prime locations across Mumbai.

Between April and May, the company had acquired four new projects, two in Pune and two in Mumbai, with a total development potential of nearly 2.6 million sq ft and revenue potential of Rs 25 billion. With the addition of the two new projects in the Mumbai region, the total topline potential for these new business development deals now amounted to Rs 34.50 billion.

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