Kolte-Patil acquires two society re-development projects in Western Suburbs of Mumbai Metropolitan Region

Acquired projects have topline potential of ~INR 545 crore

In FY24, the Company has acquired projects in Pune and MMR with the total topline potential of ~INR 4,000 crore

Bengaluru, January 23, 2024: Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune based real estate player with growing presence in Mumbai and Bengaluru, has signed two new society re-development projects in the western suburbs of Mumbai with total saleable area of ~3.06 lakh square feet translating into top-line potential of ~INR 545 crore. The two acquired projects are at strategic locations in prime residential areas, Dahisar and Versova, in line with the company’s growth and diversification goals of expanding presence in Mumbai. With these additions, the company now has of a total of fifteen projects in the Mumbai Metropolitan Region (MMR), addressing a wide spectrum of real estate demand in the city.

Project Details:

Sr. No.

Mumbai Metropolitan Region

Saleable Area

Top-line Potential

1.

Dahisar

~2.13 lakh sq. ft.

~INR 325 crore

2.

Versova

~0.93 lakh sq. ft.

~INR 220 crore

Note: Based on current estimates

1. The Dahisar project is well connected to the Western Express Highway. Further, the close proximity to the metro connecting via Andheri and its further expansion to the BKC add to the attractiveness of the project. The Company has demonstrated success in the Dahisar micro- market following the execution of its residential re-development project, Vaayu.

2. The Versova project has strong demand potential and access to rapidly expanding public infrastructure including the metro lines and the proposed Versova-Virar Sea Link which will provide coastal road connectivity between South Mumbai and Western suburbs.

Commenting on this announcement, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Ltd. said, “I am happy to announce the addition of two new society redevelopment projects in the western suburbs of Mumbai. This marks another significant milestone in our journey to strengthen our presence in the Mumbai that represents the largest real estate market in the country. These projects align with our strategic goals and we are confident that our active initiatives and growing presence in society re-development space will continue to enhance our standing in the MMR market in a significant manner.

Our success comes from navigating the complexities of the real estate landscape and executing projects with speed in line with the preferences and requirements of our customers to deliver an elevated brand experience. The acquisition of these projects further demonstrate our commitment to growth and diversification beyond Pune. With a decade-long presence, we are well positioned to capitalize on the tremendous opportunity in Mumbai for trusted developers like Kolte-Patil.”

During the year FY24 till date, the Company has successfully acquired eight projects, comprising two in Pune and six in MMR, with a combined total development potential of 3.3 million square feet and a topline potential of ~INR 4,000 crore. The company remains committed to expanding on the back of innovative, capital-efficient opportunities for continued growth and expansion in its targeted markets.

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