Kolte-Patil in JV plans 5.4-acre realty project in Pune
The Pune-based realty developer Kolte-Patil Developers has entered into an agreement with UK-based realty developer Planet Smart City to jointly develop a 5.4 acre land parcel in Pune. In this connection, Kolte-Patil's subsidiary Kolte-Patil I-Ven Townships (Pune) and the UK developer, KPIT & Planet, will be developing the land parcel jointly in the profit sharing model. This is quite a unique deal which earns land monetization benefits as well as profit sharing cash flows from the incremental planned development, resulting in strong returns, Group CEO, Kolte-Patil Developers, Gopal Sarda, said, adding that the company has visibility from a business development and existing portfolio launch perspective in Mumbai operations and largely plan to use as the growth capital. The said land parcel is in sector R-10 in Kolte-Patil Developers township project Life Republic in Pune and has a residential development potential of 7.6 lakh sq ft in terms of saleable area. The project Life Republic is spread across 400 acres and at present, 4.2 million sq ft has already been delivered in the project.
📅Published on:
13 April 2020
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