Kolte-Patil signs three new projects in Pune

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 three new projects in Pune under various capital light models.

Kolte-Patil has established itself as one of the most preferred and trusted brand for customers and channel partners in Pune with continued success across micro markets under various economic cycles. These new projects will further strengthen the Company's market position in Pune market. All the three 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.

Baner - 7.5 acres - Approx. 1.33mn sq.ft. of saleable area - Mixed Use - Revenue Share
Moshi - 7.9 acres - Approx. 0.63mn sq.ft. of saleable area - Residential - Profit Share
Wagholi - 2.3 acres - Approx. 0.25 sq.ft. of saleable area - Residential - Profit Share

Commenting on this key development, Mr. Gopal Sarda, Group CEO, Kolte-Patil Developers Ltd. said, "We are excited to add these projects in Pune to our portfolio under revenue share and profit share structures. The refundable deposits involved in these deals are quite nominal especially compared with the profitability upside available. This is in line with our strategy of reinforcing our dominant position in Pune market with capital light and structured transactions.

We are happy with the progress we have made w.r.t. business development since the lockdown started. The pandemic has resulted in rationalization of expectations from the real estate ecosystem enabling capital light business development opportunities with healthy returns. Given our strong brand name and execution capabilities, increasing number of landowners and developers are keen to associate with us at fair terms making it a win win situation for all stakeholders. We are looking forward to announce meaningful (both in terms of area and value) additions to our portfolio across Pune, Bengaluru and Mumbai. Structured transactions with a low debt balance sheet like KPDL's ensure profitable, scalable and sustainable growth, positive operating cash flows and healthy ROCE and IRR."

Shares of KOLTE-PATIL DEVELOPERS LTD. was last trading in BSE at Rs.264.15 as compared to the previous close of Rs. 255.05. The total number of shares traded during the day was 80166 in over 2402 trades.

The stock hit an intraday high of Rs. 275 and intraday low of 256. The net turnover during the day was Rs. 21295959.

Source : Equity Bulls

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