Kolte-Patil Developers signs redevelopment project in Dahisar East

Real estate developer, Kolte-Patil Developers Limited on Wednesday announced that it has signed a deal with Dahisar Shree Avadhoot Co-operative Housing Society.

“Kolte-Patil Developers Limited a leading real estate developer, has strengthened its Mumbai presence by signing its largest private society redevelopment project till date, Dahisar Shree Avadhoot Co-operative Housing Society Limited, having a plot area of 15,035 square meters,” the company said.

Incorporated in 1991, Kolte-Patil had started in Pune is now looking at a plot in Dahisar East which is connected to the Western Express Highway and the Metro VII project which will run from Andheri East to Dahisar East the company said.

“Kolte-Patil’s economic interest in this project is nearly 4 lakh square feet. Payments of the corpus fund, rental and other project expenses are linked to the approvals and project timelines,” the company said.

The company claims to have developed and constructed over 50 projects including residential complexes, commercial complexes and IT parks covering an area of nearly 15 million square feet across Pune and Bengaluru.

Shares of the company were trading up 3.70% on BSE Sensex post the announcement intraday.

Gopal Sarda, CEO, Kolte-Patil Developers Ltd. said, “We are delighted to announce the signing of our largest redevelopment project in Mumbai at Dahisar East. The society has been acquired on the same underlying philosophy as our other Mumbai projects, with capital deployment being linked to approvals and project specific timelines. Our focus in Mumbai is on generating strong ROCE’s and reducing our working capital cycle.”