Pune-based Kolte-Patil Developers Ltd (KPDL) is entering the Mumbai market with a redevelopment project in Bandra suburbs, according to Sujay Kalele, group chief executive officer of Kolte-Patil Developers Ltd.
Online PR News – 30-August-2013 – Mumbai,Maharashtra – Pune-based Kolte-Patil Developers Ltd (KPDL) is entering the Mumbai market with a redevelopment project in Bandra suburbs, according to Sujay Kalele, group chief executive officer of Kolte-Patil Developers Ltd. “We have got the necessary approvals and work will start by mid-August. Our focus will on society redevelopment projects,” he said in an interview on Saturday.
Kalele expects the project to generate revenue close to Rs200 crore.
KPDL is also looking to buy more land in Mumbai for which his company “has earmarked around Rs200 crore for more redevelopment or outright purchase of land parcels”. He plans to buy more land in Pune too.
“We are evaluating 8-9 transactions at the moment, out of which three, comprising 5.3 million square feet, are in the advanced stage of closing.” said Kalele.
The company is closing two land deals in Worli and suburban Thane at an estimated cost of Rs100 crore.
The Worli project is redevelopment on 1.5 acres with a local developer which constitutes 1.75 lakh square feet of saleable area. It is also buying 2.5 acres in Thane for Rs45 crore. “These land parcels are at a good location and the valuation is also attractive. 80% of the payment is linked to the approvals works to our advantage.” said Kalele. The units, he added, will cost between Rs3-6 crore.