 "Kolte-Patil buys land in Pune; eyes Rs 1,400 cr sales from housing project")
Realty firm Kolte-Patil Developers Ltd has acquired 25 acres of land in Pune to develop a housing project with an estimated sales revenue of Rs 1,400 crore.
The company has acquired Pune-based Sampada Realities Pvt Ltd, which owns this land parcel.
Under the acquisition, Kolte-Patil has acquired a residential development potential of around 2.5 million square feet at Kiwale in Pune.
The transaction entails the acquisition of around 85 per cent equity shares in Sampada Realities. The balance 15 per cent stake is to be acquired in due course.
"With this transaction, Kolte-Patil has committed an aggregate total investment of about Rs 120 crore to be paid over a period of time," Kolte-Patil said in a statement.
Sampada Realities comprises only one residential real estate project on about 25 acres of land parcel at Kiwale in Pune to be developed in a phased manner.
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"The development represents a revenue opportunity of over Rs 1,400 crore for Kolte-Patil," the statement said.
The project has all the required regulatory approvals in place.
The acquisition will help further strengthen Kolte-Patil's market position in Pune.
Rahul Talele, Group CEO, Kolte-Patil Developers, said the company has added this new project, which will be 100 per cent owned by it.
This acquisition is in line with the company's business development target of Rs 7,000 crore for this year, he added.
"We continue to evaluate more such opportunities to meet our growth objectives across Pune, Mumbai and Bengaluru," Talele said.
Kolte-Patil has developed and constructed over 50 projects, including residential complexes, integrated townships, commercial complexes and IT Parks, covering a saleable area of about 23 million square feet across Pune, Mumbai and Bengaluru.
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