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Pune based Kolte-Patil Developers Limited, which has recently expanded it base in Mumbai and Bengaluru, recently announced that it achieved its highest-ever quarterly pre-sales figures in Q3 FY23 both in terms of value and volume. They launched six projects totalling 2 million square feet in Pune and Mumbai. The pre-sales value for the quarter was mostly attributed to new launches at 57 percent of the total market share. Life Republic, the flagship project of KPDL reached volumes of 6.62 lakh sq. ft., the largest ever for any one quarter crossing the half-million milestone.
During the first nine months of FY23, sales of Rs. 1,528 crores, up 23% year over year were generated from both ongoing and recent releases. The 9M FY23 collections increased by 22% to Rs. 1,313 crore thanks to effective CRM systems and a smooth lifecycle of registrations, sales, construction, and development.
In Q3, the company entered into an agreement with Planet Smart City for the strategic land monetization of a portion of its project "Little Earth" at Kiwale, Pune, for Rs. 78 crores. The deal was executed through its wholly owned subsidiary Sampada Realities Private Ltd. They also entered a contract with the Japanese company Marubeni Corporation. Marubeni will contribute Rs. 206.5 crore to the company's Pimple Nilakh residential development project and will be granted 2.85 lakh sq. ft. of the development's saleable space.
Speaking to ET Realty, Rahul Talele, Group CEO of Kolte-Patil Developers Limited commented on the update expressing his excitement and happiness with the results. According to him the company has witnessed the highest ever quarterly pre-sales of Rs. 716 crores reflecting an increase of 95% quarter-on-quarter and 28% YoY. CRISIL Ratings updated its ratings of the Company's long-term bank loan facilities to A+/Stable during the quarter. It also updated its ratings of the short-term bank loan facilities to A1 and its non-convertible debentures to A+/Stable.
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