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Kolte-Patil Developers, a prominent Pune-based real estate player is expanding its presence in Mumbai and Bengaluru. The company has recently secured two society redevelopment projects in the western suburbs of Mumbai. The acquired projects, situated in Dahisar and Versova, contribute to a total saleable area of 3.06 lakh square feet, estimating a top-line potential of around INR 545 crore.
This strategic move aligns with Kolte-Patil's growth and diversification goals, aiming to strengthen its position in Mumbai, the largest real estate market in the country. With these additions, the company now boasts a portfolio of fifteen projects in the Mumbai Metropolitan Region (MMR), addressing diverse real estate demands in the city.
The Dahisar project, located near the Western Express Highway, is highly coveted due to its proximity to the metro, connecting via Andheri and expanding further to the Bandra Kurla Complex (BKC). The company has previously demonstrated success in the Dahisar micro-market through the execution of its residential redevelopment project, Vaayu.
On the other hand, the Versova project holds significant demand potential, coupled with access to expanding public infrastructure, including metro lines and the proposed Versova-Virar Sea Link, providing coastal road connectivity between South Mumbai and the Western suburbs.
In the fiscal year FY 24, the company has been proactive in project acquisitions, securing a total of eight projects to date. This includes two in Pune and six in MMR, with a combined development potential of 3.3 million square feet and a top-line potential of approximately INR 4,000 crore. The company's commitment to expansion remains evident through innovative and capital-efficient opportunities, positioning itself for continued growth and expansion in targeted markets.
In summary, Kolte-Patil Developers' recent acquisitions in Dahisar and Versova mark a significant step in its journey to reinforce its presence in Mumbai. With a strategic focus on society redevelopment projects, the company is poised to capitalize on the dynamic real estate landscape and meet the diverse demands of the Mumbai market.
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