Pune-based Kolte-Patil Developers, a renowned player in the real estate sector, is making significant strides in expanding its presence in Mumbai. The company recently signed two society redevelopment projects in the Western suburbs of the city, specifically in Bangur Nagar, Goregaon (West).
These two projects boast a combined saleable area of approximately 4.8 lakh sq. ft., presenting a substantial opportunity for growth. With a total topline potential of around Rs. 950 crore, these projects exemplify Kolte-Patil’s strategic decision to diversify its operations beyond Pune and establish a stronger foothold in the Mumbai Metropolitan Region (MMR).
Bangur Nagar is a well-established residential area, recognized for its excellent connectivity to different parts of Mumbai, close proximity to the corporate hub in Malad, and well-developed social infrastructure. Kolte-Patil Developers has previously achieved success in this micro-market with its residential redevelopment project, Verve. The project was completely sold out, generating a sales value of approximately Rs. 495 crore.
Rahul Talele, Group CEO of Kolte-Patil Developers Ltd., expressed his views on this significant development. He highlighted that these new projects mark a crucial milestone in the company’s efforts to foster growth and diversify its operations in regions beyond Pune. With a rapidly expanding presence in MMR, the company has launched and delivered successful projects in the western suburbs of Mumbai. Customer satisfaction remains a top priority, and Kolte-Patil endeavors to incorporate customers’ preferences and requirements into project planning and execution, thereby enhancing their overall brand experience. The company aims to leverage the goodwill and visibility of the Kolte-Patil brand in the MMR region. Society redevelopment projects offer a multi-year opportunity for established players like Kolte-Patil, and given their decade-long presence in MMR, they are well-positioned to capitalize on this momentum.
In addition to the two recent projects in Mumbai, Kolte-Patil Developers had earlier announced the acquisition of four more projects – two in Pune and two in Mumbai – with a total development potential of around 2.6 million sq. ft. and a topline potential of Rs. 2,500 crore during April-May 2023. Now, with the addition of the two new projects in MMR, the company’s new business development deals have a topline potential of approximately Rs. 3,450 crore. Kolte-Patil Developers is actively exploring various business development and expansion prospects in its target markets through innovative and capital-efficient deals.
