Kolte-Patil Developers Limited announced the signing of two new projects in Pune under the Development Management (DM) model. The project costs would continue to be borne by the respective projects.
Gopal Sarda, Group CEO, Kolte-Patil Developers Ltd. said, “We are delighted to add these projects in Pune to our portfolio under the DM model. An increasing number of landowners/developers are looking to partner with us given our brand equity, balance sheet strength, faster execution and cash flow generation record. These two new project additions along with three announced in Feb earlier are in line with our Business Development strategy of expanding our market share in our core markets of Pune, Mumbai and Bengaluru.”
Sarda added, “We look forward to build on our Business Development intensity with structured transactions and scale the profitable, operating cash flow generating business that we have built and deliver stronger ROCEs and IRRs.”
In its regulatory filing, the company highlighted that as the development manager, Kolte-Patil will lend its brand to these projects and jointly collaborate with the land owners to oversee product design, sales and marketing, project quality and cash flow management leading to time-bound handover to buyers.
Also, both locations of the new projects are established micro-markets within Pune and are strategically located with multiple schools, hospitals, retail and residential spaces in close proximity.
At around 2:22 PM, Kolte Patil was trading at Rs230.25 per piece marginally up on Sensex.