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Kolte-Patil Developers Ltd, a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its un-audited results for the third quarter ended 31 December 2023.
Commenting on the performance for Q3 & 9M FY24, Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “KPDL has been delivering progressively expanding operating milestones over the last few years, sustaining the momentum in FY24. During the third quarter and nine months of the current financial year, we reported the highest ever pre-sales of Rs. 746 crore and Rs. 2,079 crore respectively. Strong sales volumes and higher realizations from increased contribution from our 24K project contributed to this performance. Firm collections support the execution machinery and project timelines. We continue to see significant demand across product segments and in geographical markets of our focus. I am happy to share that we achieved highest ever pre-sales of 1.7 mn sq. ft. for 9MFY24 at our flagship project, Life Republic, underscoring the strong market acceptance and demand.
We see improved long-term affordability parameters for real estate, established flexible, hybrid work formats and sustained investment infrastructure and connectivity investments by the government, supporting housing demand across our key markets. Robust economic activity is expected to sustain despite global headwinds and India is expected to remain one of the fastest growing major economies. This optimism is reflected in the positive customer sentiment. Residential real estate demand will remain buoyant and we will continue to explore business development opportunities across micro-markets in our key operating geographies. For the year to date, we have acquired projects with the total top-line potential of ~Rs. 4,000 crore.
We look forward to closing the year that exceeds all our previous operating benchmarks of sales, realizations and collections. We are also focused on achieving business diversification objectives, with enhanced contributions from existing projects, pipeline of new launches and additions of new projects across Pune, Mumbai and Bengaluru. With the trend of consolidation and formalization of the sector gaining further traction, buyers and land owners continue to turn to quality developers and we are well-positioned to use our strong market position and customer relationships to deliver value across the entire ecosystem of stakeholders.”
