Kolte-Patil Developers Limited has signed two new society redevelopment projects in the Mumbai Metropolitan Region (MMR) with total saleable area of 7.3 lakh sq ft translating into top-line potential of Rs 1,200Crs. These two projects are strategically located in the prime residential areas of Mulund (West) in Mumbai, and Vashi in Navi-Mumbai, marking KPDL’s entry in these rapidly growing micro-markets of MMR. In Mumbai, the company has already delivered two projects and five projects are under development – all of these projects are in the western suburbs of Mumbai. With these two new additions, KPDL further strengthens its MMR presence as a part of its strategy to diversify outside Pune and is continuously evaluating several business development and growth opportunities in its defined markets.
Based on current estimates Mulund project represents the largest society re-development project undertaken by Kolte-Patil in Mumbai. This is also the first expansion into a micro-market in the central suburbs, creating an additional level of locational diversification. Mulund is a well-planned suburb that is rapidly evolving as the location of choice for homebuyers owing to well-developed infrastructure and seamless connectivity to other parts of Mumbai that will further improve with the upcoming metro line.
Vashi project marks Kolte-Patil’s entry in the Navi-Mumbai micro-market. Kolte-Patil will jointly develop this project with Nivasti Group. Navi-Mumbai market has strong growth potential with rapidly developing transport infrastructure (road, rail and air connectivity), social infrastructure and high affordability quotient.
Commenting on this Rahul Talele, Group CEO, Kolte-Patil Developers Ltd. said, “The projects announced today form a significant milestone in Kolte-Patil’s journey of creating value from its MMR initiatives. MMR is a key market in our portfolio and we have been expanding our footprint gradually and judiciously. So far, all of our seven projects are in the western suburbs of Mumbai (two developed and delivered and five projects are under development). As we grow, we are venturing into the central suburbs of Mumbai and Navi-Mumbai to claim a larger share in the MMR market. Owing to scarcity of land parcels and the associated financial viability, society re-development projects offer huge opportunity for trusted players like Kolte-Patil. Over the years, Kolte-Patil has created a series of capital-light development opportunities and Mumbai now contributes a meaningful portion (~20%) of our pre-sales. Going ahead, we are confident that our active participation in this space will significantly improve the contribution from the MMR market.”
