Kolte-Patil Developers and a UK based real estate company will jointly develop a 5.4 acre in Pune.

Kolte-Patil Developers, a real estate developer based in Pune, has signed an agreement with UK-based real estate company Planet Smart City to jointly build a more than a 5.4-acre parcel of land in Pune.

Kolte-Patil would get Rs 91 Crore for his plot’s monetization. Kolte-Patil’s I-Ven Townships (Pune) a Kolte-Patil subsidiary and the UK developer will develop this parcel of land in the profit-sharing model, jointly established by KPIT & Planet.

“It is indeed an incredible opportunity that provides us with benefits from land monetization as well as profit sharing cash flows from the incremental planned development, resulting in high returns.

We have visibility in our Mumbai activities from business development and current portfolio launch standpoint, and primarily plan to use the INR 91 cr as growth capital for the same,” said Gopal Sarda, Group CEO, Kolte-Patil Developers.

The whole parcel is situated in sector R10, at Life Republic Township project of Kolte-Patil Developers in Pune, and has residential development capacity for saleable areas of 7.6 lakh sq ft.

The Life Republic project is spread over 400 acres. The project has already been carried out in 4.2 million sq ft. The project has pre-approved MahaRERA development area of 4 million square ft. The Life Republic’s total selling area of 20 million sq.ft is focused on 1.0 FSI.