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Realty developer Kolte-Patil Developers has signed a 3.8-acre redevelopment project in Mumbai’s western suburb locality Dahisar.
Kolte-Patil’s economic interest in this project is 4 lakh square feet. Payment of the corpus fund, rental and other project expenses are linked to the approvals and project timelines.
One of the largest private society redevelopment projects till date, Dahisar Shree Avadhoot Co-operative Housing Society Ltd has a plot area of 15,035 square meters.
Gopal Sarda, CEO, Kolte-Patil Developers Ltd, said, “We are delighted to announce the signing of our largest redevelopment project in Mumbai at Dahisar East. The society has been acquired on the same underlying philosophy as our other Mumbai projects, with capital deployment being linked to approvals and project specific timelines. Our focus in Mumbai is on generating strong ROCE’s and reducing our working capital cycle. We have a diversified portfolio at strategic locations, and all projects are of an optimal size enabling quick turnover. Our Mumbai foray will facilitate PAT expansion and reduce working capital cycle for the company while providing synergies to the existing Pune operations.
The company has so far developed and constructed over 50 projects, including residential complexes, commercial complexes and IT parks covering a saleable area of around 15 million sq ft across Pune and Bengalurue operations.”
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