Pune-based Kolte-Patil Developers Ltd has entered into a Rs 120-crore co-development agreement with Metropolitan Lifespace Real Estate Developers for its redevelopment project in Mumbai.
Metropolitan Lifespace Real Estate Developers Pvt Ltd. is promoted by IPFII Singapore 5 Pte Ltd, an offshore entity managed and advised by J P Morgan Asset Management-Global Real Assets.
The project, Jay Vijay CHS, has a plot area of 2.25 acres at a prime location off the Western Express Highway, with Kolte-Patil’s economic interest of approximately 1.65 lakh square feet.
According to a press release, requisite approvals are in place, members have been vacated and construction is expected to commence shortly. The project is expected to be delivered over the next 30-36 months.