Pune-based developer Kolte Patil has acquired a 30-acre land parcel at Kondhwa in Pune in association with its partner ASK Real Estate Fund. The land parcel has 1.5 million square feet development potential and will be launched in Q1FY15 itself.
The deal is valued at Rs 160 crore, and the land will be used to build a residential housing project, Kolte Patil said in a filing to the BSE.While the acquisition diversifies Kolte Patil’s existing land bank in the city, this is ASK’s fourth investment in Pune.
“We have already obtained all the approvals for the project. This will lead to a revenue of Rs 700-800 crore over the next 3-4 years and we have a 50 percent share in it,” explains Kalele. Kalele expects to earn realizations to the tune of Rs 5000-6000 crore in the current market.
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