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Kolte-Patil Developers completes the acquisition of 34 acre land parcel in Wakad,Pune for Rs. 350 Cr

PRLog - Feb. 6, 2014 - MUMBAI, India -- Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL), a leading Pune based real estate developer, has announced the closure of the acquisition of a 34 acres land parcel at Wakad, Pune for approximately Rs. 350 crore.

This land parcel is the largest contiguous land parcel within the city municipal limits and has a prime location on the Mumbai-Pune highway. The Wakad land parcel lies in close proximity to the Rajiv Gandhi Hinjewadi IT Park that houses global IT companies like Infosys, Wipro, TCS, IBM, Tech Mahindra etc. making Wakad a preferred residential choice in Pune. Further adding to the attractiveness of the location is its vicinity to the renowned areas of Aundh and Baner, Pimpri-Chinchwad Industrial area, Mumbai-Bangalore Bypass and Balewadi National Sports complex.

The project is 100% owned by Kolte-Patil with a total saleable area of 2.3 msf. The Company will develop a mixed-use residential housing project with some commercial aspect. The project is expected to be launched shortly after all the requisite approvals are in place.

Commenting on this key development, Mr. Sujay Kalele, CEO, Kolte-Patil Developers Ltd. said, “We are excited to announce the closure of this land acquisition, which adds significantly to our non-township developable land bank and diversifies our development risks. We are confident that the project would receive a tremendous response given our strong brand name and execution capabilities. This is the largest reported land deal within the city limits in Pune and was funded largely through internal accruals. Post deal closure, our balance sheet remains robust with a net debt-equity ratio of 0.16x as of December 31, 2013.

For more details on Kolte-Patil Developers Ltd., visit www.koltepatil.com

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Source:Kolte-Patil Developers Ltd.
Location:Mumbai - Maharashtra - India
Industry:Real Estate
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