Kolte-Patil Developers' New Pune Project: 22-Acre, 4,000 Cr Revenue

New Delhi, Feb 7 (PTI) Real estate company Kolte-Patil Developers Ltd has partnered with landowner to develop a 22-acre project in Pune with an estimated revenue potential of around Rs 4,000 crore.

In a regulatory filing on Friday, the Pune-based company informed it has "signed a joint development deal for a residential/mixed used project located at Wadgaon Khurd, on Sinhagad road, Pune."

The project with the total potential saleable area of around 50 lakh square feet has an expected Gross Developable Value (GDV) of about Rs 4,000 crore, it added.

The project will be spread over 22-acre within Pune Municipal Corporation Limit.

The company did not disclose the name of landowner with whom it has signed the joint development agreement.

Kolte-Patil Developers has constructed over 64 projects, including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of more than 280 lakh square feet across Pune, Mumbai and Bengaluru.

In Pune, housing brokerage firm PropTiger said that sales of residential properties declined 31 per cent annually to 18,240 units during the October-December period of the 2024 calendar year.

According to a report by Gera Developments, the average rate of residential properties in Pune touched an all-time high of Rs 6,590 per square feet, rising 11 per cent annually in 2024. Housing sales declined by 5 per cent in 2024 calendar year to 90,127 units.