Real estate major Kolte-Patil Developers said on Monday it has signed two new projects with a combined saleable area of 13 lakh square feet under the development management model.
The company will lend its brand and jointly collaborate with land owners to oversee product design, sales and marketing, project quality and cash flow management, leading to time-bound handover to buyers.
The project costs will continue to be borne by respective projects. Both locations of new projects are established micro-markets within Pune and strategically located with multiple schools, hospitals, retail and residential spaces in close proximity.
In February, Kolte-Patil had signed three new projects with a combined saleable area of 22 lakh square feet under capital light models.
Group CEO Gopal Sarda said the two new projects are in line with the company's business development strategy of expanding market share in core markets of Pune, Mumbai and Bengaluru.
"We look forward to build on our business development intensity with structured transactions and scale the profitable, operating cash flow generating business that we have built and deliver stronger return on capital employed and internal rate of return," he said in a statement.
Kolte-Patil has developed and constructed over 50 projects in the past three decades, including residential complexes, integrated townships, commercial complexes and IT parks covering a saleable area of two crore square feet.
At 12:15 pm, the company's stock was up 1.82 per cent on BSE Ltd at Rs 229.35 per unit.
( With inputs from ANI )
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