Pune-based real estate developer has acquired a 30 acre land parcel at Kondhwa in Pune.
Investors are lapping up shares of Kolte-Patil Developers after the Pune-based real estate developer has acquired a 30 acre land parcel at Kondhwa in Pune.
The company bought this land along with ASK Real Estate Special Opportunities Fund for Rs 160 crore. It will develop a residential housing project on the said land parcel, it said in its filing.
In an interview with CNBC-TV18, Sujay Kalele, chief executive officer, Kolte-Patil says this deal is expected to garner Rs 100-150 crore to the company's FY15 topline.
"The land parcel has 1.5 million square feet development potential and will be launched in Q1FY15 itself. 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," he elaborated.
Kalele expects to earn realisations to the tune of Rs 5000-6000 per square feet in the current market.
Meanwhile, "This is the fourth investment of ASK Real Estate Funds in Pune," Sunil Rohokale, CEO & MD of the ASK Group said in a release.
At 11:56 hours IST, the stock climbed 2.44 percent to Rs 100.95 on the BSE.
Posted by Sunil Shankar Matkar
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