Pune-based real estate developer Kolte-Patil Developers Ltd has acquired a 34-acre land parcel at Wakad in Pune for Rs 350 crore ($55.87 million), as per a stock market disclosure. The property, located on the Mumbai-Pune highway, makes for the single-largest land transaction within the city.
The company will develop a mixed-use residential housing project with some commercial aspect.
"The Wakad land parcel lies in close proximity to the Rajiv Gandhi Hinjewadi IT Park and has a total saleable area of 2.3 million square feet. The project is expected to be launched shortly after all the requisite approvals are in place," the company said in the filing.
The transaction was funded largely through internal accruals and post this deal the company’s net debt-equity ratio stands at of 0.16.
Sujay Kalele, CEO of Kolte-Patil Developers said the transaction adds to the company’s non-township developable land bank and diversifies its development risks.
Pune-headquartered Kolte-Patil Developers was incorporated in 1991 and has operations in Pune and Bangalore. The firm spans across multiple segments like residential projects, business and retail properties, IT parks, integrated townships and hospitality infrastructure.
It has previously partnered names like ICICI Venture, Portman Holdings, Yatra Capital and Corolla Realty, for various projects.
The company has developed and constructed 42 projects including 30 residential complexes, eight commercial complexes and four IT parks covering a saleable area of over 7.5 million sq ft across Pune and Bangalore.
Shares of Kolte-Patil Developers were quoting at Rs 74.60 a unit, up 0.40 per cent in mid-day trades in a strong Mumbai market on Wednesday.
(Edited by Joby Puthuparampil Johnson)