Pune-based real estate developer Kolte-Patil Developers Ltd along with ASK Real Estate Special Opportunities Fund, a fund managed by ASK Property Investment Advisors Pvt Ltd, has acquired a 30-acre land parcel at Kondhwa in Pune for Rs 160 crore ($26.67 million), the company said in a release.
This is the second land parcel acquired by Kolte-Patil in Pune this year. In February, it acquired a 34-acre land parcel at Wakad in Pune for Rs 350 crore to develop a mixed-use residential housing project with some commercial aspect.
In this newly acquired area, which is located in the prime Katraj-Kondhwa area of south Pune, the company will develop a residential housing project.
"The acquisition further diversifies our existing land bank and strengthens our leadership position in a robust Pune market. As always, our focus would be on creating a strong value proposition to our customers through timely delivery of a high quality product," said Sujay Kalele, CEO, Kolte-Patil Developers.
Pune-headquartered Kolte-Patil Developers was incorporated in 1991 and has operations in Pune and Bangalore. The firm’s operations span across multiple segments like residential projects, business and retail properties, IT parks, integrated townships and hospitality infrastructure.
It has previously partnered with 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.
"This is the fourth investment of ASK Real Estate Fund in Pune, which is a strategic location for our business. ASK Real Estate Fund’s focus on middle income housing and partnership with strong and prudent developers has helped in delivering superior performance to our investors. We believe that Kolte-Patil's strong brand and focus on execution and quality will enhance the value of this project," said Sunil Rohokale, CEO & MD of ASK Group.
ASK Property Investment Advisors is a venture of the ASK group set up to manage and advise real estate dedicated funds. The group manages assets of more than $1 billion of its clients in equity PMS, wealth advisory, private equity and real estate funds.
Last year, ASK Real Estate Special Opportunities Fund II had invested $24.13 million (Rs 1.47 billion) in Gurgaon-based residential project being developed by ATS Infrastructure Ltd.
Shares of Kolte-Patil Developers were quoting at Rs 101 a unit, up 2.49 per cent on the BSE in a strong Mumbai market on Wednesday.
(Edited by Joby Puthuparampil Johnson)