Kolte Patil Developers Ltd (KPDL), a Pune-based real estate firm, has entered into a joint venture with US-based realty development and advisory firm Portman Holdings LLC for a Rs 275-crore project. The two companies will develop around 8.5 lakh square feet of mid-segment residential project in the eastern suburb of Pune.
Following the economic crisis, that sent the realty sector into a deep trough, investments have been more forthcoming at the project or SPV level rather than at the entity level.
KPDL and Portman Holdings will hold 50% stake each in the special purpose vehicles of the joint venture, Bellflower Properties Pvt Ltd, said the company in a statement.
Portman Holdings, headed by Rahul Anand in India, is also engaged in developing retail and residential projects globally.
KPDL has strong presence in Pune and Bangalore and has constructed over 16 residential projects in Pune and four in Bangalore, besides several other retail and IT parks in these regions.
The net sales and net profit of the company were Rs 186.1 crore and Rs 86.6 crore respectively in 2008-09.