Kolte Patil Signs Agreements For 2 Redevelopment Projects in Mumbai With Potential Exceeding 7 Lakh Square Feet

Kolte Patil to Redevelop 2 More Housing Projects in Mumbai 

Kolte-Patil Developers has engaged into agreements to execute two housing society redevelopment projects with a total saleable area of 7.3 lakh sq ft in the Mumbai Metropolitan Region (MMR).

The estimated revenue potential of these two Mumbai redevelopment initiatives is INR 1200 crore.

It is anticipated that the initiatives in Mumbai's central suburb Mulund (west) and Navi Mumbai's Vashi neighbourhood have a revenue potential of 1,200 crore.

With these two new additions, Kolte-Patil Developers, based in Pune, has increased its presence in the Mumbai Metropolitan Region (MMR) as part of its strategy to diversify outside its home base. The Pune-based company has completed two projects in Mumbai and has five projects in development, all in the western suburbs of the country's financial capital.

MMR is a crucial market in their portfolio, and they have been prudently and progressively expanding their presence there. All seven of their initiatives, including two completed and five ongoing, are located in the western suburbs of Mumbai.

According to Rahul Talele, Group CEO of Kolte-Patil Developers, they were expanding into the central suburbs of Mumbai and Navi-Mumbai to capture a larger share of the MMR market as they grew. According to him, Kolte-Patil Developers has created a number of capital-light development opportunities over the years, and Mumbai now accounts for approximately 20% of the company's pre-sales.

Going forward, Talele is confident that the company's participation in this market will considerably increase the MMR market's contribution.

The Mulund project signifies the greatest society redevelopment project undertaken by Kolte-Patil in Mumbai among the new initiatives. This is also the first time the company has expanded into a micromarket in the central suburbs of Mumbai. This project will offer a total saleable area of 6,100,000 square feet with a potential revenue of approximately INR 900 Crore.

The Vashi project signifies Kolte-Patil Developers' entrance into the Navi-Mumbai niche market. This initiative will be developed in collaboration with Nivasti Group. The initiative is anticipated to have a development potential of 1.2 million square feet and an anticipated revenue of 300 crore rupees. 

As the land-scarce metropolis of Mumbai has few vacant land parcels, redevelopment and rehabilitation initiatives dominate the city's real estate market.

Mumbai - A Gigantic Redevelopment Opportunity

Currently, approximately 19,000 properties in the city are awaiting redevelopment, which represents a significant business opportunity for developers with an established brand and track record of execution.