Kolte-Patil Developers, UK’s Planet Smart City to jointly develop 5.4 acre in Pune

MUMBAI: Pune-based realty developer Kolte-Patil Developers has entered into an agreement with UK-based realty developer Planet Smart City to jointly develop an over 5.4 acre land parcel in Pune. Kolte-Patil will be receiving Rs 91 crore for monetization of his plot.
Kolte-Patil’s subsidiary Kolte-Patil I-Ven Townships (Pune) and the UK developer will be developing this land parcel will be jointly developed by KPIT & Planet in the profit sharing model.

“This is quite a unique deal which earns us land monetization benefits as well as profit sharing cash flows from the incremental planned development, resulting in strong returns. We have visibility from a business development and existing portfolio launch perspective in our Mumbai operations and largely plan to use the INR 91 cr as growth capital for the same,” Gopal Sarda, Group CEO, Kolte-Patil Developers.

The said land parcel is in sector R10 in Kolte-Patil Developers’ township project Life Republic in Pune and has a residential development potential of 7.6 lakh sq ft in terms of saleable area.

The project Life Republic is spread across 400 acres and at present, 4.2 million sq ft has already been delivered in the project. The project has 4 million sq ft of pre-approved development space by MahaRERA. The total saleable area at Life republic is 20 million sq ft, based on FSI of 1.0.