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Pune-based real estate developer Kolte-Patil Developers has acquired a 30 acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 160 crore. The Company will develop a residential housing project on the said land parcel. This land parcel is located within Pune city limits, in Katraj-Kondhwa area of South Pune.
Commenting on this key development, Sujay Kalele, CEO, Kolte-Patil Developers said, "The acquisition of a 30 acre land parcel in Kondhwa with ASK's Real Estate Fund diversifies our existing land bank and strengthens our leadership position in a robust Pune market ."
While speaking on the investment, Sunil Rohokale, CMD, ASK Group said, "This is the fourth investment of ASK Real Estate Funds 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."
This is the second land parcel bought by Kolte-Patil in Pune this year. In February, Kolte-Patil Developers has also acquired 34 acres of land parcel at Wakad, Pune for approximately Rs. 350 crore.
The company will develop a mixed-use residential housing project with some commercial aspect. The project is 100% owned by Kolte-Patil with a total saleable area of 2.3 million square feet The company has also recently forayed into the Mumbai market where the initial market entry focus will be on low risk society re-development projects.
In domestic market, ASK group manages real estate assets of about Rs.1,800 crore. It has a plan to invest in mid-segment housing projects in Mumbai, Pune, Chennai, Bangalore and the National Capital Region.
