Kolte Patil Developers gained 7.76% to Rs 129.65 at 15:15 IST on BSE after Kolte Patil - Portman Holdings joint venture completed Margosa Heights project in Pune.
The announcement was made during market hours today, 20 September 2016.Meanwhile, the BSE Sensex was down 100.76 points, or 0.35%, to 28,533.74.
More than usual volumes were traded on the counter. On BSE, so far 1.49 lakh shares were traded in the counter, compared with an average volume of 19,467 shares in the past one quarter. The stock hit a high of Rs 134.25 and a low of Rs 120.05 so far during the day.
Kolte Patil Developers announced that it has completed its Margosa Heights project in Pune generating an internal rate of return (IRR) of 36% and a money multiple of 3.1 times for itself and its joint venture partner, Portman Holdings, USA. The project is part of a special purpose vehicle (SPV) called Bellflower properties, which is a 50% joint venture of Kolte with Portman. This investment was the first residential investment for the Atlanta based full service real estate company which has a significant presence in India.
Margosa Heights includes 20 mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune. The development's total area is -1 million square feet. This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good product & achieve high profitability.
Kolte-Patil Developers is Pune's largest developer and has completed 1 crore sq. ft. of landmark developments in Pune and Bengaluru. It is also present in Mumbai with some upscale redevelopment projects. The company has till date built projects in multiple segments such as residential, commercial, retail, IT parks, and integrated townships.
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