Kolte-Patil launches Green Olive

Mumbai: 14th January 2008 : Kolte-Patil Developers Limited, one of the leading real estate developers in India, have launched 'Green Olive' project, a four star serviced apartments project, at Rajiv Gandhi IT park, Hinjewadi, Pune with a total investment of 74 cr.

'Green Olive' service apartments will have capacity of 100 studios and one bedroom apartments with facilities like pantry, dinning space, 24 hrs multi-cuisine restaurant, gym, swimming pool, shopping center, Wifi connectivity, conference & meeting halls etc. The company plans to complete this project in 15 months and get the serviced apartments operational by 1 st May 2009. The serviced apartments will be managed by Kolte-Patil through a company namely Lilac Hospitality floated in collaboration with a UK based hotel chain. With an average room tariff of Rs.7000 per night and projected occupancy of 70%initially, increased to 90% in subsequent years, the company expects to break even in 3-4 years, with an expected revenue of Rs.18 cr. p.a.

While Speaking about the launch of 'Green Olive', Mr. Girish Lakhe, CFO, said: "Today Rajiv Gandhi IT park has a requirement of more than 1000 rooms per day. With 'Green Olive', Kolte Patil Developers plan to tap this market by providing facilities that meet the requirement of today's business travelers, IT companies and software engineers"

Spread on 7 acres of land, 'Green Olive', along with the serviced apartments, will also have commercial space comprising food court, heath club & shopping center and 85 fully furnished residential apartments.

About Kolte Patil Developers:

Kolte Patil Developers Limited is one of the few ISO 9001: 2001 CERTIFIED COMPANY. The company had filed for an IPO in November 2007

The Kolte Patil Group is the name behind some of Pune's most striking and dazzling new monuments. They are a reputed and established construction groups in Pune with mere 16 years in the real estate industry, Kolte Patil Developers have attained a height commendable for anyone in such a short period. Their strength lies in their strengthening customer bank. Their commitment to their customers has enabled Kolte Patil to evolve an equation of complete trust and loyality with their customers.

Whether it's a luxurious residential project, mini- townships, or a snazzy commercial complex in a prize location, each Kolte - Patil Group monument exudes distinctive class that makes it stand above and apart from the rest.

Kolte Patil bring to you unmatched quality and value for money real estate constructions ventures in residential projects, integrated townships, IT parks, commercial complexes and hospitality sector.