Realty firm Kolte-Patil Developers today said it has acquired 100 per cent stake in its joint venture firm Corolla Realty for Rs 164 crore.
In the joint venture (JV) firm, Pune-based Kolte-Patil and ICICI Venture Funds Management Company held 37 per cent stake each and the remaining 26 per cent equity stake was with an individual investor.
In a filing to the BSE, Kolte-Patil Developers informed that the company has "completed the buy-out of 100 per cent stake in its SPV, Corolla Realty Ltd, from 37 per cent held earlier, for a total consideration of Rs 164 crore."
Corolla Realty is the holding entity for Ivy Estate, an 80-acre real estate development located at Wagholi in Pune, Maharashtra, it added.
The total saleable area of the project is 5.3 million sq ft of which about 2.5 million sq ft has been sold at the end of first quarter of 2015-16, including hand over of 1,600 units (1.8 million sq ft) in phase first of the project.
"The acquisition is part of the company's core strategy of remaining relevant to home buyers by maintaining a significant part of inventory in the under Rs 1-crore ticket size, deploying capital where there is strong cash flow visibility," Kolte-Patil said.
