Kolte-Patil Developers rose 2.31% to Rs 230.45 after the real estate developer announced the signing of two new projects in Pune under the development management model.The two projects have a combined saleable area of about 1.3 million square feet (msf). The company expects development management (DM) fees of approximately Rs 80 crore.
As the development manager, Kolte-Patil will lend its brand to these projects and jointly collaborate with the land owners to oversee product design, sales and marketing, project quality and cash flow management leading to time-bound handover to buyers. The project costs would continue to be borne by the respective projects.
The First project located at Hinjewadi has a plot area of 8.4 acres and a saleable area of 0.75 million square feet. The project is for residential use. The second project is located at Tathawade. It has a plot area of 5.4 acres and a saleable area of 0.55 million square feet. The project is for mixed purpose.
Kolte-Patil signs two new projects with a combined saleable area of ~1 3 msf in Pune under DM model
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Kolte-Patil signs two new projects in Pune under DM model
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The volume of Kolte-Patil Developers jumped 27.1% to 0.85 million square feet (sq. ft.) in Q4 FY21 over 0.67 million sq. ft. in Q4 FY20.
Strong sales momentum sustained in Q4 FY21 across regions, projects and product categories. Sale value surged 42.7% to Rs 510.90 crore in Q4 FY21 as against Rs 358.10 crore in Q4 FY20.
Sales realization soared 12.3% to Rs 5,988 per sq. ft. in Q4 FY21 from Rs 5,333 per sq. ft. in Q4 FY20. Realizations improved both in Q4 and FY21 due to increased contribution from Mumbai portfolio.
Collections spurted 16.8% to Rs 441.50 crore in Q4 FY21 as compared to Rs 378.10 crore in Q4 FY20. The Q4 FY21 collections were the highest ever in the company s three-decade history.