PUNE: Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune-based real estate player with a growing presence in Mumbai and Bengaluru, has announced that it has entered into an agreement with Marubeni Corporation, Japan, for investment in Kolte-Patil’s residential project located in Pimple Nilakh micro market, Pune. Based on the agreement, Marubeni Corporation will invest Rs. 206.5 crores in the project and will be entitled to ~ 2.85 lakh sq. ft. of saleable area. KPDL will receive this amount in a single tranche, providing further liquidity to the company to invest in business development opportunities. The Pimple-Nilakh residential project, one of the priority launches in Kolte-Patil’s 24K premium luxury segment portfolio, has a total development potential of ~8 lakh sq. ft.
Commenting on this Mr. Yash Patil, Joint Managing Director, Kolte-Patil Developers Ltd. said, “We are extremely happy to announce this agreement with Marubeni Corporation (Japan) for our Pimple Nilakh project. With this new collaboration, we look forward to the rapid development of another high-quality residential project in the premium luxury segment, complementing our larger, mass-market portfolio of offerings. Also, this investment will help fast-track our business development goals. We believe that this association with a leading global organization of repute once again highlights our organizational capabilities and governance standards. Our strong execution capabilities combined with the vast experience of Marubeni Corporation in developing real estate projects in both Japan and global markets will create synergies that further boost our position in the sector and drive value for our stakeholders.”
Adding to it Mr. Noritake Miyaguchi, General Manager, Overseas Real Estate Business Dept, Marubeni Corporation, said, “We are pleased to partner with Kolte-Patil, a leading real estate developer in Pune, in our second investment in the Indian market. We believe Kolte-Patil’s strong ability to understand and execute projects and their reputation built over decades of successful customer engagement will help us to consolidate our presence in the Indian real estate market. We look forward to this association to jointly create home spaces that improve the livability quotient for a large number of people in India.”