Kolte-Patil Developers completes acquisition of land in Pune for Rs. 350 crore

MUMBAI: Pune-based real estate developer Kolte-Patil has completed the acquisition of a 34 acre land parcel at Wakad, Pune for approximately Rs. 350 crore.

The land parcel, with close proximity to the Rajiv Gandhi Hinjewadi IT Park, has a total saleable area of 2.3 million square feet.

“We are excited to announce the closure of this land acquisition, which adds significantly to our non-township developable land bank and diversifies our development risks. This is the largest reported land deal within the city limits in Pune and was funded largely through internal accruals,” said Sujay Kalele, CEO, Kolte-Patil Developers Ltd.

The Company plans to develop a mixed-use residential housing project with some commercial aspect. The project is expected to be launched after getting all the requisite approvals.