Kolte-Patil Developers launches four projects in Pune

MUMBAI: Riding high on the demand for residential housing, Kolte-Patil Developers today launched four mixed-use projects in Pune with investments up to Rs 450 crore.

"We will be developing a total of 1.8 million sq ft in these four projects. We will be investing Rs 400-450 crore in them," Kolte-Patil Chief Executive Sujay Kalele told PTI here.

The projects will have both residential and commercial components and are likely to be completed within 18-24 months, he said, adding, the company is eyeing Rs 5,500-crore revenue from them.

"We have already started construction on the sites and we believe we will be able to deliver the project in the next 18-24 months. We expect to garner over Rs 5,500 crore from these projects."

The prices will range between Rs 40 lakh and Rs 1 crore in the mid-income segment, while Rs 1-5 crore in the high-end one. Around 70 per cent of the space will be for mid-income segment, he said.

When asked how the company plans to fund the development, he said: "We have already spent on buying the land. We will require Rs 400-450 crore for construction which we will be raising through a mix of internal accruals and bank loans. We already have line of credit for the same."

The Pune-based company has so far executed over 7.5 million sq ft of area in the city.