Kolte Patil forms JV with US firm to develop Rs 275-cr project

MUMBAI: Real estate firm Kolte Patil Developers today said it has entered into a joint venture agreement with a subsidiary of US-based Portman Holdings LLC to develop a Rs 275-crore residential project in Pune.

According to the agreement, both the companies would hold 50 per cent stake in the joint venture firm named Bellflower Properties Pvt Ltd, Kolte Patil Developers said in a filing to the Bombay Stock Exchange.

The project would consist of a mid-segment residential project in Pune, the filing added.

Portman Holdings LLC is a real estate development company with projects including hotels, office buildings, retail spaces and residences, it added.

Shares of Kolte Patil Developers were trading at Rs 58.80 on the BSE, up 2.71 per cent from its previous close.