Kolte-Patil Developers inks Rs 81 cr pact with UK developer for 4.9 acre plot in Pune
New Delhi: Pune’s realty player Kolte-Patil Developers Ltd (KDPL) has inked an agreement with UK-based realty firm Planet Smart City for joint development of 4.92 acre land in Pune. KDPL will receive Rs 81 crore for the monetization of his piece of land.
KDPL’s subsidiary Kolte-Patil I-Ven Townships and Planet Smart City will have profit-sharing model for this. The total saleable area will be 6.8 lakh square feet, the Indian player said in a statement.
“In the last 8 months, our partnership with Planet Smart City has been doing well. The first phase of the project is being named ‘Universe’ and is being launched in the next few weeks,” said Gopal Sarda, Group CEO, KDPL.
The two real estate companies have already signed agrremnt for development of 5.4 acre land parcel in Pune for which the UK partner paid Rs Rs 91 crore to KDPL for monetization of the plot. Thus, the total amount involved in the agreement between the two firms comes to Rs 172 crore. Just like previous agreement, this land parcel in Sector R10 lies in ‘Life Republic’, a township being developed by KDPL.