In Pune, Mumbai, and Bengaluru, Kolte-Patil Developers intends to invest Rs. 1,500 crore

Kolte-Patil Developers, a listed real estate company based in Pune, intends to invest Rs 1,500 crore in the Pune, Mumbai, and Bengaluru markets over the next three years.

According to Rahul Talele, Group CEO of Kolte-Patil Developers, the company is open to participating in Mumbai slum redevelopment projects that are blocked and have a potential sales potential of between Rs 300 and Rs 800 crore.

But it is only interested in projects where slum residents have left building sites.

The real estate company declared that it aims to keep growing in the residential market and that it will continue to concentrate on Bengaluru, Mumbai, and Pune over the next three years.

"In the current fiscal, we are aiming to invest Rs 500 crore. This is how we intend to invest Rs. 1,500 crore over the following three years. By entering those micromarkets where we do not yet have a presence in Pune, we intend to increase our footprint there. We are focusing on Navi Mumbai, central Mumbai, and Mumbai's western suburbs. In these locations, we are searching for redevelopment projects, Talele continued.

In the coming days, two more projects in Mumbai

He announced that the company would soon begin work on two further projects in Mumbai's Khar and Kalina neighbourhoods. It will then begin working on a renovation project in Navi Mumbai's Vashi neighbourhood. In the following two to four quarters, Kolte-Patil also intends to start a project in Mumbai's Dahisar neighbourhood.

"We already have a footprint in Bengaluru, and we want to grow it as well. We're looking for places where we can be seen clearly. Projects with a minimum of 1-2 acres are preferred by us. Our approach or plan is just centred on three things: joint ventures, outright land deals, and housing society renovation, continued Talele.

May take slum rehabilitation efforts into account.

To the extent that a slum rehabilitation project complies with their requirements, the corporation, according to Talele, won't say no.

"We would favour slum restoration projects when the slum residents have already left the area. There is nothing available right now. But rather than jumping into any kind of market instability, we are carefully considering projects with sales values of between Rs 300 and Rs 800 crore. We are looking for this money for initiatives overall, not only slum redevelopment projects."

The business will concentrate on projects for the middle-income group.

The business will prioritise establishing projects in the middle-class and cheap segments. It has revised unit sizes in response to COVID-19 in Pune.

"At least in Pune, the saleable area of a certain flat we have built has increased by 10% since COVID-19. Before, we offered 550–600 square foot 1 BHK apartments. It has increased to, say, 700 sq ft now. We used to provide 800-900 square feet for 2 BHK units, but consumers are now even requesting for about 1,000 square feet. In the case of 3 BHK apartments, there isn't a significant variance, he stated.

"We are considering offering greater amenities when it comes to open spaces in Mumbai and Bengaluru. Balconies are in high demand in Mumbai, he claimed.

The Pune-based business announced that, whenever practical, it also intends to include EV charging stations in its home developments.

"Depending on the size and practicality of the installation, we are providing the EV charging station that we recently partnered on with Tata Power. Given our size in Pune, I believe we will eventually include it in all projects, but the remainder will rely on a variety of variables, said Talele.

Over 23 million square feet of real estate projects have already been completed by the corporation, and approximately 10 million housing units, mostly in the residential market, are in the process of being built.