New Delhi: Pune based Kolte-Patil Developers Group company with a UK-based realty firm Planet Smart City for land monetization of one of its projects for Rs 91 crore.
Kolte-Patil I-Ven Townships Ltd (KPIT) has inked an agreement with Planet Smart City for monetization of 5.42 acres of Sector R10 in Life Republic project in Pune for Rs 91 crore, the company said in a statement.
This 5.42 acres of land has a residential development potential of 7.6 lakh square feet in terms of saleable area. As part of the agreement signed, this land piece will be jointly developed by KPIT and Planet in profit sharing model.
“We have visibility from a business development and existing portfolio launch perspective in our Mumbai operations and largely plan to use the INR 91 cr as growth capital for the same,” said Gopal Sarda, Group CEO, Kolte-Patil Developers Ltd.
Leveraging our digital platform and apps, we will integrate an array of services, offering superior quality for our residents. The relevance and the volumes of the Indian market are key for Planet Smart City’s mission,” said Giovanni Savio, Global CEO, Planet Holding Ltd.
Life Republic project is spread over 400 acres in Pune. Around 4.2 million square feet has been delivered in the project and about 10,000 people are living in it. The project has about 4 million square feet of pre-approved development space by MAHARERA. It is likely to add another 10,000 people a residents in about 3 years.