MUMBAI (INDIA): Kolte-Patil Developers Ltd on Thursday said it is planning to enter into affordable housing project and increase its presence in real estate market of Mumbai and Bengaluru.
“We are currently present in Pune, Mumbai and Bengaluru and would be planning to expand our business in these cities only in the next 2-3 years, rather than entering any new city.
“Currently 90 per cent of our business comes from projects in Pune and the rest is contributed by Mumbai and Bengaluru. By the end of this financial year, we are expecting the contribution from Mumbai and Bengaluru to grow up to 25 per cent and by the year 2020 it is likely to touch about 35 per cent,” Kolte-Patil Developers CEO Gopal Sarda said in a statement here.
“Affordable housing is a segment that we would be looking to enter as there is a lot of impetus from the Government towards ‘Housing for All’.
“We are sure that the expertise that we have gathered would prove beneficial for entering this segment,” Sarda said.
“During the turbulent times for the industry, we remained focussed on our goals. One of the key focus areas in the days to come would be RERA.
“It is indeed a welcome move and would surely benefit organised real estate players like us. It would be a new way of doing business in this segment. We have begun the process of readying our projects for complying it with the specific regulations mentioned in Maha RERA,” he added.
Meanwhile, the company has completed Phase-I of its ‘Three Jewels’ project at Pune.
“We have completed Phase-I of our ‘Three Jewels’ project comprises 812 apartments at Pune. Phase-I had been awarded Occupation Certificate (OC) and is now ready for possession.
“The project has received good response from the home seekers in Pune and nearby cities from the western Maharashtra region,” the release said.
The project is spread over 15-acre land parcel located within Pune city limits, in the prime Katraj-Kondhwa area of south Pune.
Source: Press Trust of India