Kolte Patil buys 30 acres of land in Pune for Rs 160 cr

Realty firm Kolte-Patil Developers and financial services firm ASK group have bought 30 acres of land in Pune for Rs 160 crore to develop a housing project.
In a statement, Pune based Kolte-Patil said it has "acquired a 30 acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 160 crore."
The company would develop a residential housing project on this land, it added.
Commenting on the deal, Kolte-Patil CEO Sujay Kalele said: "The acquisition further diversifies our existing land bank and strengthens our leadership position in a robust Pune market."
ASK Group CEO & MD Sunil Rohokale said: "This is the fourth investment of ASK Real Estate Funds in Pune, which is a strategic location for our business."

ASK Real Estate Fund's focus on middle income housing and partnership with strong and prudent developers has helped in delivering superior performance to its investors, he added.

Real estate sector, which is facing a huge slowdown in demand, has witnessed few land deals in recent times. Last week, Tata Housing bought seven acres of land in Mumbai for Rs 214 crore from KEC International. Steel major Tata Steel has sold its 25-acre Borivali land parcel for Rs 1,155 crore to Oberoi Realty.
Kolte-Patil has developed and constructed 42 projects, including 30 residential complexes, eight commercial complexes, and four IT parks covering a saleable area (KPDL share) of over 10 million square feet across Pune and Bengaluru.

The company has also recently forayed into the Mumbai market where the initial market entry focus will be on low risk society re-development projects.
ASK group is a diversified financial services group. It manages assets of more than USD 1 billion of its clients in equity PMS, wealth advisory, private equity and real estate funds. ASK Property Investment Advisors (ASK PIA) is a venture of the ASK group set up to manage and advise real estate dedicated funds.