"Kolte-Patil Developers has entered into a Rs 120 crore co-development agreement with Metropolitan Lifespace Real Estate Developers for its redevelopment project, Jay-Vijay Society, in Vile Parle East in Mumbai", the company said in a statement.
Metropolitan Lifespace Real Estate Developers is promoted by IPFII Singapore 5, an offshore entity managed and advised by JP Morgan Asset Management-Global Real Assets.
Spread across 2.25 acre, the project has Kolte-Patil's economic interest of around 1.65 lakh sqft.
"Requisite approvals are in place, the members have been vacated and construction is expected to commence shortly. The project is expected to be delivered over the next 30-36 months", the statement said.
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