Kolte-Patil signs agreement to redevelop project in Mumbai

Realty player Kolte-Patil Developers today said it has signed an agreement to redevelop a residential project in Dahisar in the megapolis.
The Dahisar Shree Avadhoot Co-operative Housing Society has a plot area of over 15,035 sq m and Kolte-Patil's economic interest in this project is 4 lakh sq ft, the company said in a statement issued here.
"The society has been acquired on the same underlying philosophy as our other Mumbai projects, with capital deployment being linked to approvals and project specific timelines. Our focus in Mumbai is on generating strong returns and reducing our working capital cycle," company's CEO Gopal Sarda said.

He said the company has a diversified portfolio and its Mumbai foray will facilitate PAT expansion and reduce working capital cycle for the firm while providing synergies to the existing Pune operations.
The company has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of 15 million sq ft across Pune and Bengaluru.