Kolte Patil Developers Ltd

Kolte Patil Developers Ltd

Kolte-Patil Developers Limited was incorporated on November 25 1991 as a Private Limited Company led by the Promoters Rajesh Patil and Milind Kolte. The Company subsequently converted into a Public Limited Company and the name of Company was changed to Regenesis Developers Limited on December 4 2006 and subsequently the name was changed to Kolte-Patil Developers Limited on December 12 2006. The Company is primarily engaged in business of construction of residential commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.The company has developed and constructed properties mainly in Pune and Bangalore. After completing number of residential properties KPDL ventured in to development of commercial properties in 1995 by creating one of the largest commercial complexes in Pune namely Patil Plaza (80000 sq. ft.). Later KPDL developed City Mall (76485 sq. ft.) City Point and City Tower (187562 sq. ft.) as purely commercial properties housing offices of many Indian and Multinational companies.As of September 30 2007 the company has developed and constructed 25 projects including 22 in Pune and 3 in Bangalore covering a total of approximately 4.01 million square feet of Saleable Area. Of these 25 projects 16 residential complexes 4 commercial complexes 3 complexes designed for mixed residential & commercial use and 2 information technology parks.As of September 30 2007 the company has developing 28 projects including 24 in Pune and 4 in Bangalore. These projects are being developed with the aim of generating over 17.80 million square feet of Saleable Area on 21.61 million square feet of land area and to include 5 IT parks 11 commercial complexes 10 residential complexes 1 serviced apartment building and 1 integrated township.Also as of September 30 2007 the company has owned held development rights for or had signed memoranda of understanding to acquire or develop 21.58 million square feet of Saleable Area on 32.88 million square feet of Land Area.During the year 2007-08 Company set-up branch office at Dubai exclusively for marketing activities and planning under Free Trade Zone (FTZ) to develop some residential projects in Dubai. It got into Joint Venture Agreement with UK based hotelier group to develop and operate five star and four star hotels in Pune and Bangalore respectively through SPV's namely Oakwoods Hospitality Private Limited and Jasmine Hospitality Private Limited. It got into Joint Development Agreement with Vibhu Developers Private Limited to set-up an IT-SEZ on total area of 70 acres near Rajiv Gandhi Infotech Park Hinjewadi Pune. It got into Joint Venture Agreement with Kolte-Patil Real Estate Private Limited K2A Residential Limited Mr. Rajesh Patil and Regenesis Project Management Company Private Limited for the development of real estate projects including the residential project proposed to be constructed at Pune.Corolla Realty Pvt. Ltd; a joint venture between the Company; India Advantage Fund of ICICI Venture Funds Management Co. Ltd; and Mr. Ishwar Chand Goyal launched its Lush County Project in July 2008. The Company launched its 390 acre township Life Republic near Hinjewadi Pune in 2011. During the year 2013-14 the company completed the construction of 19 Lakhs sq. ft. saleable area in 1st phase and developed the substantial infrastructure for IVY estate project. It launched the Phase II of the project named as Florence comprising saleable area of approx. 540000 sq. ft. The Company launched the phase 1 of the project Raaga. Mar Esmeralda was launched in June 2014 which commenced the construction. The projects namely Life Republic Ivy Estates Tuscan Estates Down Town Florence and Three Jewels are developed under Special Purpose Vehicle and rest of the Projects are developed by the Company. The Company added three projects to its redevelopment portfolio during 2014-15 taking the total saleable area (KPDL share) to 0.6 million square feet.In 2015-16 four Wholly Owned Subsidiaries namely Olive Realty Private Limited Yashowardhan Promoters and Developers Private Limited Corolla Realty Limited and Jasmine Hospitality Private Limited (Transferor Companies) were merged with the Company through draft Scheme of Amalgamation. The appointed date of draft scheme of amalgamation was fixed at 1st January 2016 which became effective on 2nd April 2016.The Company increased its stake from 50% to 100% in Bellflower Properties Private Limited and accordingly Bellflower Properties Private Limited became 100% Wholly Owned Subsidiary of the Company in 2017. During year 2019-20 the Company increased its stake from 45% to 95% in Kolte-Patil I-Ven Townships (Pune) Limited and in November 2019 Bellflower Properties Private Limited a wholly owned subsidiary of the Company was merged with Company through Scheme of amalgamation with the appointed date April 1 2017. During the year 2020-21 the Company increased its shareholding from 51% to 100% in Tuscan Real Estate Private Limited and acquired 100% stake in KPE Private Limited and resultantly both companies became Wholly Owned Subsidiaries of the Company. Further the Company has reduced its stake to 20% in Snowflower Properties Private Limited hence Snowflower Properties Private Limited ceased as Subsidiary of the Company during the year 2021-22.During 2021-22 the Board of Directors in their meeting held on 22 December 2021 considered and approved merger of two wholly owned subsidiaries namely Tuscan Real Estate Private Limited and PNP Agrotech private Limited into the Company demerger of the Retail business of its wholly owned subsidiary Kolte-Patil Properties Private Limited (Formerly known as KoltePatil Redevelopment private Limited) and TO merge the retail business into the Company.