Kolte-Patil Ties up with Planet Smart City to Build 15,000 Homes
Pune-based real estate group, Kolte-Patil Developers, has announced the creation of a residential development platform with a global leader in smart affordable housing, Planet Smart City, to develop 15,000 housing units in Pune, Bengaluru and Mumbai. "This residential platform follows the success of Universe, at Sector R10, Life Republic, which was the first co-development between KPDL and Planet Smart City.The projects will be developed over the next three years. The partners will endeavour to grow the platform over a period of time, based on suitable structures as mutually agreed upon as the right opportunities continue to emerge," the company said. The platform will enable KPDL to capture opportunistic and structured outright land purchase transactions while maintaining a healthy balance sheet. It is expected to generate substantial earnings in the coming years, which will contribute significantly to the company’s growth. Yashvardhan Patil, Group CEO, Kolte-Patil Developers, said that “Our joint platform will allow us to expand the portfolio of projects in our focus markets of Pune, Mumbai and Bengaluru in line with our capital efficient land sourcing philosophy. With a focus on sustainability, the aim is to address the evolving needs of urban citizens looking for smart, holistic and socially inclusive community-centric living in India. “This is an important day for Planet Smart City’s strategic development. India, like many countries across Southeast Asia, has huge opportunity across several states and the industry has tremendous potential especially, for viable operators, to offer long-term, future-proof solutions," said Giovanni Savio, Global CEO of Planet Smart City.
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