Kolte-Patil Developers, a real estate company listed on the stock exchanges, and with presence in Pune and Bangalore, plans to invest around R1,000 crore for expanding its residential segment portfolio in India over the next two years.
The company will be raising funds through internal accruals and pre-launch sales. The company, that has ICICI Venture Funds Management Company and the US-based global real estate development firm Portman Holdings among its joint venture partners in various projects, says it is not tapping any more funds for the projects presently. “We have a comfortable debt to equity ratio of 0.06 and R200 crore cash on books, also the ongoing sales will help us meet the future funds requirement,” Sujay Kalele, ceo, Kolte-Patil Developers, told FE.
Kolte-Patil has 8 million square feet of space under development, and is looking to have 3-4 million square feet of new launches in Pune and Bangalore by 2014. The ticket size of the apartments being offered by the developer in different categories will start from R50 lakh and could go upto R4 crore, says Kalele.
By the second half of 2013, the company is aiming to make a foray in the Mumbai market as well. It is presently in the midst of negotiating a redevelopment deal of a housing society in the western suburban area of Khar, near Bandra.
“It is a one lakh square feet of mixed-use development, of which 20,000 square feet will be our portion to sell in the open market,” says Kalele.
