Blackstone-backed Kolte Patil Developers is looking to triple its launches to 5-6 million square feet in the second half of the current financial year after launching around 2 million sq ft of projects in the first half.
“The company has aggressive plans for Pune and Mumbai,” a sources close to the development said, adding that Pune is expected to see the majority of launches, followed by Mumbai. An email sent to the company did not elicit any response till the time of going to the press.
“Targeting new business development across geographies (Pune, Mumbai and Bengaluru) through outright/structured deals, redevelopment and joint ventures/joint development pacts,” the realty company had said in its Q2 investor presentation.
Blackstone acquired a 40% stake in the company earlier this year, making its foray into the country’s residential real estate and made an open offer for 26%, taking the total stake to 66%. The remaining is held by the promoters.
Recent Initiatives
Kolte Patil recently launched its boutique luxury project, Serenova in Versova, in Mumbai. The first phase of the NIBM project in Pune is slated for launch this financial year, with the second phase to follow later. The other project in Wadgaon, Pune, is in the approval stage, sources said, adding that the other Mumbai projects—Jal Mangal Deep Goregaon, Vishwakarma Nagar and Jal Nidhi project—were in various stages of approval.
While the company has unsold inventory of 2.9 million sq ft, the share of the Life Republic project is at 1.1 million sq ft. “Total remaining gross development (GDV) potential of ongoing, unsold and upcoming inventory stands at Rs 25,300 crore in Pune, Rs 3,900 crore in Mumbai Metropolitan Region, and Rs 200 crore in Bengaluru,” a source said.
What does the report say?
“Kolte Patil has reported stagnant pre-sales for the last few quarters. Yet, we expect the company to post a 15% CAGR in pre-sales over FY25-28,” Motilal Oswal said in a report. The company has done pre-sales of Rs 670 crore in Q2FY26, down 13% year-on-year and up 9% quarter-on-quarter, due to the absence of launches in the quarter. In H1FY26, pre-sales were at Rs 1,290 crore, down 13% y-o-y, the brokerage added.
The company’s Group CEO, Atul Bohra, resigned recently and the board has initiated the process to identify a replacement. Managing Director Rajesh Patil will continue to lead the business, the company said. It has also appointed former Tata Starbucks CEO Avni Davda as director on the board.