Sujay Kalele, Kolte Patil Developers
Pune: Betting big on the Mumbai's residential redevelopment market, Pune-based realty player Kolte-Patil Developers is expecting nearly 20-30 per cent of its revenues from this market in the next three years, a top company official said.
The company has already entered into agreements for three redevelopment projects in Mumbai's western suburbs that has total area of over six lakh sqft and is eyeing a few more in areas such as Dadar-Chembur belt, Worli, Mulund, Khar, Bandra and Santacruz.
"With a strong vision to expand in Mumbai, we are looking at the huge scope available in the redevelopment segment. This strategy has proved to be very effective, and we are confident that this will reap rewards across markets," Group Chief Executive Sujay Kalele told PTI here.
He said the company is also in advance stages of entering into an agreement for a fourth redevelopment project.
However, he did not disclose further details.
He said there are around 52,000 buildings that can come up for redevelopment in future.
"There are around 52,000 buildings, including societies and tenancy structures, which can come up for redevelopment in the next few years. This opens a huge opportunity for developers like us to generate good share of our revenues from the Mumbai market," he said.
Kalele said the company expects nearly 20-30 per cent of its sales from Mumbai operations.
"Currently, nearly 90 per cent of our revenues are generated from our projects in Pune, and rest from Bangalore and Mumbai. But we expect the mix to change to 60-70 per cent from Pune operations, 20-30 per cent from Mumbai and rest from Bangalore in the next three years," he said.
The company had clocked Rs 779.37 crore revenue in FY14.