MUMBAI: Pune-based realty developer Kolte-Patil Developers has forayed into Mumbai property market with a redevelopment project in western suburb of Khar. The company will be redeveloping a housing society spread over 1,594 sq meter in Khar (west), a release said.
The redevelopment project of the housing society Link Palace Premises Co-operative Society Ltd will provide total developable area of 1 lakh sq ft. Average property prices in Khar (west), one of the prime western suburbs of Mumbai, are around 25,000 per sq ft and above.
"With a strong vision to expand in Mumbai, we at KPDL have strategically commenced operations with this redevelopment project. We plan to select projects based on the evident sale velocity and will continue along the redevelopment growth trajectory with similar and larger scale projects over the next year," said Sujay Kalele, Group CEO, Kolte-Patil Developers.
With an eye on the redevelopment sector, Kolte-Patil Developers has also identified areas such as Dadar-Chembur belt, Worli, Mulund and Khar-Bandra-Santacruz as possible locations for their future redevelopment plans, the release said.
On Thursday, shares of Kolte-Patil Developers closed at Rs 60 on the Bombay Stock Exchange, down 3.1% over Wednesday's close.