Kolte Patil Developers completes acquisition of land in Pune for Rs. 350 crore
Feb 06, 2014
Source : The Economic Times

 

MUMBAI: Pune-based real estate developer Kolte-Patil has completed the acquisition of a 34 acre land parcel at Wakad, Pune for approximately Rs. 350 crore.

The land parcel, with close proximity to the Rajiv Gandhi Hinjewadi IT Park, has a total saleable area of 2.3 million square feet.

"We are excited to announce the closure of this land acquisition, which adds significantly to our non-township developable land bank and diversifies our development risks. This is the largest reported land deal within the city limits in Pune and was funded largely through internal accruals," said Sujay Kalele, CEO, Kolte-Patil Developers Ltd.

The Company plans to develop a mixed-use residential housing project with some commercial aspect. The project is expected to be launched after getting all the requisite approvals.

 

Latest Realty News

Decision to blacklist Cyprus for not providing tax data will hit developers and realty funds
Feb 06, 2014
MUMBAI/BANGALORE: India's recent decision to blacklist Cyprus for not providing tax data will hit developers and realty funds. Investors who have routed their funds through Cyprus are likely to face a big decline in returns as developers will now be expected to withhold higher tax amounts. So far, these investments were structured around 10% withholding tax, which is likely to jump to 30%.
'Buy' rating on Oberoi Realty Ltd shares, target price Rs 252: Edelwesis
Feb 05, 2014
MUMBAI: We maintain a ‘buy’ rating on Oberoi Realty Ltd and revise our target price to Rs 252 (earlier Rs 263) on account to pending FSI costs and lower cash balance. The company has high-quality land parcels, strong brand and a robust balance sheet.
No court relief for Kingfisher on Mumbai property
Feb 05, 2014
BANGALORE: A Division Bench of the Karnataka High Court on Wednesday upheld the single judge bench decision of refusing to interfere with the action initiated by the consortium of banks for taking possession of ‘Kingfisher House’, a prime property at Mumbai owned by Kingfisher Airlines Ltd (KAL).
Cooperation housing societies get time till December-end for deemed conveyance
Feb 05, 2014
MUMBAI: The Maharashtra government has extended till December-end a special drive to issue deemed conveyance (DC) to eligible housing societies in the state, following a poor response due to apathy from housing societies, the primary stakeholders and numerous government approvals.
India Infoline raises Rs 750-cr realty fund
Feb 05, 2014
MUMBAI: IIFL Wealth Management, a unit of financial services firm India Infoline, said on Wednesday it has raised a Rs 750-crore real estate fund, which has the option to co-invest another Rs 500 crore under the fund. IIFL has mandated Ajay Piramal group's realty fund manager Indiareit Fund Advisors as the investment advisor.
Good at saving, bad at investing
Feb 05, 2014
MUMBAI: Short-term volatility notwithstanding, mutual funds are among the most-transparent investment vehicles. That was the consensus at the Business Standard Fund Cafe held in Mumbai on October 24. The chiefs of six leading fund houses said they were confident of MFs becoming the preferred choice for financial sector investors. The round table was moderated by Shyamal Majumdar. Edited excerpts:
Smart ways to manage your home loan interest burden
Feb 05, 2014
MUMBAI: Hopes of a minor fall in interest rates, especially on home loans, were dashed last week after the RBI hiked its key rates in its policy review. Home loan borrowers, especially those crushed by a heavy EMI, have been looking at the RBI for some solace for a while now.
Private equity firm MPC Synergy Real Estate to exit Anil Nanda's Akme Projects
Feb 05, 2014
BANGALORE | MUMBAI: Private equity firm MPC Synergy Real Estate is exiting its investments in Akme Projects, the real estate developing firm of Anil Nanda Group, two people with direct knowledge of the development said.
Resolve Campa Cola flats row, SC asks residents, civic body
Feb 04, 2014
MUMBAI: The Supreme Court on February 3 asked the Campa Cola Residents Association and the civic body in Mumbai to find out within four weeks a solution to the row over certain illegal and unauthorized flats which face demolition in view of its earlier order.
Supreme Court verdict on private forest to pave way for real estate development: Credai
Feb 04, 2014
MUMBAI: The Supreme Court's direction to the Maharashtra government to remove "private forest" tag attached to huge land parcels across the state is likely to give a push to development of real estate in such vacant areas, according to real estate developers' body Credai.

Latest Realty News Of State

Realty Talk's