Kolte Patil Developers eyes 30% revenue from Mumbai market
Mumbai market offers huge opportunity to grow with around 52,000 buildings, including societies and tenancy structures likely to come up for redevelopment in the next few years
Aug 25, 2014
Source : Business Standard
Sujay Kalele, Kolte Patil Developers


Pune: Betting big on the Mumbai's residential redevelopment market, Pune-based realty player 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 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 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.

Latest Realty News

Donald Trump plans 30 hotels globally by 2020
Aug 25, 2014
Trump Hotel Collection, the wholly-owned hotel management company of the US real estate billionaire Donald Trump, plans to have 30 hotels globally by 2020 and India will be a major contributor towards this tally
Home loans: Making most of headwinds
Aug 23, 2014
Banks and non-banking financial companies (NBFCs) are getting active to make sure they get the maximum number of home loan borrowers when growth in real estate picks up
Realty demand looking up: Credai
Aug 22, 2014
The Confederation of Real Estate Developers of India (Credai) said the property market across the metros in the country was looking up and it expects good absorption in residential property in the next 6-9 months
Interest subsidy for low-cost housing to be hiked up to 5%
Aug 21, 2014
Home loans for the underprivileged are set to get more affordable with the government planning a new interest subvention scheme, which will meet part of the home loan burden
Housing, infra sector is not starved of bank finance: RBI
Aug 21, 2014
The Reserve Bank of India (RBI) on Wednesday said neither the infrastructure sector nor the housing sector was starved of bank finance
Cost of houses pretty high, scope for reduction: RBI's S S Mundra
Aug 21, 2014
Residential property prices in India have a lot of scope for reduction as supplies are sufficient, a top RBI official said
RBI Deputy Governor R Gandhi asks bankers to be innovative on home loans
Aug 21, 2014
The Reserve Bank of India will encourage banks and individuals to be actively involved in home loan deposits, a savings product that will help showcase the repaying ability of customers seeking to borrow money to buy a house
ICICI Bank offers single interest rate for home loans
Aug 21, 2014
ICICI Bank has announced a single rate of 10.15 per cent for all floating rate home loans up to Rs 5 crore for salaried individuals
From joy rides to high-street outlets, Ghansoli’s Central Park to have it all
Aug 19, 2014
The Navi Mumbai Municipal Corporation (NMMC) is set to develop a theme-based Central Park in Savali village, Ghansoli
Centre’s plan of smart cities has tunnel vision: Experts
Aug 19, 2014
The Union government's plan to build 100 smart cities across the country will lead to conversion of thousands of acres of farmland into commercial and residential establishments, said experts

Latest Realty News Of State

Realty Talk's