MUMBAI: Kolte-Patil Developers today said it has entered into a development management agreement with NOW Realty to develop a residential project in Pune.
"Kolte-Patil has been appointed as a development manager by NOW Realty to collaborate and develop its residential project--Sereno at Baner in Pune," a release issued here said.
The project, on which construction has already commenced, will offer 6 lakh sqft of saleable development area.
As per the agreement, Kolte-Patil will lend its brand '24K' to the project and jointly collaborate with NOW Realty to oversee all aspects of the project lifecycle including project conceptualisation and execution, product design, sales, marketing, project infrastructure and residential development and handover, the release said.
In return, the company will receive a development management fee and all costs would be borne by the project.