Kolte Patil Developers shares jump 7% on signing six new projects with GDV of ₹6000 crore

Shares of Pune-based real estate developer Kolte Patil Developers surged over 7% on Thursday morning after the company announced major contract wins in the Mumbai metropolitan region. The shares jumped to an intraday high of ₹424 apiece on the NSE. The shares are also in focus ahead of their Q1 results, scheduled to be released on Friday.

The company’s exchange filing said, “Kolte-Patil Developers Limited, a leading Pune-based real estate player with a diversified presence in Mumbai and Bengaluru, today announced the addition of six society redevelopment projects across prime locations in the Mumbai Metropolitan Region (MMR), with a combined estimated GDV (Gross Development Value) of ₹6,000 crore. This represents the Company's largest annual business development addition in MMR to date, thus reaffirming MMR as a priority market.

The new redevelopment projects secured in Mumbai are spread across the MMR region. The highest GDV value project was secured in Santacruz West, with a total development value of ₹1,930 crore, followed by Andheri West at ₹1,420 crore, Oshiwara at ₹800 crore, Versova at ₹750 crore, Ghatkopar East at ₹600 crore and Vashi at ₹500 crore.

The company also said that it will continue evaluating opportunities across various development models to drive its growth objectives and will be guided by the characteristics, demand profile and value potential of each micro-market. All six projects are being planned to be iconic developments and expected to be launched over the next 6 to 12 months, subject to requisite approvals, thereby creating a strong and visible pipeline for the Company's next phase of growth.

Commenting on the development, Mr Rajesh Patil, Managing Director, Kolte-Patil Developers Limited, said, “We are entering a new phase of accelerated growth in MMR. With a combined estimated GDV of approximately ₹6,000 crore, these six projects significantly strengthen our development pipeline and reinforce our commitment to build a scaled, high-quality presence in the region”.

He further added, “This portfolio reflects the trust that housing societies have placed in Kolte-Patil's redevelopment expertise. It also reinforces our capability to create landmark developments that deliver enduring value to residents, homebuyers and all our stakeholders”.