Kolte-Patil Developers, Planet Smart City to develop 15k housing units
Kolte-Patil Developers, a Pune-based real estate developer, said that it has created a residential development platform with proptech company Planet Smart City for developing 15,000 housing units.
The parties will mainly focus on developing smart aspirational housing projects in Pune, Bengaluru, and Mumbai.
Kolte-Patil Developers and Planet Smart City had previously co-developed Universe at Life Republic in Pune.
Giovanni Savio – Global CEO of Planet Smart City said: “India, like many countries across Southeast Asia, has huge opportunity across several states and the industry has tremendous potential especially, for viable operators, to offer long-term, future-proof solutions.
“By extending our partnership with Kolte-Patil—a genuine leader in real estate development in India—we are in a strong position to work for a pipeline of 15,000 housing units that help to provide an answer to the housing challenge in a fully-fledged ESG framework where technology and social innovation will be the main drivers to implement a new concept of urban living.”
The two firms expect to grow the residential development platform over a period of time, based on suitable structures as agreed upon mutually as the right opportunities continue to come.
The residential development platform is expected to enable Kolte-Patil Developers for capturing opportunistic and structured outright land purchase deals. Furthermore, it is likely to provide significant earnings in the coming years to contribute substantially to the growth of the company.
Yashvardhan Patil, who was recently appointed as Group CEO of Kolte-Patil Developers, said: “We are excited to progress on our partnership with a global smart affordable housing leader like Planet Smart City. Building on the success of Universe at Life Republic we look forward to a long and mutually beneficial association.
“The market is consolidating to high quality real estate developers that have gained the confidence of homebuyers based on their execution track record and we foresee improving business visibility for a strong brand like Kolte-Patil. Our joint platform will allow us to expand the portfolio of projects in our focus markets of Pune, Mumbai and Bengaluru in line with our capital efficient land sourcing philosophy.
“With a focus on sustainability, the aim is to address the evolving needs of urban citizens looking for smart, holistic and socially inclusive community-centric living in India.”