Kolte-Patil Developers Ltd, a leading Pune-based real estate developer, has been appointed as a development manager by NOW Realty Pvt. Ltd to collaborate and develop its residential project named ‘Sereno’ situated at Baner in Pune, Maharashtra.
The project will offer 0.6 million sq. ft of saleable development area. All the requisite approvals are already in place and construction has already commenced on part of the project.
As the development manager, 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. In return, the company will receive a development management fee; all costs would be borne by the project.
Sujay Kalele, CEO, Kolte-Patil Developers Ltd, said, “We are delighted to announce our first development management agreement in Pune with NOW Realty, leveraging our strong brand name and execution capabilities. The DMA model will help diversify revenue stream with the inclusion of the fee-based income and enable us to increase our customer reach across product categories and geographical micro-markets where we previously did not have a significant presence.”
“We are extremely happy to be associated with Kolte-Patil Developers and anticipate setting better benchmarks with this association. We believe that the ‘24K’ brand would be a jewel in the crown of our exclusive project ‘Sereno’ at Baner, Pune,” Rajendra Pate (Wani), CMD, NOW Realty Pvt. Ltd, said.
Kolte-Patil Developers Ltd has developed and constructed 48 projects including 35 residential complexes, nine commercial complexes, and four information technology parks covering a saleable area (KPDL share) of over 10 million sq. ft across Pune and Bengaluru.
NOW Realty Pvt. Ltd is a new real estate venture in Pune founded by Rajendra Pate who has over three decades of experience in the real estate industry.
Source: Kolte-Patil Developers Ltd