Kolte-Patil Developers enters agreement for land monetisation
Kolte-Patil Developers through its subsidiary Kolte-Patil I-Ven Townships (Pune) (KPIT) has entered into an agreement with Planet Smart City, a UK- based proptech company.
The pact has been signed for Phase-II of strategic land monetisation at Sector R10 in KPDL’s Pune-based township project Life Republic for Rs 81.29 crore.
This portion of land measuring approximately 4.92 acre in Sector R10 has a residential development potential of 6.8 lakh sq ft in terms of saleable area.
The agreement follows the initial transaction of Rs 91 crore between the two companies announced in April 2020, for monetisation of approximately 5.42 acre in Sector R10 with residential development potential of 7.6 lakh sq ft based on saleable area.
The aggregate value of both these transactions over two phases is Rs 172 crore. Similar to the previous agreement, this land parcel in Sector R10 will be jointly developed by KPIT and Planet Smart City in the profit sharing mode.
Since inception till H1/FY21, approximately six million sq ft of area has been sold at Life Republic. The total saleable area at Life Republic is around 20 million sq ft, based on FSI of 1.0, which is currently incorporated in the project design plans.
However, the total FSI potential of the project is 1.7, based on the integrated township norms.