Kolte-Patil Developers gains on signing two new society re-development projects in Western suburbs of Mumbai

Kolte-Patil Developers is currently trading at Rs. 440.00, up by 4.35 points or 1.00% from its previous closing of Rs. 435.65 on the BSE.

The scrip opened at Rs. 437.00 and has touched a high and low of Rs. 445.50 and Rs. 432.65 respectively. So far 11331 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 445.50 on 02-Aug-2023 and a 52 week low of Rs. 231.00 on 28-Mar-2023.

Last one week high and low of the scrip stood at Rs. 445.50 and Rs. 380.15 respectively. The current market cap of the company is Rs. 3319.87 crore.

The promoters holding in the company stood at 74.45%, while Institutions and Non-Institutions held 4.05% and 21.49% respectively.

Kolte-Patil Developers has signed two new society re-development projects in the Western suburbs of Mumbai. With total saleable area of around 4.8 lakh sq. ft., these projects have a total topline potential of around Rs 950 crore. These new additions signify the company’s strategic move towards diversification beyond Pune, strengthening its presence in Mumbai Metropolitan Region (MMR) and taking forward the strong momentum in FY24.

Both these projects are strategically located in the high potential micro-market of Bangur Nagar in Goregaon (West) and bring the company’s tally of projects in the Mumbai Metropolitan Region (MMR) to 14 projects. Bangur Nagar is an established residential neighborhood that boasts excellent connectivity to different areas within Mumbai, close proximity to the corporate hub in Malad and a well-developed social infrastructure. The company has demonstrated success in this micro-market with its residential redevelopment project, Verve, encompassing a saleable area of around 2.77 lakh sq. ft. This project has been completely sold out, achieving sales value of around Rs 495 crore.

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