Redevelopment projects in Mumbai: Kolte-Patil Developers’ new strategy
Pune-based realty player Kolte-Patil Developers is expecting nearly 20-30 % of its revenues from the redevelopment market in the next three years. Mumbai’s residential redevelopment market is growing big as many old societies are taking up the renovation and redevelopment work. The government too has identified many housing societies which need immediate redevelopment to ensure that they are safe for the residents.
A top company official stated that the company has already entered into agreements for three redevelopment projects in Mumbai western suburbs. This project has a total area of over six lakh square feet and the company is in discussions with some other parties in the Dadar-Chembur belt, Worli, Mulund, Khar, Bandra and Santacruz.
The group Chief Executive SujayKalele also explained that the company has a strong vision to expand in Mumbai. His team is looking at the huge scope available in the redevelopment segment. This strategy has proved to be very effective is Mumbai and the company is confident that this will reap rewards across several markets. Since acquiring land for new projects in Mumbai is quite a hassle, redevelopment projects are comparatively much hassle free with sure shot returns as the flats already have owners.
Kalele also mentioned that the company is in advance stages of entering into an agreement for a fourth redevelopment project however since the negotiations are in an early stage; the details will be published later.
Source- The Economic Times
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