Kolte Patil sold 500 apartments for value of Rs205cr in Pune; stock zooms 14%

The 'ZABARDUS' campaign, which was launched on November 7 and ran till December 15, witnessed sales of 500 units with booking value of Rs205cr.

Dec 17, 2019 09:12 IST India Infoline News Service

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Kolte-Patil Developers has received a remarkable response from home buyers based on its 'ZABARDUS' promotional campaign at the Life Republic. The 'ZABARDUS' campaign, which was launched on November 7, 2019 and ran till December 15, 2019, witnessed sales of 500 units with a booking value of Rs205cr.

Shares of Kolte Patil Developers Ltd is currently trading at Rs254.80, up by Rs30.95 or 13.83% from its previous closing of Rs223.85 on the BSE.

Life Republic, spread across 390 acres, is one of the most aspirational townships located in the vicinity of Hinjawadi, Pune's prime IT hub and one of the fastest-growing areas in the city. Life Republic brings several world-class lifestyle choices and amenities to customers.

Life Republic, is the company's flagship project, is expected to continue to drive Kolte Patil's revenue, profits, cash flows and return ratios in a significant manner over next decade-an d-a-half. At present, - 4.2 million square feet have already been delivered in the project, making Life Republic an established destination for Pune home buyers and currently home to 10,000 residents. The project has 4 mn square feet of pre-approved development space by MAHAREM and is expected to add another 10,000 residents within three years. In FY19, sales of almost 0.9 million square feet were achieved at Life Republic and recent new launches/festive promotions continue to drive strong demand visibility among buyers. The total saleable area at Life republic is -20 million square feet, 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.

Gopal Sarda, Group CEO, Kolte-Patil Developers said, "We are very pleased with the response of home buyers to the 'ZABARDUS'campaign, having sold 500 units with a booking value of Rs205cr at Life Republic in just 38 days. we are thrilled to achieve such numbers in the sustenance phase of a project that too in a single location, it indicates our leadership position and brand equity in the Pune market and the value proposition that we deliver across the spectrum of demand. We believe the strong demand also reaffirms our confidence that resulted in the decision to buyout our private equity partner's share in Life Republic and expand Kotte-Patil's ownership in the project to 95o/o. we now have visibility to deliver consistently over the next many years, as sales volumes get executed through time-bound construction and translate into revenues and cash flows, creating long-term value for our shareholders based on the happy experiences of our rapidly expanding Life Republic community."

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