The announcement was made during market hours today, 18 November 2014.

Meanwhile, the BSE Sensex was up 38.79 points or 0.14% at 28,216.67

On BSE, so far 1.01 lakh shares were traded in the counter, compared with an average volume of 86,438 shares in the past one quarter.

The stock hit a 52-week high of Rs 220.95 in intraday trade today, 18 November 2014. The stock hit a low of Rs 203.70 so far during the day. The stock hit a 52-week low of Rs 70.90 on 17 February 2014.

The stock had outperformed the market over the past one month till 17 November 2014, rising 17.14% compared with the Sensex's 7.93% rise. The scrip also outperformed the market in past one quarter, surging 32.86% as against Sensex's 7.95% rise.

The small-cap firm has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

Kolte-Patil Developers said that the company has been appointed as a development manager by ‘NOW Realty' to collaborate and develop its residential project named ‘Sereno' situated at Baner in Pune. The project will offer 0.6 million square feet of saleable development area. All the requisite approvals are already in place and construction has already commenced on part of the project, Kolte-Patil Developers said.

As the development manager, Kolte-Patil Developers will lend its brand “24K” to the project and jointly collaborate with NOW Realty to oversee all aspects of the project lifecycle including project conceptualization 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, Kolte-Patil Developers said.

Commenting on this development, Mr. Sujay Kalele, CEO, Kolte-Patil Developers said, “The development management agreement (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.”

Kolte Patil Developers' consolidated net profit fell 60.6% to Rs 12.71 crore on 16.4% decline in net sales to Rs 156.72 crore in Q2 September 2014 over Q2 September 2013.

Kolte Patil Developers is a Pune based real estate developer and has completed 1 crore square feet of landmark developments in Pune and Bengaluru. It is also present in Mumbai with some upscale redevelopment projects.