The company said that it has acquired approximately 5 acres of land at Wagholi (Nagar Road), a well-planned micro market of Pune, to develop an MIG residential project. This project would have a total estimated saleable area of 7.5 lakh square feet and a top-line potential of approximately Rs 400 crore.

Kolte-Patil has entered into a joint venture to develop a premium residential project at NIBM Road, Kondhwa. This project would have a total estimated saleable area of 11.5 lakh square feet and a top-line potential of approximately Rs 900 crore.

“This move marks the Company's efforts towards further strengthening its leadership position in the high potential micro markets of Pune,” the real estate developer said in a statement.

Kolte-Patil Developers is a real estate company with dominant presence in the Pune residential market, and growing presence in Mumbai and Bengaluru. The company has developed and constructed over 50 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of approximately 25 million square feet across Pune, Mumbai and Bengaluru.

The company reported a consolidated net loss of Rs 28.10 crore in Q3 FY23 as against a net profit of Rs 7.11 crore in Q3 FY22. Revenue from operations increased 53% YoY to Rs 368.08 crore in Q3 FY23.