The two acquired projects are at strategic locations in prime residential areas, Dahisar and Versova, in line with the company's growth and diversification goals of expanding presence in Mumbai.

The Dahisar project is well connected to the Western Express Highway. Further, the close proximity to the metro connecting via Andheri and its further expansion to the BKC add to the attractiveness of the project. The Company has demonstrated success in the Dahisar micro market following the execution of its residential re-development project, Vaayu. The project has saleable area of approximately 2.13 lakh square feet and a top-line potential of approximately Rs 325 crore.

The Versova project has strong demand potential and access to rapidly expanding public infrastructure including the metro lines and the proposed Versova-Virar Sea Link which will provide coastal road connectivity between South Mumbai and Western suburbs. The project has saleable area of approximately 0.93 lakh square feet and a top-line potential of approximately Rs 220 crore.

With these additions, Kolte-Patil Developers now has of a total of fifteen projects in the Mumbai Metropolitan Region (MMR).

During the year FY24 till date, the company has acquired eight projects, comprising two in Pune and six in MMR, with a combined total development potential of 3.3 million square feet and a topline potential of approximately Rs 4,000 crore.

Rahul Talele, group CEO, Kolte-Patil Developers, said, “I am happy to announce the addition of two new society redevelopment projects in the western suburbs of Mumbai. This marks another significant milestone in our journey to strengthen our presence in the Mumbai that represents the largest real estate market in the country.”

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 various projects including residential complexes, integrated townships, commercial complexes and IT Parks in Pune, Mumbai and Bengaluru.

The company had recorded consolidated net loss of Rs 26.23 crore in Q2 FY24 as compared with net loss of Rs 6.88 crore reported in Q2 FY23. Revenue from operations jumped 60.69% year on year to Rs 198.15 crore in the Q2 FY24 as against Rs 123.31 crore recorded in Q2 FY23.

The scrip fell 0.93% to currently trade at Rs 529.85 on the BSE.