Mumbai, Nov 23 (FN Agency) Realty major, Kolte-Patil Developers Limited (KPDL) on Wednesday said that the Company, through its wholly-owned subsidiary Sampada Realities Private Ltd., has entered into an agreement with Planet Smart City, for strategic land monetization of a portion of its project ‘Little Earth’ at Kiwale, Pune, for Rs 78 crore., for joint development of 0.65 mn sq.ft. The agreement with Planet takes place through an SPV which is owned by Planet and KPDL in the ratio of 83 pc and 17 pc respectively. This said land parcel is a part of KPDL’s recent acquisition of Sampada Realities Private Limited which has residential development potential of 2.5 mn sq.ft. The Company is developing the residential housing project under the existing project name ‘Little Earth’ on the said land parcel at Kiwale, a high potential micro market in Pune. Progressing on the commitment to deliver smart aspirational housing projects in Pune, Mumbai and Bengaluru, under the residential development platform with Planet Smart City, this is the third project that the Company has undertaken following the previously launched joint initiatives at Universe (Life Republic) and Three Jewels, in Pune.
Driving innovation in architecture, social inclusion, environment and technology, Planet brings a strong ESG and prop-tech approach to housing. Kiwale is strategically located at the junction of old NH4 Highway, Katraj-Dehu Road, and Mumbai-Pune Expressway, and provides seamless access to Hinjawadi IT Hub, Pune city and the industrial belt of north western Pune. Adding to the attractiveness of the location is the surrounding natural beauty striking a balance between peaceful lifestyle and functionality. Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “Our focus remains on embracing high standards of innovation, sustainability, and community engagement to deliver value-driven products to our customers. And I am happy to share that at KPDL, we have consistently been developing and delivering contemporary, best-in-class living spaces, backed by quality social infrastructure and global standard technology enablement. Our partnership with Planet Smart City is in line with this objective of offering deep value proposition to our customers.
Kiwale is a high potential micro-market in Pune and with Little Earth, we aim to reshape the residential dynamics in this micro-market, and capitalise on the opportunity to cater to the strong demand for quality housing.” Adding to it, Mr. Daniele Russolillo, Deputy CEO and COO, Planet Smart City said, “Planet Smart City is expanding its footprint further in Pune with state-of-the-art projects that are focussed to build a Smart community while promoting a unique community living experience. The response from homebuyers and residents in our other projects are validating our endeavour to harness technology for a socially inclusive and sustainable lifestyle. Kolte-Patil is known to deliver projects with unmatched quality, with our proprietary technology offered in the project, the return on investment becomes value driven for home buyers which goes beyond connectivity, infrastructure etc. We look forward to curating unique spaces that elevate the overall living experience.