Kolte-Patil to Start Marketing NOW Realty's Pune project

Pune-based real estate developer will start marketing its first development management project this week, the company told NDTV on Thursday. The residential project is a joint venture between Kolte-Patil and NOW Realty.

The project, on which construction has already commenced, will offer 6 lakh square feet of saleable development area. As per the agreement, Kolte-Patil will lend its brand '24K' to the project and jointly collaborate with NOW Realty to oversee all aspects of the project lifecycle including project conceptualisation and execution, product design, sales, marketing, project infrastructure and residential development and handover, the company had said earlier.

In return, the company will receive a development management fee and all costs would be borne by the project.

"The project comprises of four buildings right now, which is around 6 lakh square feet and we are hoping to launch at the price range of around (Rs) 7,500 (per) square feet. We will be launching it in the next couple of days," Nirmal Kolte, project director, Kolte-Patil Developers said. (Watch video)

Separately, Kolte-Patil has tied up with European group Porcelanosa for the former's luxury project in Pune called 24K Province. Porcelanosa specialises in porcelain and ceramics fittings. 24K Province has five residential and two commercial projects.

"Currently we have three 24K projects which are complete and we have six more in the pipeline, so 24K Province will again have three more which we will be launching in the next one or two months which will be having all the fitments from Porcelanosa," Mr Kolte said.

The price range starts from Rs 6750 per square feet and it goes to around Rs 9,000 per square feet, he said. "Three different projects, three different price lines, so they all will vary according to the sizes as well," he added.

Kolte-Patil believes there is market for such luxury real estate projects.

"There is a demand for such products because all the clients and consumers we are catering to are very well-travelled and they know about the brand as well," Mr Kolte said.

At 12:33 pm, the stock was down  nearly 3 per cent down at Rs 200.35 on the BSE, underperforming the BSE Realty index, which was in the green.

(With inputs from PTI)