Kolte-Patil Developers concludes buy-out of 100% stake in Corolla Realty for Rs 164 crore

Kolte-Patil Developers, a leading Pune based real estate developer, has completed the buy-out of 100% stake in its SPV, Corolla Realty, from 37% held earlier, for a total consideration of Rs 164 crore. The acquisition is part of the company’s core strategy of remaining relevant to home buyers by maintaining a significant part of inventory in the under Rs 1 crore ticket size, deploying capital where there is strong cash flow visibility.

Corolla Realty is the holding entity for Ivy Estate, an 80-acre real estate development located at Wagholi in Pune. The total saleable area of the project is 5.3 million square feet of which 2.5 million square feet has been sold at the end of Q1 FY16, including hand over of 1,600 units (1.8 million square feet) in Phase I of the project.

Kolte Patil Developers is a leading Pune-based real estate company incorporated in 1991. The company has developed and constructed 48 projects including 35 residential complexes, 9 commercial complexes, and 4 information technology parks.