Published On:September 20 2019
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Kolte-Patil Developers delivers strong returns to Motilal Oswal Real Estate from its City Avenue Project.

Kolte-Patll Developers Llmlted (ASE; 532924, NSE: KOLTEPATIL; KPDL), a leading Pune based real estate developer, announced today that the Company has delivered strong returns to Motilal Oswal Real Estate (MORE) from its City Avenue project in Wakad, Pune. MORE, the real estate private equity arm of Motilal Oswal Group, had partnered with KPDL to develop City Avenue, which is adjacent to Kolte Patil's "Western Avenue" project in Wakad, Pune.

Project construction commenced in the year 2016 and within just three years, the residential portion has been fully sold and delivered with OC while the commercial phase is gearing up for OC application.

MORE had invested Rs. 58 Cr. in December 2015 by taking an equity stake in the project and has received sales-linked payments of Rs. 105 Cr. since inception to generate an overall IRR of 23.1% on their investment.

Commenting on this key development, Mr. Gopal Sarda, Group CEO, Kolte-Patil Developers Ltd. said, "Thls transaction with MORE is yet another instance of KPDL delivering on customer expectations as well as execution excellence to create value for all stakeholders. In what has been a challenging environment, the positive interplay of our four pincipal business drivers - approvals, sales, collections and delivery - has enabled us to execute this project within a short span of time. We have seen strong traction from buyers based on market conducive offerings.

We have been associated with several marquee private equity partners across many of our projects and have effectively created mutually beneficial opportunities within our operating ecosystem. KPDL has a flexible, project-specific capital structuring philosophy based on cash flows and approval visibility. The company's strong brand name and execution track record has enabled it to monetise its assets faster and give exits to its partners from strong cash flows generated, enabling attractive returns on investment for Kolte-Patil as well as its partners. We look foward to associate with MORE on future projects, based on our positive alignment of growth strategy."

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