Kolte-Patil Developers, a leading real estate developer, has strengthened its Mumbai presence by signing its largest private society redevelopment project till date, Dahisar Shree Avadhoot Co-operative Housing Society, having a plot area of 15,035 square meters. Kolte-Patil's economic interest in this project is ~4 lakh square feet. Payments of the corpus fund, rental and other project expenses are linked to the approvals and project timelines.

The said project has a strategic location in Dahisar East being well-connected to the Western Express Highway. Further adding to the attractiveness of the location is its close proximity to the under construction Metro VII project from Andheri East to Dahisar East, which has been recently extended to the Mumbai airport in the south and Mira-Bhayander in the north.

Gopal Sarda, CEO, Kolte-Patil Developers, said, ''We are delighted to announce the signing of our largest redevelopment project in Mumbai at Dahisar East. The society has been acquired on the same underlying philosophy as our other Mumbai projects, with capital deployment being linked to approvals and project specific timelines. Our focus in Mumbai is on generating strong ROCE’s and reducing our working capital cycle. We have a diversified portfolio at strategic locations, and all projects are of an optimal size enabling quick turnover. Our Mumbai foray will facilitate PAT expansion and reduce working capital cycle for the Company while providing synergies to the existing Pune operations.''

Shares of the company gained Rs 7.35, or 3.86%, to trade at Rs 198.00. The total volume of shares traded was 176,465 at the BSE (11.12 a.m., Wednesday).