Kolte-Patil Developers, a Pune based real estate developer, has acquired a 30 acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 1.6 billion. The company will develop a residential housing project on the said land parcel.

This land parcel is located within Pune city limits, in the prime Katraj-Kondhwa area of South Pune. The project has excellent connectivity from the Mumbai - Bangalore Highway (NH4) and the Pune -Solapur Highway (NH9) while being in close proximity to key business areas and several prestigious educational institutions. Further adding to the attractiveness of the location is its vicinity to several religious establishments like ISKCON, Baneshwar temple, Jain temple and Balaji temple.

Commenting on this key development, Sujay Kalele, CEO, Kolte-Patil Developers said, ''We are pleased to announce the acquisition of a 30 acre land parcel in Kondhwa with ASK's Real Estate Fund. The acquisition further diversifies our existing land bank and strengthens our leadership position in a robust Pune market. As always, our focus would be on creating a strong valueproposition to our customers through timely delivery of a high quality product.''

Shares of the company gained Rs 2.6, or 2.64%, to trade at Rs 101.15. The total volume of shares traded was 39,516 at the BSE (9.55 a.m., Wednesday).