Kolte Patil Developers, a real estate developer engaged in residential and commercial projects, has received  'Location Clearance' from the Urban Development Department (UDD) for the first phase of its Sanjivani Integrated Township project in Pune located at Urse, on the Mumbai-Pune expressway.

The project represents an opportunity to create an outstanding residential and recreational location in close proximity to Pune city, driven by multiple employment and economic drivers, and India's financial capital, Mumbai.

Shares of the company gained Rs 11.85, or 8%, to settle at Rs 160.05 at the BSE (Wednesday).