Kolte Patil Developers, a Pune based real estate developer with growing presence in Mumbai and Bengaluru, on July 14 announced creation of a residential development platform with Planet Smart City, the global leader in smart affordable housing, to develop 15,000 housing units.

This residential platform follows the success of Universe, at Sector R10, Life Republic, which was the first co-development between KPDL and Planet Smart City. It will focus primarily on development of smart aspirational housing projects in Pune, Mumbai and Bengaluru. The partners will endeavour to grow the platform over a period of time based on suitable structures as mutually agreed upon as the right opportunities continue to emerge.

The platform will enable KPDL to capture opportunistic and structured outright land purchase transactions while maintaining a healthy balance sheet. It is expected to generate substantial earnings in the coming years, which will contribute significantly to the company's growth.

Commenting on this key development, Yashvardhan Patil, Group CEO, Kolte-Patil Developers, commented, "We are excited to progress on our partnership with a global smart affordable housing leader like Planet Smart City. Building on the success of Universe at Life Republic we look forward to a long and mutually beneficial association. The market is consolidating to high quality real estate developers that have gained the confidence of homebuyers based on their execution track record and we foresee improving business visibility for a strong brand like Kolte-Patil. Our joint platform will allow us to expand the portfolio of projects in our focus markets of Pune, Mumbai and Bengaluru in line with our capital efficient land sourcing philosophy.

With a focus on sustainability, the aim is to address the evolving needs of urban citizens looking for smart, holistic and socially inclusive community-centric living in India."

Giovanni Savio, Global CEO of Planet Smart City, said, "This is an important day for Planet Smart City's strategic development. India, like many countries across Southeast Asia, has huge opportunity across several states and the industry has tremendous potential especially, for viable operators, to offer long-term, future-proof solutions. By extending our partnership with Kolte-Patil-a genuine leader in real estate development in India-we are in a strong position to work for a pipeline of 15,000 housing units that help to provide an answer to the housing challenge in a fully-fledged ESG framework where technology and social innovation will be the main drivers to implement a new concept of urban living. We look forward to continuing our relationship with Kolte-Patil and expanding our presence in India."

 Shares of the company gained Rs 9.70, or 4.15%, to settle  at  Rs 243.65.  The total volume of shares traded  was 117,650 at  the BSE (Thursday).