Kolte Patil Developers monetize land for Rs. 81.29 cr in second phase of Life Republic project.

Kolte Patil Developers announced that the Company through its subsidiary Kolte-Patil I-Ven Townships (Pune) (KPIT) has entered into an agreement with Planet Smart City, a UK based proptech company, for the second and final leg of strategic land monetization at Sector R10 in KPDL's Pune-based township project Life Republic for Rs. 81.29 crore.

This portion of land measuring ~4.92 acres in Sector R10 has a residential development potential of 6.8 lakh sq. ft. in terms of saleable area.

This agreement follows the initial transaction of Rs. 91 crore between the two companies announced in April this year, for monetization of ~5.42 acres in Sector R10 with residential development potential of 7.6 lakh sq. ft. based on saleable area. Aggregate value of both these transactions over two phases is Rs. 172 crore.

Similar to the previous agreement, this land parcel in Sector R10 will be jointly developed by KPIT and Planet Smart City in the profit sharing model.

BS