Kolte Patil gets clearance for township; stock rallies.

Shares of Pune-based Kolte Patil Developers surged as much as 4.25 per cent in trade after the company received clearance from the Urban Development Department for first phase of its Integrated Township project in Pune.

Phase I of 'Sanjivani' project will be spread across an area of 242 acres with a saleable area of approximately 6 million square feet. The first sub-phase launch is expected in H2 FY15 and will involve construction of villas and residential towers together with a golf course, commercial space, school and hospital.

Kolte-Patil has 51 per cent stake in the project.

ET