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Wednesday, February 5, 2014

Eyeing Rs 1600cr revenue from Pune project: Kolte-Patil

The project that cost the company Rs 350 crore has been accrued by taking a loan of Rs 60 crore. However, all of it has been factored in the earlier quarters and hence, there is no incremental loan for the company, explains Sujay Kalele, chief executive officer, Kolte-Patil Developers.
 
Kolte-Patil  is all gung-ho about its latest venture in the Pune realty space. Chief executive officer, Sujay Kalele, says the company is only awaiting the environmental clearance before launching its project on the newly acquired 34 acres land in Wakad, Pune.

In an interview to Sonia Shenoy and Latha Venkatesh, Kalele says the project to develop 2.3 million square feet has a revenue potential of Rs 1600 crore.

The project that cost the company Rs 350 crore has been accrued by taking a loan of Rs 60 crore. However, all of it has been factored in the earlier quarters and hence, there is no incremental loan for the company, explains Kalele.

The project will be launched in H1FY15 and its revenues will be recognised once it hits the threshold of 25 percent, adds Kalele.

As the project is mix of retail and commercial plans in a very prime loaction, the average realisation, Kalele expects will be higher than the current rates, thereby pushing margins.
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