Comments
Pune-based developer Kolte-Patil Developers Ltd said it had generated an internal return rate of 36 per cent on its Margosa Heights project in Pune, which it co-developed with US-based Portman Holdings.
The project is part of an SPV called Bellflower Properties Private Ltd, which is a 50 per cent JV with Portman.
This investment was the first residential investment for the Atlanta based full service real estate company which has a significant presence in India.
Margosa Heights includes 20 mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune.
The development’s total area is one million square feet.
Rajesh Patil, CMD, Kolte- Patil Developers Ltd, said, “We have a flexible, project-specific capital structuring philosophy based on cash flow and approval visibility. The company’s strong brand name, execution track record, superior partner selection and robust balance sheet has enabled it to monetise its assets faster, generating attractive returns on investment for Kolte-Patil as well as its partners."
Rahul Anand, MD, Portman Holdings India, said, “The partnership approach adopted in this project is consistent with Portman’s long term development and investment strategy in India and a key factor in achieving high project returns for our investors and us."
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.