Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL), a leading Pune-based real estate developer, announced that it has entered into a INR 120 crore co-development agreement with Metropolitan Lifespace Real Estate Developers Pvt Ltd, for its redevelopment project, Jay-Vijay Society, in Ville Parle (E), Mumbai. Metropolitan Lifespace Real Estate Developers Pvt Ltd is promoted by IPFII Singapore 5 Pte. Ltd, an offshore entity managed and advised by J.P. Morgan Asset Management-Global Real Assets.
Jay Vijay CHS has a plot area of 2.25 acres at a prime location off the Western Express Highway with Kolte-Patil’s economic interest of approximately 1.65 lakh square feet. Requisite approvals are in place, the members have been vacated and construction is expected to commence shortly. The project is expected to be delivered over the next 30-36 months.