Kolte-Patil has also successfully registered all its projects under the Real Estate Regulations Act (RERA) within the stipulated deadline of 31st July 2017. The Company has always made governance our operating framework and focused on maximizing stakeholder value. Its vision is to create a brand which our partners and stakeholders can recognize and be proud to be associated with.
According to the RERA bill, it is mandatory for agents/ brokers to be RERA compliant and have them registered with a real estate company to market its projects. The real estate companies, had to register with RERA before July 31, although the real estate agents and brokers are not bound by any such deadline.
Mr. Gopal Sarda, Group CEO, Kolte-Patil Developers Ltd said, “We welcome RERA with all its rules and regulations and believe it will bring in transparency, accountability, boost customer confidence and create a level-playing field. We have always been a customer-centric organization providing a credible solution to customers who needed to trust real estate companies with their hard-earned money, through transparency, quality product and timely delivery of our projects. So the reality is that it has mostly been business as usual for us.
We have always believed in inclusive growth of all our stakeholders and recognizing that our channel partners are an important medium between a customer and a developer, we have conducted this Live RERA registration drive for them. We have seen a phenomenal response from the Channel Partner community with over 200 potential channel partners registered on board.
We believe that by the virtue of having been an early-mover in growing our business in a credible way, we have grown faster, more sustainably and emerged as one of the most respected developers in India’s real estate sector. RERA represents a landmark sectoral opportunity for our company and expect to be a leading beneficiary of the consolidation expected to take place in the medium term.”
About Kolte-Patil Developers Limited
Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), incorporated in 1991, is a leading real estate company with dominant presence in the Pune residential market. Kolte-Patil is a trusted name with a reputation for high quality standards, design uniqueness, transparency and the delivery of projects in a timely manner. The company has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of ~15 million square feet across Pune and Bengaluru.
Kolte-Patil markets its projects under two brands: ‘Kolte-Patil’ (addressing the mid-income segment) and ‘24K’ (addressing the premium luxury segment). The Company has executed projects in multiple segments – standalone residential buildings and integrated townships. Several of the company’s projects have been certified by the Indian Green Building Council (IGBC).
Consolidating its leadership position in Pune, the company forayed into the Mumbai market in 2013 focusing on low capital intensive society re-development projects.
The Company’s long-term bank debt and non-convertible debentures have been rated ‘A+ / Stable’ by CRISIL, the highest rating accorded by CRISIL to any publicly listed residential real estate player in India.
For more details on Kolte-Patil Developers Ltd., visit www.koltepatil.com.