Kolte-Patil Q1 Business Update: Pre-Sales Dip 13% On Lower Real Estate Volumes
Kolte-Patil Developers' Q1 sales realisation also dipped marginally to Rs 7,337 per square feet from Rs 7,407 per square feet.
Real estate company Kolte-Patil Developers Ltd.'s sale bookings declined 13% to Rs 616 crore in the first quarter of this fiscal year on lower volumes and average price realisation.
Its sale bookings or pre-sales stood at Rs 711 crore in the year-ago period.
In a regulatory filing on Saturday, the company informed that its sales volume in April-June period fell 12.5% to 0.84 million square feet from 0.96 million square feet in the corresponding period of the preceding year.
Sales realisation also dipped marginally to Rs 7,337 per square feet from Rs 7,407 per square feet.
In June, global investment firm Blackstone acquired 14.3% equity stake in the company.
Established in 1991, Kolte-Patil Developers has constructed over 68 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of more than 30 million square feet across Pune, Mumbai and Bengaluru.
