Pune's largest real estate developer, Kolte Patil Ltd. completed the first phase of its Three Jewels project in 36 months. This phase has a saleable area of 7.25 lakh square feet and the entire project covers a 15 acre land parcel.
The real estate sector would benefit from both the Real Estate Regulation Act (RERA) and the Goods and Services Tax (GST) said Chief Executive Officer Gopal Sarda over the phone.
Here are other highlights from the conversation.
- 91 percent of phase one has been sold at an average realisation of Rs 5,100 per square foot.
- The second phase of the project covers 7.5 lakh square feet with 754 apartments and forty shops.
- The company is readying for the Real Estate Regulatory Act (RERA) which would apply to phase two of Three Jewels and other projects after May 1.
- GST will be tax neutral for the company.
- Four new projects will be completed this year with 900-1,000 apartments on offer.
- Current fiscal year will also see the launch of four new projects, two of which will be in Bengaluru.
- The company expects growth of 10-12 percent in both the topline and bottomline for FY18.
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