Realty firm Kolte-Patil Developers Ltd on Thursday said it has set up a joint platform with global proptech firm Planet Smart City to develop 15,000 housing units in Pune, Bengaluru and Mumbai. This residential platform follows the success of the first co-development between the two companies, Kolte-Patil said in a regulatory filing.
Kolte-Patil Developers announced the "creation of a residential development platform with Planet Smart City, the global leader in smart affordable housing, to develop 15,000 housing units."
The projects will be developed over the next three years, it said, without disclosing further details.
Kolte-Patil said the platform will enable it to capture opportunistic and structured outright land purchase transactions while maintaining a healthy balance sheet.
Yashvardhan Patil, Group CEO, Kolte-Patil Developers, said: "The market is consolidating to high quality real estate developers that have gained the confidence of homebuyers based on their execution track record and we foresee improving business visibility for a strong brand like Kolte-Patil."
The joint platform will allow the company to expand the portfolio of projects in its focus markets of Pune, Mumbai and Bengaluru, he said.
Kolte-Patil has developed and constructed over 50 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of around 20 million square feet across Pune, Mumbai and Bengaluru.
Founded in 2015, Planet Smart City is a global leading proptech company that designs and builds neighbourhoods in countries with high housing deficits and works in partnership with real estate developers around the world to improve quality of life.
Since its establishment, Planet Smart City has raised over USD 190 million of capital from institutional and private investors to implement its ambitious growth plans, with the aim of selling 44,500 housing units by 2025.
Planet Smart City is developing four projects in Brazil.
In 2020, the business expanded into India. In Italy, the company collaborates with leading real estate developers in numerous smart social housing projects.