Kolte-Patil Developers launches Green Olive, a four star serviced apartments project, at Rajiv Gandhi IT park, Hinjewadi, Pune

Green Olive service apartments will have capacity of 100 studios and one bedroom apartments with facilities like pantry, dinning space, 24 hrs multi-cuisine restaurant, gym, swimming pool, shopping center, Wifi connectivity, conference & meeting halls etc.

The company plans to complete this project in 15 months and get the serviced apartments operational by 1st May 2009.

The serviced apartments will be managed by Kolte-Patil through a company namely Lilac Hospitality floated in collaboration with a UK based hotel chain.

With an average room tariff of Rs.7000 per night and projected occupancy of 70%initially, increased to 90% in subsequent years, the company expects to break even in 3-4 years, with an expected revenue of Rs.18 cr. p.a.

While Speaking about the launch of Green Olive Mr. Girish Lakhe, CFO, said "Today Rajiv Gandhi IT park has a requirement of more than 1000 hotel rooms per day. With 'Green Olive', Kolte Patil Developers plan to tap this market by providing facilities that meet the requirement of today's business travelers, IT companies and software engineers"

Spread on 7 acres of land, 'Green Olive', along with the serviced apartments, will also have commercial space comprising food court, heath club & shopping center and 85 fully furnished residential apartments.
Moneycontrol India :

Related Story:

1. HDFC, GE Capital, Indiareit and now 'Taj Business Hotels' join hands with Paranjpe Schemes' integrated township at Hinjewadi in Pune (India)

real estate Indian real estate Pune real estate Pune real estate market news blog hospitality real estate service apartments star hotels Green Olive, a four star serviced apartments project Rajiv Gandhi IT park, Hinjewadi, Pune Lilac Hospitality Girish Lakhe hotel rooms business travelers IT companies in Pune software engineers commercial fully furnished residential apartments HDFC GE Capital Indiareit Taj Business Hotels Blue Ridge, Paranjpe Schemes\' integrated township,Hinjewadi

The initial public offering (IPO) of Pune-based realty major Kolte Patil Developers has been priced in a band of Rs 125 to Rs 145 per share

The issue opens on November 19 and closes on November 22.

The Kolte Patil Developers Ltd. will offer 1.9 crore equity shares of Rs 10 each. The total issue will comprise around 25.25% of the company's post-issue paid up capital.

The funds raised will be used to finance land acquisition, construction and development costs for some of the proposed projects.

The lead managers to the issue are DSP Merrill Lynch and Edelweiss Capital.
Business Standard.

real estate Indian real estate Pune real estate Kolte Patil initial public offering (IPO) share Bombay stock market equity paid up capital funds land acquisition construction development DSP Merrill Lynch Edelweiss Capital

Euronext NA-listed Yatra Capital, an India-focused real estate fund, is planning to raise a fresh capital of €150 million (Rs840 crore)

Investment in tier II, III and even in tier IV cities :

This will be Yatra’s second fund. The first fund of €100 million was raised in December 2006. Since raising its initial capital, Yatra has committed to or acquired investments totaling €88.4 million, mostly in tier-II cities such as Pune. Yatra has so far invested in 10 properties in tier-II and III cities.

It also is evaluating opportunities in smaller tier-IV towns. “We are waiting for the government to change the regulations and allow foreign direct investment to come into smaller developments,” said director of Yatra Capital Ltd. and managing director of Saffron Capital Advisors, Ajoy Veer Kapoor.

Joint venture with Kolte Patil Developers Limited, Pune :

Residential : Yatra's first investment in Indian real estate. Yatra has committed up to €21.6 million in equity for a 49% stake in a joint venture which will initially develop 3 residential sites in Pune.

Investment Opportunities : All three localities are within the key corridors of growth in Pune and located next to the commercial and technology related developments. This investment in Pune underlines Yatra’s stated strategy of investing in fast growing Indian cities where the board believes there is the greatest opportunity to deliver growth and subsequent shareholder value.

Kolte Patil : is a leading and well established real estate development company in Pune. Kolte Patil was incorporated in 1991 and since then has focused on Pune and Bangalore. At December 31st 2006 Kolte Patil had developed and constructed 25 projects, of which 22 have been in Pune and three have been in Bangalore.

IT Park : Kolte Patil is an ISO 9001 certified development company and received the Government of Maharashtra’s First Prize for “Best IT Infrastructure in the State of Maharashtra” for their landmark GigaSpace IT Park project in Viman Nagar, Pune. Kolte Patil has a strong management team which is led by Mr. Rajesh Patil.

Joint venture with Ashok Ruia Enterprises Pvt Ltd (AREPL) :

Market City, Pune : Yatra Capital has announced that it has picked up a stake in a joint venture to develop a 1.5 million sq feet shopping centre, Market City, in Pune. This Market City is designed by the architect of Bluewater, Europe's largest shopping centre.

Shopping : The Market City development will be amongst the largest shopping centers in Pune, which with a population of 4.5 million, is over 4 times larger than Birmingham, the UK‟s second largest city.

Equity : Yatra will invest €17.24 million ($23.5 million) in equity for a 24 per cent holding in the company promoted by Ashok Ruia Enterprises Pvt Ltd (AREPL). This is the 4th investment in India by Yatra, and the 2nd in a JV with AREPL.

Concept : Phoenix’s “Market City‟ concept envisages retail-led large scale developments typically located in city center locations. Phoenix plans 7 such market cities of a total size of 15 million sq ft in India.

Value :

Yatra announced it's 1st investment In India, in Kolte Patil, in May 2007. Certainly, long before publishing the surveys and reports about growth and investment opportunities in tire II and III cities became a fashion or a publicity gimmick. What Ernst and Young - FICCI and Jones Lang LaSalle Meghraj are doing? Following Yatra and IndiaREIT? Whatever! Personally, I value Yatra's strategy and action!

Related Stories :

1. Europe's largest shopping mall developer Plaza Centers will pump in Rs 5,000 crore in India

2. Future Group's Kshitij Venture Capital Fund, piloting retail real estate development will launch its first malls at Ahmedabad and Vadodara in January

3. Compared to other Asian markets like China, Vietnam, Malaysia, Indonesia, Thailand; "India is an excellent investment destination": FICCI-E&Y survey

4. 11 tier II Indian cities, such as Surat, Chandigarh, Nagpur, Vadodara, Visakhapatnam and Jaipur, are emerging as growth and investment centers: survey

5. Real estate fund IndiaREIT is planning to come out with a $500 million offshore fund to invest in properties in Pune, Mumbai, Bangalore and Hyderabad

6. HDFC, GE Capital, Indiareit and now 'Taj Business Hotels' join hands with Paranjpe Schemes' integrated township at Hinjewadi in Pune (India)

7. Och-Ziff Capital, New York, has got into a JV with Marvel Realtors, for a Rs.500 crore luxurious residential project in Pune

Pune real estate Indian real estate real estate investment trust real estate investment fund Euronext NA capital II, III, IV tier Indian cities investment foreign direct investment foreign direct investment in India foreign direct investment in Pune joint venture residential mall Bangalore real estate IT park ISO Bluewater Birmingham UK Europe shopping retail concept equity value Ernst and Young FICCI Jones Lang LaSalle Meghraj ravi karandeekar Ashok Ruia Enterprises Pvt Ltd (AREPL)