Kolte-Patil's Sales Dip: Navigating Challenges in Real Estate

Kolte-Patil Developers Ltd, a leading entity in the real estate sector, witnessed a 13% drop in their sale bookings for the first quarter of the fiscal year. The bookings, now at Rs 616 crore, dipped from Rs 711 crore recorded in the equivalent quarter of the previous fiscal year, attributed to diminished volumes and decreased average price realization.

According to a regulatory filing, the company's sales volume reduced by 12.5%, dropping to 0.84 million square feet from 0.96 million square feet in the comparative period of the prior year. Furthermore, sales realization slipped slightly to Rs 7,337 per square foot from Rs 7,407 per square foot previously recorded.

In a notable development, global investment firm Blackstone acquired a 14.3% equity stake in Kolte-Patil Developers in June. The company, founded in 1991, boasts a portfolio of over 68 construction projects totaling more than 30 million square feet across major Indian cities, including Pune, Mumbai, and Bengaluru.

(With inputs from agencies.)