Kolte-Patil Developers Ltd has signed a joint development agreement with a landowner to develop a 22-acre residential/mixed-use project in Pune. The project, located in Wadgaon Khurd on Sinhagad Road, has an estimated Gross Developable Value (GDV) of Rs 40 billion ($480 million) and a saleable area of around 5 million square feet.

The Pune-based developer did not disclose the name of the landowner. The project falls within the Pune Municipal Corporation limits and aligns with the company’s ongoing expansion in key urban markets.

Kolte-Patil has delivered over 64 projects across Pune, Mumbai, and Bengaluru, covering more than 28 million square feet. Meanwhile, Pune’s housing market saw a 31% annual decline in sales to 18,240 units in Q4 2024, as per PropTiger. Additionally, a Gera Developments report noted that average residential property rates in Pune hit an all-time high of Rs 6,590 per square foot, marking an 11% annual rise in 2024. However, total housing sales dipped 5% to 90,127 units in the same year.