Pune-based real estate firm Kolte-Patil Developers Ltd on Friday said it had entered into an agreement with Metropolitan Lifespace Real Estate Developers Pvt. Ltd, an entity managed by JP Morgan Asset Management, to jointly redevelop a housing project in Mumbai’s suburbs.
As part of the agreement, Metropolitan Lifespace will invest Rs 120 crore into the redevelopment project titled Jay-Vijay Society at Mumbai’s Ville Parle area, Kolte-Patil said in a filing to the BSE.
Metropolitan Lifespace is promoted by IPFII Singapore 5 Pte. Ltd, an offshore entity managed and advised by JP Morgan Asset Management-Global Real Assets.
The total cost of construction of the redevelopment project stands at around Rs.270 crore. The rest of the amount will be borne by Kolte-Patil, the company said.
The redevelopment project is spread across 2.25 acres. It is expected to be delivered over the next 30-36 months. Requisite approvals are in place, and construction is expected to commence shortly, the company said.