Kolte Patil sells 500 flats in 40 days in new Pune project

Pune-basedKolte-Patil Developers said it has sold 500 units in its new project, ORO Avenue.

The project, which was launched last month, has seen bookings worth Rs 186 cr. The figure works out to an average of Rs 37.2 lakh.

“When compared to other projects recently launched in Pune, OROR Avenue has sold maximum inventory in a span of just 40 days,” said Group CEO Gopal Sarda.

The tepid demand indicates that the real estate market may be seeing the return of demand after a prolonged slowdown.

ORO Avenue is part of the developer’s Life Republic, a residential township being developed by Kolte Patil Hinjewadi in Pune.

ORO Avenue consists of several towers of 22 floors each, including facilities such as a cricket practice net, a mini soccer field, a palm court, swimming pools and a skating rink.

The company called the response ‘overwhelming’.

The real estate market in India has been under a prolonged slump due to structural reasons, after prices ran far ahead of people’s ability to pay.

“This launch has emerged as a trend-setter in the real estate industry and the huge response mirrored the essential demand for Kolte-Patil homes,” said Group CEO Gopal Sarda.

He said the project received investments from Pune, Mumbai, other parts of India as well as non-resident Indians.

Besides residential complexes, Kolte Patil has also developed commercial complexes and IT parks in Pune and Bengaluru.