Kolte-Patil Developers Faces Sales Dip Amidst Market Slowdown

Realty firm Kolte-Patil Developers Ltd reported a 13% decline in sales bookings to Rs 670 crore during Q2 due to a slowdown in the Indian residential market. The company continues expansion efforts, recently acquiring land in Pune for a new housing project valued at around Rs 1,400 crore.

Pune-based realty firm Kolte-Patil Developers Ltd has witnessed a 13 percent decline in its sales bookings, which landed at Rs 670 crore during the second quarter of this fiscal year. The drop comes amidst a broader slowdown in the Indian residential market.

Compared to the same quarter last year, the company's sales bookings were Rs 770 crore, showing a clear deceleration. The decline in sales volumes was recorded at 17 percent, down to 0.86 million square feet.

Despite the slowdown, the company remains on its growth trajectory, acquiring a 7.5-acre land in Pune for a project worth an estimated Rs 1,400 crore, expected to offer 1.9 million square feet of saleable area.

(With inputs from agencies.)