Kolte-Patil Developers Limited has signed a joint development agreement for a residential project spanning around 1.1 million sq. ft. in Bhugaon, Pune, with an estimated gross developable value of approximately ₹850 crore. The project, located in an emerging residential micro-market near Bavdhan and Kothrud, aligns with the company’s strategy of expanding through capital-efficient partnerships in high-growth locations.

The company did not mention the name of the landowner with whom it has signed the joint development agreement, according to a report by Hindustan Times.

Bhugaon is an emerging residential destination in Pune. This land parcel is surrounded by established premium markets like Bavdhan and Kothrud and is adjacent to the Mumbai-Pune Expressway as well as Shivaji Nagar railway station, the company said.

The project is set to benefit from being in close proximity to large employment hubs as well as the access to advanced social infrastructure comprising schools, hospitals, shopping malls and entertainment hubs making this a very unique and attractive proposition, the company said in a regulatory filing.

“This transaction aligns with our strategy to systematically strengthen our presence in high-potential micro-markets benefitting from evolving demand trends. This project in Bhugaon marks the next step in expanding our portfolio through capital-efficient partnerships,” said Rajesh Patil, managing director, Kolte-Patil Developers Limited.

Kolte-Patil Developers Ltd, incorporated in 1991, is a leading real estate company with a dominant presence in the Pune residential market and a diversified presence in Mumbai and Bengaluru.

In FY26, the company entered into a strategic partnership with global investment firm Blackstone with the latter acquiring a 40% stake in the company following a two-phase transaction involving the preferential allotment of equity shares and a secondary equity share acquisition from existing promoters.