Kalpataru and Indian Hume Pipe Signs 15 acre JV Deal in Vadgaon Pune

Kalpataru and Indian Hume Pipe Signs 15 acre JV Deal in Vadgaon Pune


1 year(s) ago

Kalpataru and Indian Hume Pipe Finalize Pact for Pune Project. Kalpataru and Indian Hume Pipe Signs JV Deal in Vadgaon Pune. Real estate developer Kalpataru Limited has signed a definitive agreement with Indian Hume Pipe Company (IHPL) for a mixed-use project in Vadgaon.

This agreement finalizes a memorandum of understanding (MOU) signed in September 2018 between IHPL and Kalpataru Gardens, a subsidiary of Kalpataru. The project involves developing IHPL’s 15-acre freehold land parcel.

Key Points:

  • Revenue Sharing: Kalpataru will receive a 67.5% share of the project’s revenue, with IHPL receiving the remaining 32.5%. This revised share reflects increased development costs, regulatory changes, and a larger project size.
  • Project Scope: The project will encompass primarily premium residential towers with some commercial space. The total estimated development cost is Rs 1,000 crore, spread over two phases and expected to be completed within six to seven years.
  • Responsibilities: Kalpataru will handle obtaining necessary approvals, construction, and sales. IHPL will cover the costs associated with obtaining an increased floor space index (FSI) and converting the land from industrial to residential use.
  • Previous Agreement: The finalized agreement replaces the MOU and incorporates a higher revenue share for Kalpataru due to the aforementioned reasons.

Additional Details:

  • Kalpataru submitted a security deposit of Rs 11 crore.
  • The total project value is estimated at Rs 2,500 crore, with Kalpataru’s share projected to be Rs 1,700 crore.
  • IHPL will be responsible for land-use conversion from industrial to residential.

This project signifies Kalpataru’s commitment to the Pune real estate market and IHPL’s strategy to capitalize on their underutilized land asset.

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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