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KPDL completes final tranche payment for stake in Life Republic Township Project

Monday, 30 Nov 2020
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Kolte-Patil Developers (KPDL), a Pune-based real estate developer, has completed the third and final tranche payment of Rs 70 crore to India Advantage Fund-III (IAF-III) and India Advantage Fund-IV (IAF-IV) managed by ICICI Venture Funds Management Company (ICICI Venture) for the buyout of their 50 percent stake in KPDL's flagship township project -- Life Republic. 
 
The payment has been largely funded through internal accruals. The current disbursement follows the second installment of Rs 70 crore paid out in November 2019. 
 
In May 2019, KPDL had announced the buyout of ICICI Venture’s stake for a cash consideration of Rs 210 crore to be paid in three installments. The company has now completed all three installments.  
 
In addition, 12 acre of land in Life Republic with FSI required to achieve saleable area equivalent to 1.4 million sq ft, will be allocated to IAF-III and IAF-IV upon the project obtaining FSI of 1.0 from the present 0.5. 
 
Following the buyout, KPDL’s economic interest in Life Republic increased to 95 percent and the company’s overall economic interest in its entire portfolio of projects grew from around 60 percent to 90 percent. 
 
Life Republic project resides in an SPV called Kolte-Patil I-Ven Townships (Pune). The company, as on 30 September 2020, had a net debt to equity ratio of 0.38 times. 
 
Life Republic in Pune, Maharashtra, is the company's flagship project spread across approximately 390 acre and expected to contribute to revenues, profits, cash flows and return ratios in a significant manner over the next 10-12 years. 
 
It is currently home to 11,000 residents and another 10,000 residents could be added in the next three years. Since inception till H1/FY21, approximately six million sq ft of area has been sold at Life Republic. 
 
In FY20, sales of 1.05 million sq ft were achieved at Life Republic, making it the second consecutive year of around one million sq ft of sales. In value terms, the combined FY19 and FY20 sales amount to around Rs 1,000 crore. 
 
The total saleable area at Life Republic is approximately 20 million sq ft, based on FSI of 1.0, which is currently incorporated in the project design plans. However, the total FSI potential of the project is 1.7 based on the integrated township norms.
 
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