Bangalore: Kolte Patil Developers Ltd has bought back stakes in two projects from UK-based Epsilon Investments Ltd for a deal value of 65.62 crore, the company informed BSE on Tuesday.

The Pune-based developer, which had a 51% stake in the Pune and Bangalore projects, has bought the remaining 49% holding in both from Epsilon, which had purchased the stakes from Kolte Patil in 2008-09.

The buyback is a result of Kolte Patil scrapping its original plan to build hotels in the two locations, and instead deciding to construct high-end residences, group chief executive Sujay Kalele said over the phone.

The Pune property, which has got a commencement certificate to start construction, has around 450,000 sq. ft. of saleable area; the Bangalore property has 580,000 sq. ft. of saleable area.

“Both the wholly owned subsidiaries have huge potential and will add value to KPDL’s plans in the residential category. The qualities of the land parcels fit in with our upcoming plans for KPDL’s 24K brand, and this acquisition signifies our positive expectations for the brand," Kalele said in a statement.

Kolte Patil was trading 1.75% higher at 104.50 at about 1pm on BSE, while the Sensex was slightly down at 19,470.76 points.

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