Kolte Patil Developers announced that the Company through its subsidiaryKolte-Patil I-Ven Townships (Pune) (KPIT) has entered into an agreement with Planet Smart City, a UK based proptech company, for the second and final leg of strategic land monetization at Sector R10 in KPDL's Pune-based township project Life Republic for Rs 81.29 crore. This portion of land measuring ~4.92 acres in Sector R10 has a residential development potential of 6.8 lakh sq. ft. in terms of saleable area.

This agreement follows the initial transaction of Rs 91 crore between the two companies announced in April this year, for monetization of ~5.42 acres in Sector R10 with residential development potential of7.6 lakh sq. ft. based on saleable area. Aggregate value of both these transactions over two phases is Rs 172 crore.

Similar to the previous agreement, this land parcel in Sector R10 will be jointly developed by KPIT andPlanet Smart City in the profit sharing model.

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Kolte Patil Developers announced the resignation of Atul Bohra as the chief Financial officer and Key Managerial Personnel of Kolte-Patil Developers and his resignation will be effective from the close ofbusiness hours on 21 December 2020. Atul Bohra shall be inducted to another strategic role within the KPDL Group.

The Company is in the process of appointing a new Chief Financial Officer and the same wilt be intimated to the exchanges in due course. Meanwhile, Atul Bohra along with the Finance and Accounts Heads would oversee the CFO function.

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Kolte Patil Developers announced that it has been acknowledged as India's most trusted brand in the 10th edition of TRA's Brand Trust Report. Kolte-Patil was accorded the highest rank in the 'Construction' super category that includes real estate companies as well as EPC contractors, ahead of many prominent companies in the sector. The Brand Trust Report is a result of comprehensive primary research conducted across 16 cities on TRA's proprietary 10-Brand Behaviours, through which 8,000 unique brands were analysed to list the top 1000 trusted brands in India.

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Kolte Patil Developers announced that the Company 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 Limited (ICICI Venture) for the buyout of their 50% stake in KPDL's flagship township project - Life Republic.

As indicated earlier, the payment has been largely funded throughinternal accruals. The current disbursement follows the second instalment of Rs. 70 crore paid out in November 2019.

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