Kolte-Patil Developers Limited, one of the leading real estate developers in India, have launched ‘Green Olive’ project, a four star serviced apartments project, at Rajiv Gandhi IT park, Hinjewadi, Pune with a total investment of 74 cr.

‘Green Olive’ service apartments will have capacity of 100 studios and one bedroom apartments with facilities like pantry, dinning space, 24 hrs multi-cuisine restaurant, gym, swimming pool, shopping center, Wifi connectivity, conference & meeting halls etc. The company plans to complete this project in 15 months and get the serviced apartments operational by 1st May 2009. The serviced apartments will be managed by Kolte-Patil through a company namely Lilac Hospitality floated in collaboration with a UK based hotel chain. With an average room tariff of Rs.7000 per night and projected occupancy of 70%initially, increased to 90% in subsequent years, the company expects to break even in 3-4 years, with an expected revenue of Rs.18 cr. p.a.

While Speaking about the launch of ‘Green Olive’ Mr. Girish Lakhe, CFO, said “Today Rajiv Gandhi IT park has a requirement of more than 1000 rooms per day. With ‘Green Olive’, Kolte Patil Developers plan to tap this market by providing facilities that meet the requirement of today’s business travelers, IT companies and software engineers”

Spread on 7 acres of land, ‘Green Olive’, along with the serviced apartments, will also have commercial space comprising food court, heath club & shopping center and 85 fully furnished residential apartments.

Sourced From: Sampark Public Relations Pvt Ltd

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