Kolte-Patil Developers, a well-reputed and established construction group, has entered into a Joint Venture Agreement with Portman Holdings, LLC, to develop Rs 275-crore residential project in Pune.

Under the arrangement, Kolte-Patil Developers Ltd and Portman Holdings will hold 50% stake each in the Special Purpose Vehicle (SPV) of the JV, which will be named as Bellflower Properties Private Limited.

The project will consist of 0.85 million sq. ft. of mid-segment residential project in the eastern suburb of Pune.

Portman Holdings LLC is a USA-based real estate development company with projects including hotels, office buildings, retail spaces and residences. At present, Portman Holdings has offices in Atlanta, Mumbai, Seoul and Shanghai.