Nitesh Estates has commenced the construction of prime property situated at Ali Askar Road, off Cunningham Road, Bangalore and financial closure of Rs 170 crore for the project has also been secured. The project will be completed in next 36 months and the property is expected to generate an annual rental income of around Rs 50 crore and the company’s share will be 50% on this venture.
Earlier in April 2011, the company had executed Joint Development agreement for development of the said property. The company could not launch the project earlier, due to certain hurdles including vacation various tenants from the premises. Now, all the tenants have been vacated from the premises.
Nitesh Estates is a leading integrated property development company headquartered in Bangalore. The company provides world-class products and services and has presence across four asset class - Homes, Hotels, Office Buildings, and Shopping Malls.
