On 8th April 2011 the Company has made an announcement of execution of Joint Development agreement for development of a prime property situated at Ali Askar Road, off Cunningham Road, Bangalore. 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 has informed that the Company has commenced the project construction 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 expected to generate an annual rental income of approximately Rs 50 Crore and the Company's share will be 50% on this venture.
The above information is a part of company’s filings submitted to BSE.
