Nitesh Estates subsidiary - Nitesh Urban Development has signed a joint development agreement for the development of 700,000 square feet of residential apartment at Sarjapur Outer Ring Road, Bangalore adjacent to the IT hub. Further, the project will yield total revenue of Rs 300 crore over the next 2 to 3 years adding significant income on consolidated basis to the company.
Recently, Nitesh Estates had entered into a joint development pact for about 3 acres of site off Cunningham Road in Bangalore for mixed use development for office, high end residential and retail segment. The project would give a turnover of Rs 400 crore and will have significant cash flow and rental income to the company.
Nitesh Estates is in the business of real estate development and is primarily engaged in the development of residential projects in Bangalore. It is also developing a hospitality project in Bangalore, a residential and an office project in Kochi.
