Nitesh Estates - 100% subsidiary - Nitesh Indiranagar Retail, which will develop and own the Retail Mall of approximately 1.2 million square feet at Indiranagar, Bangalore and has concluded the supplementary agreement with the Landowners. The auditors had earlier expressed their concern as a matter of emphasis in the Annual Accounts over this project over last 2 years, which is now resolved.
The subsidiary will now take up this project and is expected to complete the construction within 37 months. This property has the potential of rental earning of Rs 60 crore per annum to the subsidiary. The project will improve the substantial revenue and profitability of the company, on the consolidated basis.
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.
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DLF | 907.70 |
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