Nitesh Estates to spend Rs 800 cr on projects

Real estate developer Nitesh Estates plans to launch four million sq ft of development in the next three-six months with a project outlay of Rs 800 crore. About 70 per cent of these projects would be in the mid-market segment, while the rest would be in the luxury segment. This quarter, the company plans to launch a villa joint-development project near Jakkur in Bangalore. Spread over six acres, the project would see development of about six lakh sq ft.

Besides, the company plans two other project launches in January 2012. Nitesh Estates is looking at couple of opportunities in Chennai. The company plans to commence construction of the 1.2-million-sq-ft Nitesh Mall at a cost of Rs 550 crore, of which Rs 350 crore would be funded through debt. On funding for the new projects, a major portion of the planned investments would be self-funded.