Nitesh Estates to invest Rs 4,000 mn

Bangalore: Nitesh Estates, the real estate arm of the Bangalore based Nitesh Group, marked its foray into the booming retail space with the announcement of setting up a 1 million sft shopping mall in Bangalore.

The mall, which would be the largest in South India, would come up on 5 acres at an investment of Rs 400 crore. The project would be ready by the end of 2009, said Ashok Ganguly, vice-president, (marketing and communication).

Nitesh Estates has already locked up property for rolling out similar retails initiatives in Chennai, Thiruvananthapuram and Kochi in the next six months.

This apart, it would set up super premium retail avenues in five-star hotels it is building in Bangalore and Chennai.

The shopping mall, being designed by a Seattle-based architecture firm, will be come up at Indira Nagar.

Launches project in Kochi

Nitesh Estates, the real estate arm of the Bangalore-based Nitesh Group, has launched 'Nitesh Wimbledon Gardens' at Kochi. Located on the Airport-Seaport Road, the project comprises 900,000 sft of residential area, besides 500,000 sft of office spaces and 100,000 sft of retail area with shopping malls, fitness centres, health clubs and a multiplex.

The project also has two roof-top helipads, said RS Mani, chief executive officer of the company.