Nitesh Estates Limited is preparing in advanced discussions with PE firms to rise whopping 400 Cr of funds for the development of residential spaces. It is one of the biggest fund-raisings of the company since two years when they listed their shares bourses. According to Nitesh Shetty, the managing director and chairmen, Nitesh Estates, the company is going to raise funds from Nitesh Housing Developers, their subsidiary, for residential projects development. Nitesh is a Bangalore-based developer who is engaged in building Ritz Carlton Hotel in the heart of Bangalore.
They are going to introduce five new projects, including two new luxury real estate projects Nitesh Long Island at Devanahalli andNitesh Melbourne Parkin Hennur Road. Nitesh has also introduced another luxury villa township named Napa Valley at Bellary Road. Nitesh Napa Valley has been enjoying closeness to all the new-age convenience when it comes to get ensconced just opposite to NH7. It is located opposite to Peripheral Ring Road. It is accessed within 30 min from MG road and it is promising to be an ideal getaway from the hustles and bustles of daily life.
Because of the self-liquidating nature, residential projects are said to be the flavor of the season and such assets have their takers. Positioning of a project, location and its pricing play an important role in the investment of the space. It has been reiterated by the property consultants that have reiterated that Bangalore has changed the game with several PE firms before initial offering in public of 495 Cr in the year 2010 despite the fact that Indian real estate market is seeing slow growth when it comes to project launches and sales.
In the Nitesh Estates, it is going to be fourth stake sale by the investor and its stake has been sold in a shopping mall project in Bangalore. Despite having pipeline of strong launch by Nitesh Estates and having large portfolio of residential projects, delayed project executions was worrying, according to the property analysts. The revenue of Nitesh Estate has been rose up by 8.42% to 12.56 Cr. The execution of the project is getting ramped and closed. In different stages, 16 projects are under development with large-scale contractors like Ahluwalia Contracts, Simplex Infrastructure Ltd and Larsen & Toubro Ltd.
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