News Point: Bangalore-based real estate developer plans to pan out over 5 million square feet in the next 3 years.
Bangalore-based Nitesh Estates plans to grow its commercial & rental assets to more than 5 million sq. ft. of space in the near future. This includes locations in the central business districts and significant micro markets of Bengaluru. Nitesh Estates will develop and acquire A-Grade commercial & rental assets with an investment of around Rs. 1500- crore across multiple projects.
To spearhead the vertical Nitesh Estates has appointed Mahesh LaxmanÂ as its Chief Executive Officer of Commercial and Rental Business.
Mahesh Laxman says, â€śNitesh Estates will diversify the portfolio mix with a well balanced commercial & rental asset class. Our plans in Bangalore to build 5 million sq ft of A grade office space will also set the pace to establish a footprint in a number of cities within the next 3 to 5 years.â€ť
Nitesh Estates has forged a strong partnership withÂ Goldman Sachs to acquire ready-made commercial assets on a pan India footprint. In this endeavor cities like Pune, Chennai, Hyderabad and Mumbai have been identified for such acquisitions.
Its first buy under this partnership was an impressive purchase of 1-million sq.ft. shopping mall – Nitesh HUB in Koregaon Park, Pune. Nitesh Estates aims to deliver upscale projects in both, the commercial and retail asset classes.