Guess this: how much can a developer develop residential and commercial space within a span of five years? Two million, four million or five million sq ft? What if we to tell you that one developer has brought more than eight million sq ft under development within a short span of just five years, would you believe it? Believe you will, if the developer is Bengaluru-based Nitesh Estates. As if eight million sq ft of development in five years is not enough, the company has set itself a much higher target. “In the next 3-4 years, we’re going to build 15-20 million sq ft, out of which 80 per cent would be residential projects,” informs Nitesh Shetty, the 32-year-old founder and Managing Director of Nitesh Estates.
High Quality Standards
Nitesh Estates has series of firsts to its credit. It was the first to win India’s largest corporate housing project by ITC in the face of stiff competition by well-established developers. Then again, it has the distinction of bringing the first Ritz-Carlton Hotel to India. Also, it was one among the first few developers to attract foreign direct investment in real estate when Och Ziff Capital Management Group, one of the world’s largest PE funds, picked up 25 per cent stake in the company and Citigroup’s property arm Citi Property Investors invested in the Ritz-Carlton Hotel. HDFC AMC too has picked up a stake in Nitesh Estates.
So what makes Nitesh Estates such a ‘hot property’ for foreign and domestic institutional investors? The premium living, working, lifestyle and leisure space it has developed over the years bears ample testimony to the company’s highest quality standards in property development. “We created benchmarks of our quality, execution and our profile through these projects,” says Shetty.
Benchmark Projects
A look at the ongoing and completed projects of Nitesh Estates will be enough to prove the company company’s credentials in property developments. Nitesh Buckingham Gate was the ultra-premium project developed by the company for the elites of Bengaluru’s high society. Sold by invitation only, Buckingham Gate boasts of ultimate in luxury living. Similarly, projects such as Nitesh Wimbledon Park, Nitesh Mayfair, and other projects are designed for the crème de la crème of Bengaluru’s society. Other residential projects such as Nitesh Forest Hills and Nitesh Central Park have been designed to meet highest standards in property development.
Nitesh has developed one of India’s largest Rs 100 crore corporate housing projects Nitesh Garden Enclave for the management personnel of the ITC Group. It has also developed premium office space such as Nitesh Timesquare and Nitesh Broadway and is planning to develop yet another half million sq ft world class A-grade office complex Nitesh Madison Square. That apart, the 7.5 lakh sq ft Nitesh Mall with lifestyle retail outlets, will be the largest mall located in Indiranagar in the Central Business District of Bengaluru. This project is being designed by globally renowned architectural firm Callison of Seattle. Another mall, Nitesh Lexington Avenue, will be built on Brigade Road, the heart of Bengaluru’s shopping district.