Nitesh's financial perfo,rmance has been as impressive as its projects. Irs income from operations almost qua· drupled from Rs 22.36 crore in 2006 ro Rs 86.89 crore in 2009. For the curren! fiscal, the company has already notched up an income of Rs 45.85 crore for six months ended September 30, 2009. The bottomline too has seen impressive jump from Rs 1.37 crore in 2006 to Rs 2.76 crore in 2009. For the first half
Wednesday, April 7, 2010
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 rhe elites of Bangalore'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 creme de la creme of Bangalore'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 Bangalore. 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 hearr of Bangalore's shopping district.
Then, of course, there is the RitzCarlton Hotel, marking Nitesh's foray into the hospitality sector. The 281room 5-star hotel in Bangalore will be equipped with a helipad, yet another first in India, and will be thrown open to guests by April 2011. Nitesh proposes to build the second Ritz-Carlron in Chennai.
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 Bangalore. 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 hearr of Bangalore's shopping district.
Then, of course, there is the RitzCarlton Hotel, marking Nitesh's foray into the hospitality sector. The 281room 5-star hotel in Bangalore will be equipped with a helipad, yet another first in India, and will be thrown open to guests by April 2011. Nitesh proposes to build the second Ritz-Carlron in Chennai.
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 atrract 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 rhe 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.
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 rhe 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.
Guess this: how much can a developet develop residential and commercial space within a span of five years?
Guess this: how much can a developet develop residential and commercial space within a span of five years? Two million, four million or five million sq. ft.? Whar if we to told 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 Bangalore-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 Ni tesh Shetty, the 32-yearold founder and Managing Director of Nitesh Estates.
An impressive array of super premium and high end residential, office
An impressive array of super premium and high end residential, office, commercial and retail projects has seen Nitesh Estates script success story within a short span of just five years. The company is set to go full throttle powered by funds garnered from its forthcoming IPQ, says Prakash Pati!
