As part of its expansion plans in the commercial real estate space, Nitesh Estates is building a project focussed on the retail segment across a prime 8-acre land in Koramangala, a retail and commercial hub in Bangalore.
The land for the project was acquired for close to Rs 380 crore.
Xander’s move to increase its exposure to the real estate market in Bangalore comes at a time when it has already invested over $2 billion in the Indian market across private, public and credit investments.
Recently, Xander announced a investment in Bangalore-based realtor Century Real Estate as well as an commitment to invest upto $100 million in Mantri Real Estate.
It is understood that Xander is in the final stages of finalising an $110 million investment in Shriram Projects’ SEZ project in Chennai.
Nitesh Estates has been actively courting private equity funds during the last few years and has raised funds from Citigroup Venture Capital, Och Ziff, HDFC Asset Management besides The Apollo Group of the United States.
Nitesh Estates has so far developed 20 million square feet of space over the last nine years.
It has a pipeline of about 14 projects with 10.77 million square feet of area under development with an addition 9.12 million square feet of area planned for future development.
The realtor which derives as much as 90 per cent of its revenues from the residential segment is aggressively pushing up its presence in the commercial segment and had recently launched India’s first Ritz-Carlton in Bangalore.
It is also developing a mall spread over 1.11 million sq ft in the prime commercial and residential hub of Indiranagar in the city.