Despite many controversial ups and down in real estate market there are many still waiting for their cake of realty. According to the sources of www.propertykhazana.com renowned financial magnet J P Morgan global fund is grabbing a share of 45% at the realty firm of Nitesh Estate which will be approximately 40 million US dollar – Rs 204 crore. It obviously a daring step by the company during this slow pace of realty sale units. Nitesh estate is a Banglore based both commercial and residential builder currently will be attending three projects at the locations of Bangalore and Chennai which will extend to a total of 4 million square fit of area. Deal is yet to get finalize between both the teams that will carry up to five years of duration. The raise money will be immediately put on to the ongoing sites of Chennai and Bangalore for its final touch so that it can move to the other undertaken constructions as added by senior team of the company.
But no comment can be recorded from the chief of the financial officer MA Venkateshan of the realty firm as he refused for any dialogues regarding the future plans of the company. It is known to very few that the Nitesh estate is the first to raise the largest private equity capital for its various projects in India. Another credit for the Nitesh estate is that the company is building the first Ritz Carlton Hotel in Bangalore. It will be mega spacious project with 277 rooms for the accommodations with an investment of 125 million US dollar. Construction is on the fast track of its completion and expected to open for the guest by the first quarter of the next financial year. Another one will be at Chennai which is under core scrutiny team of the Nitesh Estate.
Source: NIMMA BENGALURU
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