Nitesh Estates has received the approval from Bangalore Development Authority (BDA) for its Nitesh Virgin Island project. This project, spread around eight acres, will have high-rise towers with high-class residential units aggregating to more than a million sq ft of development. The project will yield a turnover of around Rs 370cr to the company.
It may be recalled here that the company recently launched Nitesh Madison Square, an 18 Million USD, competitively priced luxury residences located in the prime location of Cunningham Road. Comprising 18 units spread over half an acre, Nitesh Madison Square draws inspiration from the street front buildings of Boston and New York by combining the Neo Georgian architecture style with a more modern, minimalist aesthetic. The solid brick structure featuring French windows and a gabled roof are designed to complement the greenery that surrounds the complex.
Nitesh Estates, founded by First generation entrepreneur Nitesh Shetty in 2004, is focused on Office Buildings, Hotels, Homes and Shopping Malls. It was one of the first developers in India to attract foreign direct investment (FDI) in real estate with investor like Och Ziff. This was followed by investment by Apollo Global Capital, Citigroup Property Investors, HDFC Asset Management Company and Goldman Sachs Inc.