Nitesh Estates enters joint development agreement for group housing in Bangalore
Nitesh Estates has signed a joint development agreement with the Reddy family to build an upper mid-income group housing project
By ET Bureau | Updated:
NEW DELHI: Nitesh Estates has signed a joint development agreement with the Reddy family, which has a large land bank in Bangalore, to build an upper mid-income group housing project on prime Sarjapur Outer Ring Road.
The company will be investing Rs 200 crore on the project that will have 700,000 sq ft of space over about 5 acres, said Nitesh Shetty, managing director of Nitesh Estates.
The JDA will develop a green group housing project with about 550 units. “The project will yield total revenue of Rs 300 crore over next 2-3 years adding significant income on a consolidated basis to the company,” the company said in its filing with BSE.
The land parcel is close to the IT hub on Sarjapur Road, where a number of large corporates like JP Morgan, Accenture, Intel and Cisco have their office campuses.
The company will be investing Rs 200 crore on the project that will have 700,000 sq ft of space over about 5 acres, said Nitesh Shetty, managing director of Nitesh Estates.
The JDA will develop a green group housing project with about 550 units. “The project will yield total revenue of Rs 300 crore over next 2-3 years adding significant income on a consolidated basis to the company,” the company said in its filing with BSE.
The land parcel is close to the IT hub on Sarjapur Road, where a number of large corporates like JP Morgan, Accenture, Intel and Cisco have their office campuses.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
Related Articles
Puravankara Bengaluru housing project: Realty firm signs joint development agreement for Rs 1,100 Crore at Doddagubbi2026-06-01T06:28:26Z- Shriram Properties makes bold move into Pune with new joint development agreement2024-10-29T13:34:05Z
- NeoLiv enters into joint development agreement with Royal Green Realty to develop a township in Sonepat2024-08-27T06:49:47Z
ADVERTISEMENT
