Nitesh Estates launches Rs 100 cr luxury residential project

BANGALORE: Nitesh Estates Ltd, one of India's leading integrated real estate developers, today announced the launch of a Rs-100 crore luxury residential project here.

The project -- Nitesh Logos -- would be located in the central business area MG Road and provide all modern amenities, company officials said.

The project is expected to be completed in two years. The company's Executive Director L S Vaidyanathan said the company has launched six residential projects, after its listing on stock exchanges on May 13 last year.

"Work on these projects has begun. Currently, 4 million sq ft of developable area is in the execution stage. We have witnessed a good uptick in sales and we are happy to announce that 1 million sq ft has been sold in the first three quarters of FY11," he said.

Vaidyanathan said architecture and design of Nitesh Mall, which would come up in Indiranagar here, is in advanced stage and it would soon launch the lease of the project.

For the three months ending December 31, 2010, the company reported a consolidated total income of Rs 31.8 crore and profit after tax of Rs 2.58 crore.