Nitesh Estates secures Rs. 170 crore financial closure for Bangalore project

Integrated real estate developer Nitesh Estates has executed an agreement for the development of a premier property at Ali Askar Road, off Cunningham Road in Bengaluru.

The development of this property was delayed due to tenant occupancy issues. Since all the premises are now vacant and the financial closure for Rs. 170 crore now secured, the company has commenced the project.

The venture is scheduled to be completed in the next 36 months and the company expects to generate an annual rental income of approximately Rs. 50 crore. The company's share will be 50 per cent of the venture.

Meanwhile, the stock of Nitesh Estate was trading at Rs. 13.20 per share, down 2.22 per cent during the morning session on Tuesday.