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Old Posted Sep 15, 2009, 9:54 AM
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Nitesh to go forward with two big projects in Kochi


First project Nitesh Wimbledon garden has obtained EC nod and the second one at
Mulavukad will also be launched soon after raising funds. Nitesh's project got
delayed after its chief financier Citi group went into crisis last year.

Quote:
Nitesh Estates to raise Rs 550 cr to list next year
2 Sep 2009, 0427 hrs IST, ET Bureau

NEW DELHI: Bangalore-based real estate company Nitesh Estates, which is building Ritz Carlton hotel and several residential and commercial
buildings, plans to raise Rs 550 crore by listing its shares on the stock markets early next year.

The funds raised will be used for the construction of 19 residential projects, a city centre mall in high street Indira Nagar in Bangalore and the proposed 267-room Ritz Carlton in the city. The Rs 125-crore firm has close to 15 square feet of developments lined up over the next four years. Part of the money will also be used for acquisition of new joint ventures. The company works only on the JV model to carry out its projects.

In recent times, Nitesh Estates has changed its focus from very high-end residential projects to mid-segment housing in the Rs 20-40 lakh category. Earlier, the focus of the company was high-end residential, which will not be abandoned totally — it is working on a villa project in Goa. The focus of the company is on four cities — Bangalore, Chennai, Kochi and Goa. The company expects the market to stabilise by the end of the year.

ET news
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