Nitesh Estates forays realty biz, to set up Rs 400 cr shopping mall

New Delhi, Dec 9 (UNI) Nitesh Estates, an arm of Nitesh Group, today said it will foray into realty business by setting up a shopping mall with an outlay of Rs 400 crore, which is expected to be completed by 2009 in Bangalore.

The realty firm said in a statement that the shopping mall, spread over five acres, will be the largest in South India, has already locked up property for rolling out similar retails initiatives in Chennai, Thiruvananthapuram, and Cochin over the next six months.

Nitesh Estates, headquartered in Bangalore, will also set up super-premium retail avenues in the luxury five star hotels, which it is building in Bangalore and Chennai.

''This foray is a key part of Nitesh Estates' larger objective to become a premium real estate player in the country. This is also an important move for us as this enhances our basket of offerings tremendously and gives us the momentum to make a much larger impression in the real estate arena,'' company's Vice President (Marketing and Communication) Ashok Ganguly said.

The shopping mall will host some of the most luxurious brands of the world, it said adding that a portion of the space will also house serviced apartments.

UNI