Nitesh Estate signed deal with Garden City Realtor for residential projects


The Nitesh Estates recently signed a joint venture deal with the realtor named Garden City and this deal is finalized for its three residential projects in Bengaluru. The joint venture will help Nitesh Estate to clear the outstanding debt of Rs. 200 crores, the sources said.

The sources were quoted saying that the tie-up is for three projects that total 1 million sq ft and these projects include Park Avenue, Napa valley and Knightsbridge. The sources also informed that the Nitesh Estate aims to bring down their outstanding debt by half a number till December 2019.

Earlier this year, the Bengaluru-based Nitesh Estates lowered their debt of Rs. 1500 crore by Rs. 450 crores by selling land parcels in the city along with present joint venture with Goldman Sachs for a Mall.

In the next two quarters, Nitesh Estates plans to focus on commercial real estate with projects covering 3 million sq ft.

The Yes Bank and HDFC Ltd are few of the big lenders to the company and IDFC Fund Management is a project-level investor.

To improve the current situation, the Nitesh Estate also reframed their business strategies to fight a residential market after the implementation of the Real Estate Regulatory. Nitesh Estate is a realtor known to deliver premium residential and commercial projects in the Indian real estate market.