Nitesh Estates Ltd is an integrated property development company headquartered in Bangalore, India. The company is the real estate arm of the Nitesh Group having their presence across 4 asset classes. They develop state-of-the-art Homes, Hotels, Office Buildings and Shopping Malls. They undertake most of their projects through the joint-development model as compared to acquiring a freehold or leasehold interest in the land, which reduces the upfront cost of land acquisition and their total project financing costs.
The company has two subsidiary companies, namely Nitesh Indiranagar and Nitesh Housing. They are also having a joint venture company namely, Nitesh Estates-Whitefield. These three companies are engaged in the business of real estate development.
Nitesh Estates Ltd was incorporated on February 20, 2004 as a private limited company in Bengaluru with the name Nitesh Estate Pvt Ltd. In December 2006, Citi Property Investors acquired 74.0% stake in Nitesh Residency which is developing the Ritz- Carlton brand hotel.
In the year 2007, the company completed Nitesh Wimbledon Park, a premium residential project located on Race Course Road, Bengaluru. Also, they completed Nitesh Mayfair, a premium residential project located on Lavelle Road, Bengaluru.
In January 2007, AMIF I Ltd, an Och-Ziff Captial Management Group entity acquired 28.98% stake in the company. In May 2007, the company signed an agreement to develop India's first the Ritz-Carlton brand hotel in Bengaluru. In November 2007, they won the bid for a 8.26 acre property in the Boat Club area in the heart of Chennai.
In the year 2009, the company completed Nitesh Garden Enclave (formerly referred to as Nitesh Long Island), a built-to-suit premium corporate residential project that was developed for ITC Ltd at Bellary Road, Bengaluru.
In September 2009, HDFC AMC pick up 10.1% stake in Nitesh Housing, an SPV formed to develop projects. In October 2009, they executed MoU with Luxury Hotels International Management Company B.V. to set up a full-service luxury international hotel and luxury condominium residences under the Ritz-Carlton brand name.
In October 9, 2009, the name of the company was changed to Nitesh Estates Ltd. In February 12, 2010, BETL acquired 1.48% of the equity share in the company.
The company is developing a hospitality project in Bengaluru and a residential and an office project in Kochi. Also, they are in the process of diversifying into the development of shopping malls and are expanding their geographic reach to Chennai, Goa and Hyderabad. Their residential projects include multi-unit apartment buildings targeted at high-income and middle-income customers.
The company is currently developing their first hospitality project, 'Ritz-Carlton' brand hotel in India, on Residency Road in Bengaluru. Nitesh Indiranagar, a subsidiary company is currently undertaking the development of the Nitesh Mall. Nitesh Housing, another subsidiary is currently undertaking the development of Nitesh Hyde Park, Nitesh Columbus Square, Nitesh Wimbledon Gardens (Residential and Commercial), Nitesh Fischer Island, Nitesh Napa Valley - I, Napa Valley II and Nitesh Malibu.