Nitesh invests Rs 400 cr in setting up shopping mall

BANGALORE: Nitesh Group, real estate developers, announced their foray into the retail space with the setting up of shopping mall spread across five acres of land in the city at an investment of Rs 400 crore.
The mall, one of the largest in South India, is being designed by a Seattle-based architecture firm and will house some of the most luxurious brands of world. A portion of the space will also house service apartments.
The project will be completed towards the end of 2009. Speaking on the foray, Nitesh Estates VP, Marketing and Communications Ashok Ganguly said "This foray is key part of Nitesh Estate's larger objective to become a premium real estate player in the country. This is also 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".
Nitesh has already locked up property for rolling out similar initiatives in Chennai, Trivandrum and Cochin in the next six months.
Apart from these, the group will also be setting up super premium retail avenues in luxury five star hotels it is building in Bangalore and Chennai, it said

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