Property developer Nitesh Estates said it will move heavily into commercial real estate with plans to set up Grade A office space of about 5 million sqft in Bengaluru in the next three years.
Nitesh, which has so far focused on residential projects for the middle and high income groups, will invest about Rs 1,500 crore, across multiple commercial projects to be funded by a mix of debt, equity and private equity. Rs 300 crore has already been deployed.
The company plans to set up 0.45 million sqft office spaces in the central business district of the city and in a land parcel between Electronic City and Outer Ring Road. “We would like to address the lack of Grade A office space in the city,” Mahesh Laxman, chief executive of Nitesh’s commercial & rental business, said.
Read more: The Economic Times
