Nitesh Estates signs Rs450-crore JV deal
Nitesh Estates has signed a joint venture for development of villament project Nitesh Palo Alto, off the Sarjapur-Marathahalli Outer Ring Road, Bangalore. The project is located in the heart of the IT corridor with good connectivity to Electronic City, Whitefield, and other leading Tech Parks across Bangalore.
Nitesh Palo Alto revenue is expected to be Rs450 crore. The project size, in terms of area is 11 acres, with 70 per cent of the land designated to landscaping and open spaces.
Speaking on the signing of the JV, Ashwini Kumar, executive director and COO, Nitesh Estates said, “Nitesh Palo Alto is located off the Sarjapur-Marathahalli Outer Ring Road, and is a thoroughfare for at least five lakh people on a daily basis, who travel to and through the IT Hub for work. Around three lakh people work in the immediate vicinity of the upcoming development. Our previous launch in this locality has been Nitesh Cape Cod, which has seen overwhelming response, and we expect a similar response for Nitesh Palo Alto too.”