A global investment firm, Xander Group focused is gearing up to invest Rs 300 crore into a project being developed by Bangalore-based publicly held realtor Nitesh Estates. The group focused on infrastructure, hospitality, retail and real estate markets sectors.
As part of its development plans in the commercial property space, Nitesh Estates is constructing a project focused on the retail segment across a prime 8-acre land in Koramangala, a retail and commercial hub in Bangalore.
The land for the project was acquired for close to Rs 380 crore.
Xander’s move to hike its exposure to the real estate market in Bangalore comes at a time when it has already invested over $2 billion in the Indian market.
The global firm announced an investment in Bangalore-based realtor Century Real Estate as well as an promise to invest upto $120 million in Mantri Real Estaterecently.
It is understood that Xander is in the final stages of finalising the $115 million investment in Shriram Projects’ SEZ project in Chennai.
Nitesh Estates has so far developed 22 million square feet of space over the last nine years.
It has a pipeline of about 14 projects with 10.90 million square feet of area under development with an addition 9.12 million square feet of area planned for future development.
The realtor which derives as much as 90 per cent of its revenues from the residential segment is aggressively pushing up its presence in the commercial segment and had recently launched India’s first Ritz-Carlton in Bangalore.