In an interview with CNBC-TV18, Ashwini Kumar, ED and COO of Nitesh said that margins worth Rs 750-800 per sq ft is expected from this project and the revenues from it will be recognized from the second quarter of FY17.
According to Ashwini Kumar, COO, Nitesh Estates, although the commercial space has done extremely well, flat growth was seen in the mid-income space.
The company‘s latest project, situated on Bangalore‘s Hosur Main Road, will comprise 262 residential units and will contribute to profitability over 36 months.
Shares of Nitesh Estates jumped nearly 5 percent on Friday after property development company obtained clearances to start operations at 'The Ritz- Carlton', Bangalore, the 5 star luxury hotel in the central business district.
"We launched a project towards the end of September and for that saw a very good response from the customers. So, we are pretty bullish on the Bangalore real estate market as of now," he said.
Nitesh Estates' new residential project situated near the IT hub of Bangalore is expected to fetch revenue of Rs 300 crore in the time span of next two-three years.
Nitesh Shetty, CMD, Nitesh Estates, in an interview on CNBC-TV18 elaborated on the company’s recent announcement of a joined development agreement on their Bangalore project.
Ashwini Kumar, COO, Nitesh Estates says, right now, the number of projects that the company has under construction is nine.