Nitesh Estates have 18 projects in its portfolio, out of which 4 are at the handover stage, 8 are in construction and six are in the approval stage, says Ashwini Kumar, ED & COO of the company.
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.
In an interview to CNBC-TV18, Ashwini Kumar, ED & COO of the company said Q4 sales are expected to be on same lines as Q3 and that there has been increase in revenue recognition in premium projects.
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.
Ashwini Kumar, COO, Nitesh Estates spoke about the Q2 performance of the company sees revenue recognition at least for two projects in the next two quarters.
The pessimism is a little overdone in terms of the mid-income housing segment and consumer purchases of first time buyers. In the range of about Rs 50 lakhs to Rs 1.5 crore, there is still a lot of appetite at least in Bangalore
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.
Ashwini Kumar, COO of Nitesh Estates tells CNBC-TV that though the quarter results are dismal, on a yearly basis, the company has made tremendous progress. “We now have 10 projects underway and have actually grown 58% in revenue terms to Rs 144 crore over the past year,” he says.
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.