Nitesh Estates buys land in Bangaluru; eyes Rs 110 cr revenue

Nitesh Estates Ltd has acquired full control of 21,000 sq ft land parcel in Bengaluru and expects Rs 110 crore revenue from development of a housing project on this site.
In 2010, the realty firm had acquired 50 per cent stake in Courtyard Construction Pvt Ltd (CCPL), which owns this land parcel.
In a BSE filing, the Bengaluru-based developer said it has acquired the remaining 50 per cent of CCPL, which has now become 100 per cent subsidiary.
"This gives 100 per cent ownership of prime land parcel of 21,000 sq ft situated in Cunningham Road, Bangalore, owned by CCPL," the company said.

Nitesh Estates said that it will be launching luxury residential project shortly, which will "garner Rs 110 crore topline revenue over next 24 months".