Nitesh Estates has commenced construction of its commercial project situated at Ali Askar Road, off Cunningham Road, Bangalore. The Company could not launch the project earlier, due to certain hurdles including vacation various tenants from the premises. Now, all the tenants have been vacated from the premises. The company has achieved financial closure of Rs 170 crore for the project. The project will be completed in next 36 months and the property expected to generate an annual rental income of approximately Rs 50 crore and the Company's share will be 50% on this venture.
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