CHENNAI: Nitesh Estates, the real estate arm of the Bangalore-based Nitesh Group, announced that it has acquired nine acres of premium land in the heart of Chennai for Rs. 630 crore.
Located at Chamiers Road in the city’s high-profile Boat Club area, the church land will be taken on lease for 66 years from the archdiocese of Chennai.
The deal, which is the largest in South India, marks Nitesh Estates’ foray into the Chennai’s real estate market. The premium land will be used by Nitesh Estates to develop a mixed use property.
The one million sq. ft. property will house a premium five-star hotel, shopping mall, office block and residential block, says a release.