Nitesh Estates buys premium land in Chennai

Bangalore: Nitesh Estates, the real estate arm of the Bangalore-based Nitesh Group, announced on Thursday 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.

This is the largest land deal in South India and one of the costliest in the country and marks Nitesh Estates’ foray into 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.