The Xander Group, a global investment firm, is preparing to inject ₹300 crore into a project being developed by Nitesh Estates, a publicly held realtor based in Bangalore. This group concentrates its efforts on infrastructure, hospitality, retail and real estate market sectors.
Nitesh Estates is developing a project focused on the retail segment across a prime 8-acre parcel in Koramangala, a retail and commercial center in Bangalore, as part of its development plans in the commercial property sector. The land acquisition for the project cost close to ₹380 crore.
Xander’s decision to increase its investment in Bangalore’s real estate market occurs when it has already invested over $2 billion in this particular market.
This global firm recently declared an investment in Century Real Estate, another Bangalore-based realtor, along with a commitment to invest up to $120 million in Mantri Real Estate.
Reportedly, Xander is nearing completion on a $115 million investment in Shriram Projects’ SEZ project located in Chennai.
Nitesh Estates has developed 22 million square feet of space over the past nine years. The company has approximately 14 projects in the pipeline, encompassing 10.90 million square feet under construction and an additional 9.12 million square feet scheduled for future development. The realtor, which generates approximately 90% of its revenue from residential properties, is aggressively expanding its footprint in the commercial sector and recently launched India’s first Ritz-Carlton in Bangalore.