The Nitesh Estates was originally incorporated as Nitesh Estates on February 20, 2004 as a private limited company under the provisions of the Companies Act, 1956 in Bengaluru. It became a public limited company on November 3, 2009 and was named as Nitesh Estates Limited pursuant to a certificate for a change of name on November 3, 2009.

The company is promoted by Nitesh Shetty, Pushpalatha V Shetty and the corporate promoter of the company is Nitesh Industries Pvt. Ltd.

The company is in the business of real estate development and is primarily engaged in the development of residential projects in Bengaluru. It is also developing a hospitality project in Bengaluru, a residential and an office project in Kochi. The company is in the process of diversifying into the development of shopping-malls and is expanding its geographic reach to Chennai and Goa. Its residential projects include multi-unit apartment buildings targeted at high-income and middle-income customers. The company is currently developing its first hospitality project which is the first ‘Ritz-Carlton’ brand hotel in India, on Residency Road in the central business district of Bengaluru.

Ongoing Projects of the company

• Nitesh Hyde Park, a residential project in the middle-income segment with 537 residential units, located at Bannerghatta Road, Bengaluru.
• Nitesh Forest Hills, a residential project in the middle-income segment with 284 residential units, located in Whitefield, Bengaluru.
• Nitesh Flushing Meadows, a residential project in the middle-income segment with 264 residential units, located in Whitefield, Bengaluru.
• Nitesh Columbus Square, a residential project in the middle-income segment with 390 residential units, located off of Bellary Road, Bengaluru.
• Nitesh Wimbledon Gardens (Residential), a residential project in the middle-income segment with 672 residential units, located at Airport-Seaport road in Kochi.
• Nitesh Wimbledon Gardens (Commercial), an office project, located at Airport-Seaport road in Kochi.
• The ‘Ritz-Carlton’ brand hotel with 281 keys, located at Residency Road in the central business district of Bengaluru, being executed by an SPV, in which the company owns 20.7% of the equity share capital. One of its Promoters, Nitesh Shetty holds 5.3% of the equity share capital of this SPV.

Subsidiaries of the company

• Nitesh Indiranagar Retail Pvt. Ltd.
• Nitesh Housing Developers Pvt. Ltd.

Milestones

• April, 2006: Corporate housing project for ITC.
• December, 2006: Citi Property Investors acquired 74% stake in Nitesh Residency which is developing the Ritz-Carlton brand hotel.
• January, 2007: AMIF I Limited, an Och-Ziff Captial Management Group entity acquired 28.98% stake in the company.
• May, 2007: Agreement signed to develop India’s first Ritz-Carlton brand hotel in Bengaluru by Nitesh Residency.
• November, 2007: Won the bid for an 8.26 acre property in the Boat Club area in the heart of Chennai.
• September, 2009: HDFC AMC pick up 10.1% stake in Nitesh Housing, an SPV formed to develop projects.
• October, 2009: Executed MOU with Luxury Hotels International Management Company B.V. to set up a full-service luxury international hotel and luxury condominium residences under the Ritz- Carlton brand name.