Nitesh Estates has announced that it has 100 per cent ownership of Courtyard Construction Private Limited (CCPL) by acquiring remaining 50 per cent stake. CCPL is now going become a wholly-owned subsidiary of the developer.
With this, the luxury housing developer holds full control of 21,000 sq. ft. land parcel located in Cunningham road in Bengaluru. It is planning to develop a luxury residential project which is expected to generate around Rs 110 crore revenue over the next 24 months.
Reportedly back in 2010, Nitesh Estates had acquired 50 per cent stake in CCPL. The Bangalore-based developer has been found in 2004 with a vision to develop premium homes, office spaces, hotels and shopping malls. It has now more than 22 million sq. ft. of space under development with extending footprints in cities like Goa, Chennai and Cochin.
“This gives 100 per cent ownership of prime land parcel of 21,000 sq. ft. situated in Cunningham Road, Bangalore, owned by CCPL. Our next luxury residential project will garner Rs 110 crore topline revenue over next 24 months,” says the company.
Source: IIFL News