Bangalore-based real estate and construction player, Nitesh Estates has bagged the Rs. 642-crore worth church property in the heart of Chennai city. Touted as the costliest land deal in South India, the company now has access to a nine-acre plot just off the city’s high-profile Boat Club area.
This Nitesh Estates deal on Chamiers Road on a 66-year old lease, could be the fifth-largest land deal in India after Adania’s Rs 2,250-crore pact with HDIL, DLF’s Rs 1,675-crore acquisition of DCM Shriram property in Delhi, Unitech’s Rs 1,586-crore purchase in Noida and DLF’s Rs 702-crore acquisition of National Textile Mills land in Mumbai. Earlier this year, hospitality major Leela Group purchased a three-acre plot at Chanakyapuri in Delhi for Rs 635 crore.
The deal size could well be in excess of Rs 700 crore, including registration value. According to industry sources, Nitesh may look at developing over one million sq ft of mixed use development on plot.
The nearly a decade-old Nitesh group is in the midst of an expansion across key cities. It is also planning a foray into the hospitality industry and has plans to set up at least five luxury hotels.