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« Red Fort Cap to invest $425 mn in Indian properties | Home | ICICI Plans $2 Billion for Biggest Indian Real Estate Fund »

Nitesh Estate Bags Church Property Deal in Chennai

Nitesh Estates, the real estate arm of Bangalore-based Nitesh Group, has bagged a church property in the heart of Chennai.  The deal gives the company an access to a nine-acre plot just off the city’s posh location – Boat Club area.

The deal has been finalized in Rs 642 crore excluding the registration.

The transaction is one of the costliest deal taken place in South India. It is believed to be the fifth biggest land deal in India after Adani’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.

There were a number of big realty players eyeing the Church property in Chennai. The list includes Sobha Developers and RMZ. Unitech joined hands with Arihant for the bid.

Nitesh Estates is planning to come up with a 1 million sq ft of mixed use construction on the property. The company is in the midst of an expansion across important destinations.

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