Hdfc Property To Buy Into Nitesh Mall

HDFC Property Ventures is investing $20-25 million into South Indias largest central business district (CBD) mall developed by Nitesh Estates in Bangalore. The move probably marks the $900-million HDFC Property Ventures foray into retail infrastructure in a rather tight-market environment, sources said.

HDFC Property Ventures will pick up around 20-25% stake in the 6-lakh sq ft Nitesh Mall, which is being designed by Seattle-based Callison. Nitesh Mall, which is the Bangalore-headquartered real estate firms first retail play, is estimated to be a Rs 300 crore project.

The Nitesh Mall will come up on a 5.5 acre patch near hotel Leela Palace, off the Indiranagar 100-ft road that is considered one of Bangalores highstreet retail hubs, with most big brands operating their flagship stores there. When contacted Nitesh Estates director, development, LS Vaidyanathan declined to comment on the deal. HDFC Property Ventures CEO KG Krishnamuthy could not be contacted immediately.

The development comes at a time when private equity funds are believed to be staying away from real estate/retail investments on account of the weakening consumer sentiments and an economic slowdown. HDFC Property Ventures is Nitesh Estates third PE partner.

Last year, the firm attracted investments from New-York based Och Ziff Capital and Citigroup Property Investors, with the latter co-developing the Ritz-Carlton hotel in Bangalore with Nitesh.

Nitesh Estates had announced that it has identified property in southern cities of Chennai, Thiruvananthapuram and Kochi for similar retails initiatives. Construction of the mall in Bangalore is expected to be completed by 2009-end.

The current retail rentals on Indiranagars 100ft Road is estimated at Rs 200/350 per sqft.

The Nitesh Mall will easily be the biggest retail infrastructure in Bangalore where the other prominent malls are The Forum (3.5 lakh sq ft), Garuda (1.5 lakh sq ft) and UB City(1 lakh sq ft). It must be mentioned that HDFC Property Ventures has signaled its interest in organised retail in the past, and interestingly, unconfirmed media reports earlier have linked HDFC Property Ventures to global retail biggies like Carrefour.

Published at:www.indiarealestateblog.com

About the Author:
Johnparker, the author of many articles regarding India Real Estate andIndia Real Estate Buying Selling Tips is a Realestate advisor and giving assistance to the people for indiarealestate and providing information on Real Estate Market in India.

Article Originally Published On: http://www.articlesnatch.com

Tags: HDFC Property Ventures

, Nitesh Estates Bangalore

, retail infrastructure in Bangalore

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