‘Variety Is The Spice Of Nitesh Estate’s Contributions’ Managing Director, Nitesh Estates

‘Variety Is The Spice Of Nitesh Estate’s Contributions’ Nitesh Shetty, Managing Director, Nitesh Estates

Nitesh Shetty, Managing Director, Nitesh Estates talks about the growth of his company and its contribution to the real estate sector. Nitesh Estates, the real estate arm of the Nitesh Group, is an integrated property development company headquartered in Bangalore with offices in six other cities. Within five years of its existence, Nitesh Estates has developed state-of-the-art office spaces, residential condominiums, retail, hospitality projects, SEZs and integrated townships in various regions of the country. Today it has created a benchmark in the real estate industry and acquired more than four million sq ft of space, now being developed as premium living and working spaces.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.