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Our Bureau

To take equity in the proposed hotel project promoted by Nitesh Estates

Bangalore , Jan. 17

The New York-based Citigroup Property Investors unveiled its plans to invest $500 million on real estate, commercial infrastructure and technology park in India this year.

Citigroup Property has already pumped in $250 million equity in partnership with several promoters in the country since the foreign direct investment was permitted in 2005 in the realty sector.

Sharing the information at a press conference here, Mr David Schaefer, Managing Director of Asia Pacific, said that his company would be taking equity in the proposed luxury category hotel being promoted by the Bangalore-based Nitesh Estates.

While declining to give the quantum of equity exposure in the $100 million hospitality project, Mr Schaefer said Citigroup Property would earmark 40 per cent of its $500 million for the hospitality sector, particularly in the Southern India which with a steep shortage of hotel rooms would be hotspot for investors.

Citigroup Property has also identified two projects one each in Noida in the North and Whitefield in Bangalore with $1 million on each of the centre.

Mr Schaefer said "we believe the real estate sector in Bangalore has tremendous real estate property developers in India, with reputation of quality standards and delviery mechanism in a very professional outfit."

Mr Nitesh Shetty, Managing Director of Nitesh Estates, said that the proposed hotel with 250 room would come up in Bangalore's central business district the in about 30 months. He said his company was likely to finalise the international brand for management of the hotel.

Designed by leading global architects, the hotel would offer world-class amenities, including a retail complex, he said.

Nitesh Estates is engaged in development of high-end residential apartments, office buildings and retail space.

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