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Nitesh Estates, a Bangalore-based property developer, has announced its entry into the Pune market with an acquisition of 1 million square feet, the Koregaon Park Plaza Centre.
Koregaon Park Plaza Centre, an A grade shopping mall is spread over six acres in upscale locale of Koregaon in Pune.
With this acquisition the Nitesh Estates shopping mall portfolio is now 2.2 million sqaure feet. And it is currently developing 1.2 million square feet shopping mall in the upmarket locale of Indiranagar in Bengaluru.
The Koregaon Park shopping mall can accommodate 130 retail stores, an extensive food court and can house around 1000 cars in the parking space. The mall already has a PVR cinema with 7 screens and Spar supermarket along with brands like Tommy Hilfiger, Collective, M.A.C, Calvin Klein, U.S. Polo Assn., Swarovski and Crossword.
Ashwini Kumar, Executive Director & COO, Nitesh Estates said, “Over the years, Pune has emerged as an important real estate market. We are delighted to acquire this top quality asset and build our shopping portfolio. Koregaon Park shopping mall is undergoing a refurbishment and will soon sport a new food court in addition to fine dining restaurants. The changes will take place while the mall remains operational. Nitesh Estates plans to bring their legacy of design driven and cutting edge facades fashioned by one of the best architects for the mall makeover.”
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