no wonder buckminister fuller termed the catholic church 'the largest robber baron on earth' in his 1982 bio 'critical path'. he also of the immortal words: 'god is a verb, not a noun proper or improper'
sudhir Economic Times Chennai; Date:2007 Oct 16; Section:Business & IT; Page Number 6 *Nitesh Estates bags church land in Chennai for Rs 642 crore* Boby Kurian & Rajesh Unnikrishnan BANGALORE/MUMBAI IN A highly-competitive bid, Nitesh Estates pipped heavyweights Unitech, DLF and HDFC Realty with a Rs 642-crore offer to bag church property in the heart of Chennai city, sources said. The deal gives the Bangalore-based real estate and construction player, managed by 31-year-old Nitesh Shetty, access to a nine-acre plot just off the city's high-profile Boat Club area. At Rs 642 crore excluding registration, the transaction is the *costliest land deal in the south* and jostles for a place among the biggest deals nationally. The Chennai archdiocese had put the land parcel on Chamiers Road on a 66-year lease, and called bids for the same with around 30 expressions of interest coming in the initial round. The just-concluded transaction could well be the fifth-largest land deal in India after Adani's Rs 2,250-crore pact with HDIL, DLF's Rs 1,675-crore acquisition of DCM Shriram's property in Delhi, Unitech's Rs 1,586-crore purchase in Noida and DLF's Rs 702-crore buy of National Textile Mills' land in Mumbai. Earlier this year, hospitality major Leela Group purchased a threeacre plot at Chanakyapuri in Delhi for Rs 635 crore. The latest one in Chennai closely follows Citigroup's $250 million investment into Nitesh Estates, as reported by ET last week. When contacted, a Chennai archdiocese representative declined to comment. Nitesh Group senior vicepresident (business development) Hugh Britto offered no comments. The deal size could be well in excess of Rs 700 crore, including registration value. Sources said the bidding fray also had southern realty bigwigs like Sobha Developers and RMZ. Unitech has tied up with local player Arihant in placing the bid. Unconfirmed bids also suggested interest from corporate giants like Reliance Retail and ITC. It is believed that Nitesh could look at developing over one million sq ft of mixed use development on the plot, which may include a five-star hotel, office space and a shopping mall. The decade-old Nitesh Group is in the middle of unfurling expansion plans in other cities, and an ambitious hospitality foray involving the setting up of at least five luxury hotels across five centres. Last year, Nitesh inked a definite deal to bring Ritz Carlton to India with the first property in Bangalore. While Nitesh is not the exclusive partner to Ritz Carlton in India, it could well be the preferred party for future expansion, sources said. The Ritz Carlton arrangement, as well as the move by the $26-billion global hedge fund Och-Ziff to invest, catapulted Nitesh into national limelight in recent times. Citigroup's $250-million infusion was the biggest by the global financial powerhouse in the domestic realty sector. [EMAIL PROTECTED] --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/greenyouth?hl=en-GB -~----------~----~----~----~------~----~------~--~---
