INTEGRATED REAL ESTATE DEVELOPER NITESH ESTATES GETS FUNDING FROM CITIGROUP PROPERTY INVESTORS.

Bangalore, January 10, 2007: New York based Citigroup Property Investors today announced an investment of $ 30 million in Nitesh Estates, one of Bangalore's leading real estate developers, for a 250 room luxury hotel project.

Citigroup Property Investors is set to invest $ 500 million in the Indian realty sector.   The investments will be made through the SPV route. The investment of $ 30 million in Nitesh Estates is the first of the Group's investments in the country.

Commenting on this association, Mr. Nitesh Shetty, Managing Director, Nitesh Estates said, " At Nitesh Estates, we are committed to making a qualitative impact on the real estate sector in the city.   This investment from Citigroup Property Developers will help us transforming the hospitality sector in Bangalore. Our luxury hotel project will offer discerning travelers the very best in terms of amenities and facilities. We are happy that Citigroup will partner us in this venture."

Mr. David Schaefer, Managing Director, Head of Asia Pacific, Citicorp Property Investors said, " We believe the real estate sector in Bangalore has tremendous growth potential.   Nitesh Estates is one of the fastest growing integrated real estate property developers in the city, with reputation of being customer focused and quality conscious. We are confident that out strategic alliance will play a positive role in the development not only in terms of growth of real estate industry but also in terms of delivering quality to an extended audience."

The new luxury hotel project will be located on Residency Road  in the heart of Bangalore's Central Business District. Designed by California based architects Wimberly Allison Tong and Goo (WATG), this hotel will offer world-class amenities such as luxurious rooms designed to meet the needs of the modern traveller, a state-of-the-art spa, three to four restaurants as well as banquets facilities. The project is expected to be completed in the next 30 months..  
                                                            

A leading integrated property development company headquartered in Bangalore, Nitesh Estates is engaged in the development of high end Residential Apartments, Office buildings, Hospitality projects, Townships, and IT Parks.   Nitesh Estates recently bagged a Rs. 100 crore housing deal from ITC Limited

NITESH ESTATES TO SET UP IT ParkIN MANGALORE

Bangalore, July 31, 2006: Nitesh Estates, the real estate division of the
Nitesh Group has announced the roll out of a 2 million square feet IT Park in Ganjimutt, Mangalore.

In keeping with the Karnataka Government's strategy of developing TIER II
cities as IT/ITES hubs, Nitesh Estates has launched the project in the city
of Mangalore. The vast project is designed as per international standards
thus offering the finest spaces to work with a world-class ambience. The 2
million sq.ft IT Park will provide state of the art IT space with training
centre, R&D, support infrastructure such as housing for employees, and other
critical infrastructure. The proposed project will also provide employment
to over 10, 000 people. The Nitesh Estates Mangalore IT Park is estimated to be
completed by early 2009.

Speaking on the roll out, Mr. Nitesh Shetty, Managing Director, Nitesh
Estates said, "The port town of Mangalore is fast evolving as a major IT /
ITES and BPO destination, with major international investors and
multi-nationals looking at the city as a hub of varied business. With our
unparalleled expertise in property development, we aim creating a Zone which
is well-equipped and offers state-of-the-art facilities that match
international standards, and contributing to Mangalore's growth as the new
IT hub of Karnataka."