Nitesh Shetty, Bangalore’s youngest real estate tycoon is the poster child of India’s new entrepreneurial talent. With just Rs12000 (US $304) and an abundance of ambitious flair, he set up Serve & Volley Outdoor in 1997 at the age of 20. The company has grown to be one of the largest outdoor publicity companies in India. Even as Shetty pushed himself and his company that extra yard to achieve success, the booming real estate market presented a challenge that he felt compelled to take up. The initial break came when a few landowners recognised his potential and entrusted his fledgling business with the development of their property. Nitesh Estates now has more than eight million sq ft in advanced stages of planning and development in residential and A-grade office space, hospitality and retail projects, each with a distinct style brought by internationally reputed designers like Jurong International and hospitality design kingpin Wimberly Allison Tong & Goo.
The face of the country’s new generation of real estate giants, the company is focused on quality and on-time delivery. Says Shetty of the vision he had when he set up in 2001, “The start was humble but our conviction was strong: to be amongst the top developers in the country. We have proven that hard work and focus always pays. We have made our mark in a highly competitive market with rapid and spectacular achievements in a remarkably short span.” In the housing sector, Nitesh Estates is developing a high-end condominium project for ITC’s senior management, which is spread over six acres and has an approximate outlay of Rs 100 crore (US $25 million). The company has set its sights on retail space with plans to develop mega shopping malls across key cities in South India. The first of these is a 1 million sq ft, Rs 400 crore (US $101 million) project on the high street of Bangalore - Indiranagar 100 ft Road.
Ritz Carlton
The company has expanded its footprint to other real estate hotspots like Mumbai, Delhi, Goa, Kolkata, Chennai, Mangalore and Kochi. It closed the largest land deal in South India when it acquired prime land in Chennai’s boat club area for Rs 630 crore (US $160 million) to create a mixed-use property. In Kochi, Nitesh Estates is developing a 1.5 million sq ft environment friendly premium office property. It is also developing a 2 million sq ft Special Economic Zone in Mangalore, which will employ more than 10000 people once it is completed in 2009.
From A-grade office and residential spaces to IT parks, shopping malls and five star hotels, the company has taken a quantum leap in terms of scope and reach. Leveraging the power of branding in the recent past, it roped in Australian cricketer Shane Warne and India’s own tennis star Sania Mirza to endorse Nitesh properties and to project its urbane, upmarket image. The straightforward and matter-of-fact Shetty is known for his focus and clarity of thought and has earned the respect of his peers, competitors, media and customers alike. “My aim is to make Nitesh Estates India’s premier and most trusted real estate developer,” he says. His soaring ambition is reflected in his buildings that are named after prime real estate in USA and the UK – Times Square, Broadway, Mayfair, Buckingham Gate and Forest Hills, symbolising the company’s commitment to international quality.