Nitesh Shetty from budding tennis star to real estate tycoon
In 1997 Nitesh Shetty decided that if he couldn’t be number one in tennis he would try for somewhere else where he could have similar prestige.
Nitesh borrowed Rs 12, 000 = USD294.55 from his mother and went out to seek his fortune in the outdoor billboard business in IT city Bangalore and pay her back.
In 2002 he directed his interests into Nitesh Estates and brokered his first deal by getting a lady to give her prime property on IT city’s MG Road for development and convinced the chairman of Dhanalakshmi Bank to sanction a loan to put a building on the high street.
Five years of applying that formula with increasing credibility and he has converted his original stake into the current Nitesh Estates a Rs 900-crore or a Rs 9,000,000,000 = USD220,000,000 real estate business group.
Such are the IT city’s burgeoning real estate needs that Nitesh Estates has over 6 million sq. ft. under construction in residential and commercial space plus hospitality and retail projects in advanced planning including a Ritz Carlton Hotel in Bangalore with American financing.
“I made my first million from the first real estate project I executed. In this business, I must admit the margins are high, but it takes a lot to build credibility,” says Shetty.
Nitesh Shetty, standing tall and building his prestige in the world.
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