The Ritz-Carlton Group is all set for an Indian foray and is understood to have tied up with the Bangalore-based real estate developer Nitesh Estates. The joint venture property will also mark Nitesh Estates foray into the development of luxury hotels. Founded in 2004 by Nitesh Shetty, Nitesh Estates is an integrated property development company. In a span of eight years, the company has already bought 20 million sq ft of land, and its projects range from premium residential to commercial spaces, hotels, and retail.    

The companys first two projects were A grade office buildings on Bangalores super premium MG Road. A few years later, the company built ITCs largest corporate housing project in India. Foreign Direct Investment has played a huge role in expanding Nitesh Estates into the markets of Goa, Chennai and Kochi.    

This includes 450 crore from New York-based Citigroup Property Investors for a special purpose vehicle (SPV) for developing luxury hotels, and 250 crore from the US-based hedge fund Och-Ziff Capital Management group. Some time back, there were reports that New York- based Forum Capital Partners would invest 300 crore for a 49 per cent stake in another SPV floated by Nitesh Estates.    

Currently, the company is working on carving out 5 million sq ft of premium residential projects across Bangalore, Chennai and Goa.