Nitesh Estates, Bangalore based realty firm, announced that it has acquired nine acres of premium land in Chennai's high profile Boat Club Area for Rs 630 crore. This land is the most expensive land with a price of Rs 70 crore per acre. The firm is planning to develop one million square feet of the site, which will have a five-star hotel, shopping mall, office block and residential block. Mr. Hugh Britto, Senior Vice President (Business Development), Nitesh Estates, said, "Going forward, we intend to replicate in Chennai what we have achieved in Bangalore, that is to create high-end premium properties in residential, commercial, retail and hospitality."