In a bid to lessen debt and finance its on-going real estate projects, Nitesh Estates has decided to sell three plots in southern India to generate ₹440 crore. It has sold a mall project in Pune and land for a residential project in Bengaluru. Prior to this, the company sold residential land in Bengaluru for ₹55 crore and has identified plots worth 35 acres in Bengaluru and Kochi that will be divested to pay investors. The company will remain focused on commercial projects, warehouses, data centres, hotels and other rent-yielding assets. Its existing commitment in the residential segment once completed, it will not take up any new residential developments. The company is also looking to hive off its hotel business into a separate entity and raise funds for its future requirements.
📅Published on:
08 April 2019
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