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Nitesh Estates, public listed Bengaluru-based property developer, in line with its strategy to exit the residential business, on Monday, said it has exited from residential land parcel of 21,000 square feet for Rs 55 crore located in the heart of Cunningham Road.
After selling the land a prime residential land parcel, the company has reduced its debt by another Rs 40 crore by repaying HDFC Ltd. The company said “Land exit is in line with the strategy of focussing only on commercial asset class.” The company has in the last three weeks brought down its consolidated debt by almost Rs 450 crore.
Nitesh Estates had already reduced its debt by Rs 407 crore by exiting its prime mall property in Pune. Going forward, the company has already announced that it will focus on commercial office buildings, hotels & resorts, data centres, amusement parks and other rent-yielding assets.
L S Vaidyanathan, Executive Director, Nitesh Estates, commenting on the transaction said “The sale of the prime property is in accordance with our objective of completely exiting residential asset class and focus on commercial property development. Besides, we are also committed to reduce our debt further”.
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