Nitesh Estates has decided to sell off the 4 acres of the land parcel located at Kakanad village in Kochi, Kerala. The company has finalized the same with a third party for a total consideration of Rs 26.50 crore. This step has been taken by the company in view of the sluggish market conditions.
The proceeds of the sale will be utilized to reduce the debts of the company. This transaction is expected to be completed by September 30, 2016.
Nitesh Estates is a leading integrated property development company headquartered in Bangalore. The company provides world-class products and services and has presence across four asset class - Homes, Hotels, Office Buildings, and Shopping Malls.
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