Renowned Bangalore builder to exit from residential housing

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Announces to focus on rental yielding assets.

By Accommodation Times Bureau

BENGALURU:

Bangalore based Nitesh Estates, a property developer has decided to entirely exit from residential housing space and focus on rental yielding assets.

Once all the obligations of delivery to customers, other stakeholders and lenders in the residential business have been met, it will be exiting the home building (residential) space, an official said.

Today company announced the strategic decision to only focus on rental yielding assets. Currently, the company has 11 on-going residential projects out of which many of them are in the final stages and shall be completed in this calendar year 2019, and few of them might spill over to the following calendar year 2020.

“All the land parcels for the residential projects, which company holds and have not launched the projects, shall either be exited completely or sold down to reduce the debt or converted to commercial wherever the same is feasible”, said the company in the statement.

“In view of long term business strategy, the company has been evaluating and working with various strategic advisors, board members, senior employees and industry experts and post months of deliberation, the decision was made to exit residential housing business,” said Executive Vice President, Pradeep Narayan.

Going forward, the company shall focus only on rental producing assets namely, Commercial Offices/IT Parks, Warehouses and Logistics Parks, Healthcare Real Estate, Hotels and Resorts, Data Centers, Amusement Parks & Retail.





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