Nitesh Estates announces change in business strategy

Nitesh Estates announced its plan to exit from the Residential Housing space.

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 and the few of the above 11 projects may spill over to the following calendar year.

All the land parcels for the residential projects which the company hold and have not launched the project shall either be exited completely or sold down to reduce the debt or converted to commercial wherever the same is feasible. Going forward company shall focus only on rental producing assets, namely:

1. Commercial Offices/IT parks
2. Warehouses & Logistic Parks
3. Healthcare Real estate
4. Hotels & Resorts
5. Data Centres
6. Amusement Parks, etc.

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