The company had 4 acres of the land parcel at Kakanad village in Kochi, Kerala, Nitesh Estates said in a filing to BSE.
"In view of the sluggish market conditions, the company has decided to sell off the land and has finalised the same with a third party for a total consideration of Rs 26.50 crore," the Bengaluru-based developer said.
The proceeds of the sale will be utilised to reduce the debts of the company, it added.
This transaction is expected to be completed by September.
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