NEL Holdings has signed an arrangement to exit from another two prime parcel of the land in the suburbs of Bangalore City, situated in Old Madras Road and Hennur Road, Bangalore.
The above two exits of land parcels are currently under due diligence process which is expected to be completed within next 45 days. With the above exits, the company shall be reducing its further debt of Rs 152 crore from the overall consolidated debt by repaying the lender.
Rest of the money as received from the exit of land parcel will be utilised for repaying the liability towards customer refunds and towards land owner’s obligations.
Over and above these two land parcels due diligence is ongoing on three other Residential exists which will bring down the overall debt of the company by another Rs 200 crore on exists of the three other luxury Residential parcels.
NEL Holdings is formerly known as Nitesh Estates.