NEL Holdings South Limited said that it has inked a business transfer agreement with Ramky Estates and Farms Limited (REFL) for exiting from the Melbourne Park project that is held with its fully-owned subsidiary – NHDPL South Private Limited.

The Melbourne Park project deal aligns with the company’s earlier intimation about its exit from the residential real estate business and deleveraging its overall debt, said NEL Holdings South Limited.

Additionally, the Bengaluru-based investments and holding company founded by Nitesh Shetty, had applied to the Real Estate Regulatory Authority (RERA) for transferring the Melbourne Park project to Ramky Estates and Farms.

NEL Holdings South Limited said that accordingly, the corresponding debt pertaining to the project with the financial institutions and the underlying consumer issues will be settled.

  Bengaluru, India, Karnataka, Melbourne Park project, NEL Holdings South Limited, NHDPL South Private Limited, Nitesh Shetty, Ramky Estates and Farms Limited, Real estate industry news