FCC

GOCL to sell 264 acres in Kukatpally for Rs 34.02 bn

2024-03-29

GOCL Corporation (GOCL), a firm under the Hinduja Group, announced that it had signed an initial agreement with Squarespace Builders, a Hyderabad-based company, to commence the strategic monetisation of about 264.50 acres of valuable land situated in Kukatpally for a sum of Rs 34.02 billion.

Furthermore, the agreement entails the development of 32 acre of land under a Joint Development Agreement (JDA), in partnership with Hinduja Estates, which is now known as Hinduja Healthcare (HHL), as stated by the company.

It was mentioned that this process would be completed over a period of 18 months in carefully planned stages, subject to the fulfillment of any associated conditions. The company stated that the first installment under the agreement would amount to Rs 5.20 billion.

The company also stated that it had initiated the immediate sale of 12.50 acres out of the 32 acres covered by the JDA.

According to GOCL, "As part of the first phase, the company will receive a payment of Rs 5.20 billion, out of which Rs 1.60 billion will be for the sale of 12.50 acre."

Furthermore, it was added that the remaining funds would be provided to the company gradually through subsequent transactions in the future.