Latest News | GOCL to Monetise Land Parcel in Kukatpally for Rs 3,402 Crore

Mumbai, Mar 27 (PTI) Hinduja Group firm GOCL Corporation Limited (GOCL) on Wednesday said it has inked an initial pact with Hyderabad-based Squarespace Builders to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally for Rs 3,402 crores.

Additionally, the agreement includes the development of 32 acres of land under a Joint Development Agreement (JDA), in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL), the company said in a statement.

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The process will get completed over 18 months in carefully planned tranches, contingent upon the fulfilment of any associated covenants, it said, adding that R 520 crore will be received as the first instalment under the pact.

The company said it has commenced the immediate sale of 12.50 acres of the 32 acres under the JDA.

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"As the first tranche, the company will receive a payment of Rs 520 crores, of which Rs 160 crores will be the consideration for the sale of 12.50 acres," GOCL said.

The remaining funds will be disbursed to the company in phases through subsequent transactions in the future, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)