GOCL Inks Agreement To Sell Land Parcel In Kukatpally | View Important Information Here

Mumbai: The Hinduja Group business GOCL Corporation Limited (GOCL) has announced that it has signed a preliminary agreement to begin the strategic monetization of over 264.50 acres of valuable land in Kukatpally for Rs 3,402 crores with Squarespace Builders, headquartered in Hyderabad. The business stated in a statement that the arrangement, which is noteworthy, involves the development of 32 acres of property under a Joint Development Agreement (JDA) in cooperation with Hinduja Estates Private Limited, which is now known as Hinduja Healthcare Limited (HHL).

It said that the procedure would be completed in well-thought-out stages over a period of eighteen months, subject to the execution of any related covenants, and that the first installment under the agreement will be received in the amount of Rs 520 crore.

According to the corporation, it has started selling 12.50 acres of the 32 acres covered by the JDA right now.
“The company is expected to receive a payment of Rs 520 crore in the first tranche, with Rs 160 crore serving as consideration for the sale of 12.50 acres,” GOCL said.

It was also said that the remaining cash would be paid to the business gradually via more transactions in the future.