GOCL monetizes 264.5 acres in Kukatpally

The agreement includes joint development of 32 acres in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL). T

Hyderabad: GOCL Corporation Limited (GOCL), a Hinduja Group company, has entered into a Memorandum of Understanding (MoU) with Squarespace Builders Private Limited, situated in Hyderabad for monetization of 264.50 acres in Kukatpally.

Through this agreement, Rs.3,402 crore will accrue to GOCL.

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The agreement includes joint development of 32 acres in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL). The company has commenced the immediate sale of 12.50 acres from the 32 acres under the joint development agreement.

As the first tranche, the company will receive a payment of Rs.520 crore, of which Rs.160 crore will be the consideration for sale of 12.50 acres. The remaining funds will be disbursed to the company in phases through subsequent transactions in the future, a press release said.