Hinduja Group company GOCL Corporation Limited (GOCL) has entered into a key agreement with Hyderabad-based Squarespace Builders. It made a deal to monetise 264.5 acres of prime land in Kukatpally for Rs. 3,402 crore. It also includes an agreement to develop 32 acres of land under a joint development agreement with Hinduja Estates Private Limited, known as Hinduja Health Care Limited (HHL), GOCL said in a statement.
This entire process will be completed in 18 months, in phases. After fulfilling any ancillary agreements, it has disclosed that it will receive Rs. 520 crore as the first installment as mentioned in the agreement. It said that the process of selling 12.5 acres out of 32 acres under the joint development agreement has been started immediately.
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