MUMBAI: 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.
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.
“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 development on this land is estimated to have a potential of ~1.2 million sq ft of saleable area comprising primarily premium residential apartments of various configurations with an estimated booking value of about Rs 1,300 crore.
