GOCL signs pact with Squarespace to monetise land parcel in Kukatpally for Rs 3,402 crore
Of the total land, 32 acres of land is under a joint development agreement (JDA) in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL).
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Hinduja Group firm GOCL Corporation Limited (GOCL) on Wednesday said it has signed a Memorandum of Uunderstanding (MoU) 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. Of the total land, 32 acres of land is under a joint development agreement (JDA) in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL).
According to the company, the monetization will take place over a period of 18 months in tranches, subject to the fulfilment of any covenants. The company added that Rs 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.
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