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Business EconomyPosted at: Mar 28 2024 12:00AM


GOCL signs MoU with Squarespace Builders

Hyderabad, Mar 27 (UNI) GOCL Corporation Limited (GOCL), a Hinduja Group company, on Wednesday said it has entered into a significant memorandum of understanding (MoU) with Squarespace Builders Private Limited, situated in Hyderabad, to initiate the strategic monetisation of around 264.50 acres of prime land located in Kukatpally.
Through this landmark agreement, a sum of Rs 3,402 crore will accrue to GOCL, the company said in a release here on Wednesday.
Additionally, the agreement includes joint 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 process will get completed over an 18-month period in carefully planned tranches, contingent upon fulfilment of any associated covenants.
The company has commenced immediate sale of 12.50 acres of land from the previously mentioned 32 acres under the JDA.
As the first tranche, the company will receive a payment of Rs 520 crore, of which Rs 160 crore will be the consideration for the sale of 12.50 acres.
The remaining funds will be disbursed to the company in phases through subsequent transactions in the future.
GOCL has recently forayed in Electronics and are developing large real estate projects in Bengaluru and Hyderabad.
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Tags: #GOCL signs MoU with Squarespace Builders
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