Monday, Apr 29 2024 | Time 15:42 Hrs(IST)
image
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.
UNI KNR SS
Please log in to get detailed story.
Tags: #GOCL signs MoU with Squarespace Builders
More News

UST acquires Strativity Group

29 Apr 2024 | 1:51 PM

Thiruvananthapuram, April 29 (UNI) UST, a leading digital transformation solutions company, has announced that it has acquired Strativity Group, a boutique strategy consultancy specializing in customer-centric transformations.

see more..

Tata Motors inks MoU with South Indian Bank

29 Apr 2024 | 1:47 PM

Hyderabad, April 29 (UNI) Tata Motors, India's largest commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with South Indian Bank, a Kerala-based private sector bank, to offer convenient financing solutions to its commercial vehicle customers and dealerships.

see more..

At 4 45 pc Bengaluru's Rental Yield highest in Q1 2024

29 Apr 2024 | 1:46 PM

Hyderabad, April 29 (UNI) With a steep rise in rental housing demand in the top cities, average rental values have soared and rental yields - the annual ROI investors earn from capital invested in a property - have been heading steadily north, according to the latest ANAROCK data.

see more..

Dr Krishna Ella elected Indian Vaccine Manufacturers Association Prez

29 Apr 2024 | 12:58 PM

Hyderabad, April 29 (UNI) The Indian Vaccine Manufacturers Association (IVMA) on Monday announced that Hyderabad-based Bharat Biotech (BB) Co-Founder and Executive Chairman Dr. Krishna M Ella is the association’s new president for 2024-2026.

see more..
Sensex recovers over 500 points

Sensex recovers over 500 points

29 Apr 2024 | 12:19 PM

Mumbai, April 29 (UNI) The BSE Sensex on Monday smartly recovered 551.45 points at 74,281.32 in opening session following gains in Bankex, Consumer Durable and Metal stocks.

see more..
image