Hinduja Group GOCL Corp. Sells 32-Acre Land in Kukatpally
Gulf Oil Corporation Ltd. (GOCL), under Hinduja Group confirmed on 31st May 2022 that it has concluded the sale of 32 acres of land at Kukatpally for a sum of ₹326.8 crores. GOCL has informed that it has finalised the sale of 32 acres of land out of the 44.25 acres of land it owns in a regulatory filing. As mentioned, GOCL received compensation of ₹326.8 crores for 32 acres, the company said the sale of remaining 12.25 acres of land will be finalised in due time.
GOCL announced on 27th May that the company sensed a big opportunity in the fast-growing realty sector to monetize its assets. GOCL owns large land parcels in Bengaluru, Hyderabad (Kukatpally) & Mumbai Metropolitan Region (Bhiwandi), which it plans to sell to monetize its land assets during the current boom of the real-estate market. The sale of its 44 acres of land in Kukatpally was agreed for a sum of ₹450 crores.
As GOCL has completed the registration of sale of 32 acres of land, it will now work on completing the finalisation of sale for the remaining 12.25 acres of the land it owns in Kukatpally. “At Kukatpally, the company had entered into an agreement of sale of 44 acres of land for a consideration of Rs 451 crore. This sale is likely to be concluded with registration of the land soon, and the company will book profits accordingly in Q1,” the company said in a statement recently.