To develop 10 million sq ft of mixed use space
Gulf Oil Corporation Ltd has entered into a joint development agreement with Hinduja Estates for development of the 76 acre company land in Hyderabad.
The project, to be completed in five-six years will be located at their campus close to the busy residential-cum-business hub in Kukatpally, Hyderabad.
The company has agreed that the project will be taken up with 35:65 per cent based on the recommendations of property consultants. The company’s contribution will be land and the finances will be provided by Hinduja Estates, the developer.
The Managing Director of Gulf Oil Corporation, Mr Subhas Pramanik, told Business Line, “It is proposed to invest up to Rs 3,500-crore in the real estate project over the next five-six years. It will have over 10 million square feet of space in the project.”
The company contribution to the project is limited to land. “Based on the outcome of the project, we will be entitled to 35 per cent of the revenue and the developer the rest of the funds,” he said.
“The project will be developed like a township with residential, commercial and an integrated facility for research and development companies. The plans for 10.2-million sq ft have been frozen and we hope to secure various clearances by the end of the year,” he said.
The company had entered into a similar project development agreement with Hinduja Realty for their mixed use real estate project in Bangalore.
Its shares closed the day at Rs 89.75 up 3.52 per cent.