Hinduja Group signs agreement to monetize over 264 acres spaces in Hyderabad
Renowned business name Hinduja Group has entered into an agreement with real estate developer Squarespace Builders to initiate the monetization of around 264.5 acres of land located in Hyderabad’s Kukatpally locality.
The deal is expected to bring in over Rs 3,402 crore for Hinduja Group. As per the updates, the agreement includes the development of 32 acres of land under a Joint Development Agreement (JDA), in collaboration with Hinduja Estates, now known as Hinduja Healthcare. Company has commenced the immediate sale of 12.50 acres of land from the earlier mentioned 32 acres under the joint development agreement.
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. The remaining funds will be disbursed to the company in phases through subsequent transactions in the future.
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