Media REAL ESTATE DEVELOPMENT BY GULF OIL CORPORATION LIMITED
REAL ESTATE DEVELOPMENT BY GULF OIL CORPORATION LIMITED
25 Apr 2012
Hyderabad April 25, 2012 : Gulf Oil Corporation, the Hinduja Group Company has performed the auspicious Bhoomi Puja for its IT / ITES Park project in Bangalore.
The project is being developed on the Company’s land at Yelhanka spread over 39.67 acres. Designed by renowned Architects – RSP of Singapore, the project will consist of a total of 8.00 million sq ft out of which revenue area is 3.82 million sq ft of IT SEZ and 1.23 million sq ft of non-SEZ space encompassing a Hotel, Serviced Apartments, a Retail Mall and Commercial Offices.
It is being developed at a total cost of Rs 1800 crores on a Joint Development basis with Hinduja Realty Ventures Ltd who are responsible for all Architectural Scheme design, project funding, permissions, approvals, construction & development, marketing / leasing and eventual maintenance of the entire complex.
There is no additional cost to be incurred by the Company. In return for making available the land for the project, the Company is entitled to 30% of the entire developed area as part of the scheme amounting to 2.4 million sq ft out of which revenue area will be 1.5 million sq ft. Revenues are planned in a phased manner from the last quarter of 2013 – 14.
The Co-Developers are involving reputed contractors and consultants for adherence to quality and timely completion of the project in a phased manner in about 5 ½ years.
For further information please visit www.gulfoilcorp.com or contact:
Mrs. R. Chaudhry, Deputy Manager – MD’s Secretariat, Gulf Oil Corporation Limited, Hyderabad at 040-23700750, Mobile : 9849052064
Mr. Thomas Abraham, Senior Vice President (Corporate Communications & PR), Hinduja Group at 022-28248359 – Extn. 232, Mobile : 9820279349