GTC Industries to develop real estate assets | INRnews
Hyderabad, India, November 20, 2007 - GTC Industries has announced that it is planning to explore the possibility of doing real estate development in which context it has already signed a Development Agreement for its Hyderabad property.
The Company also has properties at Mumbai and Vadodara.
There are various options before the Company to go into real estate business which are being examined by the management. Since, these are at the planning stage no time frame can be committed and the Company is also not sure of any valuation.
On Oct 29, GTC Industries had announced that the Company has entered into an agreement for the joint development of property situated at Hyderabad. The area of land is 2.75 acres out of which the constructed area would be approximately 2,20,000 Sq. ft. of Retail Mall plus 4 screen multiplex. The entire cost of this development will be borne by the developer, 50% of the built up area will be the Company's share.
By INRnews Correspondent