Gulf Oil says its Ecopolis project will start generating revenues this year

Project being developed in association with Hinduja Realty Ventures Limited

Hyderabad-based Gulf Oil Corporation India Limited (GOCIL), a Hinduja group company, stated that the first building of its Rs 1,800-crore ‘Ecopolis’ project at Yelahanka in Bengaluru was in the final stage of completion.

The building block consisting of 1.04 million sq feet (sft) and a multi-level car park of 74,000 sft in a special economic zone (SEZ) is in the marketing stage.

Revenue streams are expected to commence in the third or fourth quarter of the current financial year, the company stated in a press release.

Ecopolis consists of a 30 acre IT/ITeS SEZ park and a 10-acre hotel, hospitality and retail infrastructure. It is being developed in association with Hinduja Realty Ventures Limited. GOCIL said that the ground work on the block had also started.

In the case of Hyderabad property, the company said it had entered into a development agreement with Hinduja Estates Private Limited. In the light of the “major initiatives announced” by the Telangana government for economic development, planning work relating to the project was being modified anticipating the emerging demand pattern and approvals were being sought on a sector-wise basis.

GOCIL expects an increase in the demand for realty in Hyderabad as the state government had announced establishment of industry-specific clusters for IT, foundry and solar energy besides setting up a cinema city and All India Institute of Medical Sciences.

The company said it had also been augmenting its land bank at Visakhapatnam in Andhra Pradesh. Development of these lands would be taken up at an “appropriate time”.

GOCIL reported a turnover of Rs 26.89 crore and a net profit of Rs 10.13 crore for the quarter ended September 2014.