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Real estate developer Chintels India, based in Gurugram, has given listed real estate developer Sobha Ltd in Gurugram ownership of two land parcels valued at Rs 121.82 crore, totaling 7.85 acres.
This information was obtained through registration documents that were viewed by real estate data analytics firm CRE Matrix. These properties, according to both developers, are a component of a joint venture project called “International City.”
The records state that one land piece, totaling 5.788 acres, is located in sector 108 while the other, measuring 2.06 acres, is located in sector 109. The locations of both plots are close to the Dwarka Expressway in Babupur village, which is anticipated to open shortly.
Prime Locations Unveiled: Sector 108 And 109 Welcomes Sobha’s Ownership
According to the records, the 2.06-acre land was valued at Rs 35 crore, while the 5.7-acre tract cost Rs 86.82 crore. The combined value of the two plots came to Rs 121.82 crore.
According to the records, Sobha Ltd paid a total stamp duty of Rs 8.53 crore for both properties when the conveyance deed was signed on December 22. For the 5.78-acre property and the 2.06-acre land piece, the business paid stamp duty of Rs 6.07 crore and Rs 2.45 crore, respectively.
Following the February 2022 collapse of six floors of tower D of the Chintels Paradiso housing complex in sector 109, Gurugram, which claimed the lives of two ladies, Chintels India found itself embroiled in controversy. Five of the nine towers at Chintels Paradiso society were deemed “unsafe to live in” after the accident, according to a structural safety audit of the housing complex.
Exclusive Insights: Inside The Joint Venture Project “International City”
“The 5.7-acre plot is the commercial portion of the licensed land that is called ‘International City,’ which is fully part of Sobha’s allocation in our existing JD Agreement,” a Chintels India spokeswoman stated. Since ownership was always a component of Sobha’s allocation, ownership was transferred to Sobha in December 2023, and we never got any compensation for this.
The International City clubhouse, which was originally given to Chintels on 2.06 acres, has since been given to Sobha. The representative stated, “The conveyance has taken place recently post fulfillment of mutual obligations. These two old transactions are a part of our existing JDA for International City.”
A representative for Sobha Ltd. stated in a similar manner that the transaction is a part of an old settlement of a continuing partnership account, which resulted in the registration of a specific piece of property in “International City.”
Valuation Breakdown: Sobha Group’s Acquisition Of Rs 121.82 Crore Land Parcels
Experts stated that this area has become one of the most sought-after micro markets in the National Capital Region and that several new projects have been developed in it in recent years due to the anticipated opening of the 26.7 km Dwarka Expressway, which connects Dwarka in New Delhi with the Kherki Dhaula toll plaza on NH-48 in Gurugram.
The land purchase is the most recent in a line of noteworthy NCR transactions. For Rs 87.27 crore in November, Countrywide Promoters, a division of developer BPTP Group, acquired a 5.24-acre land in Gurugram’s sector 113, close to the Dwarka Expressway.
Aamor Inox, a producer of stainless steel bars, paid Mastcraft Properties in Rangpuri, South Delhi, Rs 87.5 crore in September for the purchase of 12 bighas of land and a farmhouse.
Source-Moneycontrol
