Sobha Developers (Pune) (SDPL), a fully owned subsidiary of Sobha, and BNB Builders (BBPL) have engaged into a share purchase agreement for the acquisition of 100% of the company’s equity shares for Rs 29.5 crore, according to a BSE filing.
As a result of this transaction, BBPL will become a step-down subsidiary of the business and an entirely-owned subsidiary of SDPL. Additionally, this will assist the business in completing a project on a plot of land in Gurugram’s Sector 106, which is roughly 2.03125 acres.
The firm said in a separate regulatory filing that it has received assessment orders for Rs 13.12 crore and Rs 32.68 crore for the assessment years (AY) 2016–17 and 2022–23, respectively, from the income tax department.
These orders are the result of certain costs and other additions being disallowed. The corporation is currently in the process of submitting an appeal against the aforementioned decisions within the allotted timeframe to the Commissioner of Income Tax (Appeals).
It is currently assessing the effects of these orders on the financial accounts and has both factual and legal support for its claims. Operations and other activities are unaffected.
Chintels transfers land rights to Sobha Group in Gurgaon along the Dwarka Expressway
Two land lots comprising 7.85 acres and valued at Rs 121.82 crore have been given to listed real estate developer Sobha Ltd in Gurugram by real estate developer Chintels India, situated in Gurugram.
The real estate data analytics company CRE Matrix saw registration paperwork that contained this information. Both developers claim that these sites are part of a joint venture project named “International City.”
Sobha Group Secured Two Land Parcels Close to the Dwarka Expressway
According to the records, a portion of land measuring 5.788 acres is situated in sector 108, while another piece measuring 2.06 acres is situated in sector 109. The properties are situated in Babupur village, near the Dwarka Expressway, which is expected to open soon.
The 5.7-acre property cost Rs 86.82 crore, while the 2.06-acre site was appraised at Rs 35 crore, according the data. The two plots were valued at a total of Rs 121.82 crore.
Records show that on December 22, when the transfer document was signed, Sobha Ltd paid a total stamp duty of Rs 8.53 crore for both properties. The company paid Rs 6.07 crore in stamp duty for the 2.06-acre land parcel and the 5.78-acre property and Rs 2.45 crore, respectively.
International City Project: Sobha Group And Chintels’ Joint Development
Chintels India was entangled in controversy after the six-story tower D of the Chintels Paradiso housing complex in sector 109, Gurugram collapsed in February 2022, killing two women.
A structural safety analysis of Chintels Paradiso society revealed that five of the nine towers were declared “unsafe to live in” following the catastrophe. “The 5.7-acre land parcel is the commercial portion of the licensed land that is designated as ‘International City,’ which is fully part of Sobha’s allocation in our existing JD Agreement,” Chintels India a representative said.
Ownership was transferred to Sobha in December 2023 since it has always been a part of Sobha’s allotment, and we were never paid for this. Sobha now owns the International City clubhouse, which was formerly handed to Chintels on 2.06 acres.
Dwarka Expressway’s Opening Increases National Capital Region Real Estate
The planned opening of the 26.7 km Dwarka Expressway, which will link Dwarka in New Delhi with the Kherki Dhaula toll plaza on NH-48 in Gurugram. Dwarka Expressway opening has made this area one of the most sought-after micro markets in the National Capital Region. Several new projects have been developed in this area in recent years.
The land purchase is the latest in a string of significant NCR deals. Countrywide Promoters, a branch of developer BPTP Group, purchased a 5.24-acre plot of land in Gurugram’s sector 113, near the Dwarka Expressway, in November for Rs 87.27 crore.
Source-ET
