Chintels India Transfers Rights of Two Land Parcels Worth Rs 121.82 Crore Near Dwarka Expressway to Sobha Group

Chintels India Transfers Rights of Two Land Parcels Worth Rs 121.82 Crore Near Dwarka Expressway to Sobha Group

The transaction is the latest in a string of notable land deals in the NCR. The sale deed was executed on December 22, 2023 and the company paid Rs 6.07 crore as stamp duty for the 5.78-acre plot and Rs 2.45 crore stamp duty for the 2.06-acre land parcel, documents showed.

Gurugram-based real estate developer Chintels India has transferred the ownership of two land parcels valued at Rs 121.82 crore having a cumulative area of 7.85 acres to listed real estate developer Sobha Ltd in Gurugram, registration documents accessed by real estate data analytics firm CRE Matrix show.

Both the developers said that these plots were part of their joint venture project ‘International City’.

According to the documents, one land parcel, measuring 5.788 acres, is in sector 108, while the other plot, which measures 2.06 acres, is in sector 109. Both the plots fall in Babupur village near the Dwarka Expressway, which is likely to become operational soon.

The documents showed that the cost of the 5.7-acre plot is Rs 86.82 crore, while the 2.06-acre plot was valued at Rs 35 crore. The cumulative worth of both the plots was Rs 121.82 crore.

The conveyance deed was executed on December 22, with Sobha Ltd paying a cumulative stamp duty of Rs 8.53 crore for both plots, the documents showed. The company paid Rs 6.07 crore as stamp duty for the 5.78-acre plot and Rs 2.45 crore stamp duty for the 2.06-acre land parcel.

Chintels India was engulfed in controversy after six floors of tower D of the Chintels Paradiso housing complex in sector 109, Gurugram, collapsed in February 2022, killing two women. Following the mishap, a structural safety audit of the housing complex declared five out of nine towers of Chintels Paradiso society “unsafe to live”.

A Chintels India spokesperson said, “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. Ownership was transferred to Sobha in December 2023 and no consideration for this was received by us since this was always a part of Sobha’s allocation. The 2.06 acres is the clubhouse of International City which was initially allocated to Chintels and has now been transferred to Sobha.”

“These transactions are both old and part of our existing JDA for International City and the conveyance has taken place recently post fulfillment of mutual obligations,” the spokesperson said.

Similarly, a spokesperson of Sobha Ltd said that the deal is part of an old settlement of an ongoing partnership account, that culminated as the registration of certain land in ‘International City’.

Experts said 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, has made this area one of the most sought-after micro markets in the National Capital Region and several new projects have come up in it over the past few years.

The land deal is the latest in a string of notable deals in the NCR. In November, Countrywide Promoters, a subsidiary of developer BPTP Group, bought a 5.24-acre plot in sector 113 in Gurugram near the Dwarka Expressway for Rs 87.27 crore.

Last September, Aamor Inox, a manufacturer of stainless steel bars, bought 12 bighas of farmland and a farmhouse from Mastcraft Properties in South Delhi’s Rangpuri for Rs 87.5 crore.

Source : Money Control

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