Sunday, July 14, 2024

Chintels India Transfers Land Worth Rs 121.82 Crore to Sobha Ltd in Gurugram’s ‘International City’ Project

Real estate developer Chintels India, based in Gurugram, has officially transferred ownership of two land parcels valued at Rs 121.82 crore, covering a total area of 7.85 acres, to the listed real estate developer Sobha Ltd in Gurugram. Registration documents accessed by real estate data analytics firm CRE Matrix revealed that these plots were part of their joint venture project called ‘International City’.

The documents specify that one land parcel, spanning 5.788 acres, is located in sector 108, while the other plot, measuring 2.06 acres, is situated in sector 109. Both plots are in Babupur village near the Dwarka Expressway, expected to become operational soon.

The 5.7-acre plot is valued at Rs 86.82 crore, and the 2.06-acre plot at Rs 35 crore, bringing the cumulative worth of both plots to Rs 121.82 crore. The conveyance deed was executed on December 22, with Sobha Ltd paying a total stamp duty of Rs 8.53 crore for both plots.

Chintels India faced controversy when six floors of tower D in the Chintels Paradiso housing complex collapsed in February 2022, resulting in fatalities. Subsequent structural safety audits deemed five out of nine towers “unsafe to live.”

A Chintels India spokesperson clarified that the 5.7-acre plot is the commercial section of the licensed land named ‘International City,’ fully part of Sobha’s allocation in their existing joint development agreement. The 2.06 acres represent the clubhouse initially allocated to Chintels, now transferred to Sobha.

Sobha Ltd’s spokesperson noted that the deal is part of an old settlement in an ongoing partnership, culminating in the registration of specific land in ‘International City.’

Experts highlighted the significance of the anticipated opening of the 26.7 km Dwarka Expressway, connecting Dwarka in New Delhi with the Kherki Dhaula toll plaza in Gurugram, making the area one of the most sought-after micro markets in the National Capital Region.

This land deal is the latest in a series of notable transactions in the National Capital Region, indicating the region’s robust real estate activity. In November, Countrywide Promoters, a subsidiary of the BPTP Group, acquired a 5.24-acre plot in sector 113 near the Dwarka Expressway for Rs 87.27 crore. Last September, Aamor Inox, a manufacturer of stainless steel bars, purchased 12 bighas of farmland and a farmhouse in South Delhi’s Rangpuri for Rs 87.5 crore.

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