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Chintels India Hands Over Two Land Parcels Valued at Rs 121.82 Crore near Dwarka Expressway to Sobha Group

Chintels India Hands Over Two Land Parcels Valued at Rs 121.82 Crore near Dwarka Expressway to Sobha Group

Gurugram-based real estate developer Chintels India has also transferred the ownership of two land parcels valued at rs 121.82 crore, a cumulative area of 7.85 acres to listed real estate developer, Sobha Ltd in Gurugram. 

Both the developers said 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. The plot is in sector 109. So the plots fall in Babupur village near the Dwarka Expressway, which will soon become operational. 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. In fact, the cumulative worth of both plots was rs 121.82 crore. 

The conveyance deed was also executed on December 22, with Sobha Ltd while paying a cumulative stamp duty of rs 8.53 crore for both plots, as the documents showed. The company is also paid rs 6.07 crore as stamp duty for the 5.78-acre plot 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, Gurgaon. It also collapsed in February 2022, while 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 that the 5-7 acres plot is the commercial portion of the licensed land which is called “International City”, which is also fully part of Sobha’s allocation in our existing JD Agreement. In fact, the ownership was also transferred to Sobha in December 2023 and we received no consideration for this since this was also a part of Sobha’s allocation. The 2.06 acres are the clubhouse of International City which was initially allocated to Chintels and has also been transferred to Sobha. 

The spokesperson said that these transactions are both old and part of our existing JDA for International City, and the conveyance has also taken place post-fulfillment of mutual obligations. 

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

Experts said that the anticipated opening of the 26.7 km of Dwarka Expressway which connects Dwarka in New Delhi with the Kherki Daula toll plaza on NH-48 in Gurugram has also made this area one of the most sought-after micro markets in the National Capital Region and several new projects have also come up in it over the past few years. 

The land deal is the latest in the string of notable deals in the NCR. In November, Countrywide Promoters, a subsidiary of developers 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 Rangpuri for rs 87.5 crore. 

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Axiom Landbase

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