Gurugram-based real estate developer Chintels India has officially conveyed the ownership of two land parcels, totaling 7.85 acres and valued at Rs 121.82 crore, to listed real estate developer Sobha Ltd in Gurugram. According to registration documents obtained by real estate data analytics firm CRE Matrix, the plots are part of the joint venture project 'International City.'
The documents reveal 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 parcels are in Babupur village near the Dwarka Expressway, expected to become operational soon.
The cost breakdown indicates that the 5.7-acre plot is valued at Rs 86.82 crore, and the 2.06-acre plot is priced at Rs 35 crore, resulting in a cumulative worth of Rs 121.82 crore.
The conveyance deed, executed on December 22, involved Sobha Ltd paying a combined stamp duty of Rs 8.53 crore for both plots. Specifically, Rs 6.07 crore was allocated for the 5.78-acre plot, and Rs 2.45 crore for the 2.06-acre land parcel.
Chintels India and Sobha Ltd clarified that these transactions are part of their existing joint venture for 'International City.' A Chintels India spokesperson emphasized that the 5.7-acre plot constitutes the commercial portion of the licensed land allocated to Sobha, while the 2.06 acres represent the clubhouse initially assigned to Chintels and subsequently transferred to Sobha. The ownership transfer occurred in December 2023, and no consideration was received by Chintels India, as it was always part of Sobha's allocation.
Similarly, a Sobha Ltd spokesperson characterized the deal as part of an old settlement within their ongoing partnership account, culminating in the registration of specific land within 'International City.'
Addressing past controversies, the Chintels India spokesperson acknowledged the structural issues in the Chintels Paradiso housing complex and clarified that these land transfers are part of the ongoing joint development agreement (JDA) fulfillment, with the conveyance completed recently.