Dwarka Expressway | Chintels India, the prestigious real estate developer from Gurugram, has recently transferred the ownership of two valuable land parcels to the well-known listed real estate developer Sobha Ltd, also located in Gurugram. The land parcels, with a cumulative area of 7.85 acres, are estimated to be worth an impressive Rs 121.82 crore. Registration documents accessed by CRE Matrix, the leading real estate data analytics firm, confirm this highly beneficial transaction between the two companies.
Both the developers said the plot is 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.
Shobha Limited Company paid Stamp Duty
The cost of a 5.7-acre plot is Rs.86.82 crores, while the value of a 2.06-acre plot is Rs.35 crores in the documents. The cumulative value of the two plots is Rs.121.82 crores. The documents show that on December 22, Shobha Limited executed the conveyance deed for the two plots by paying a stamp duty of Rs 8.53 crore. The company paid stamp duty of Rs.6.07 crore for the 5.78 acre plot and Rs.2.45 crore for the 2.06 acre land parcel.
Chintels India was embroiled in controversy when six floors of Tower D of Chintels Paradiso housing complex in Sector 109, Gurugram, collapsed in February 2022, killing two women. After the accident, a structural safety audit of the housing complex declared five of the nine towers of the Chintels Paradiso society “unsafe for habitation”.
According to Chintels India Spokesperson
A Chintels India spokesperson said, “The 5.7-acre plot is a commercial portion of the licensed land, called ‘International City’, which is fully part of the Sobha allocation in our existing JD agreement.
Ownership was transferred to Sobha in December 2023 and we have not received any consideration for this as it has always been part of Sobha’s allotment. 2.06 acres is the International City clubhouse, which was originally allotted to the Chintels and has now been transferred to Sobha.
“These transactions are old and part of our existing JDA for International City and this conveyance was done recently after fulfilling mutual obligations,” the spokesperson said.
According to Shobha Limited Spokesperson
Similarly, a spokesperson of Shobha Limited said that the agreement was part of an old settlement of an ongoing partnership account, which culminated in the registration of certain land in ‘International City’.
The 26.7 km Dwarka Expressway connecting New Delhi’s Dwarka to Kherki Dhaula Toll Plaza on NH-48 in Gurugram will be inaugurated, making the area one of the most sought-after micro markets in the National Capital Region, experts said. Many new projects have come up in the last few years.
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