January 17, 2024: Real estate developer Chintels India has officially conveyed ownership of two land parcels in Gurgaon, valued at Rs 121.82 crore, to real estate firm Sobha Group. This information, obtained from documents accessed by CRE Matrix, reveals that these plots, totaling 7.85 acre, were originally part of the joint venture project known as International City.
As per the documents, one of the land parcels, spanning 5.788 acre, is situated in sector 108, while the other, measuring 2.06 acre, is located in sector 109. Both plots are situated in Babupur village near the Dwarka Expressway, anticipated to become operational soon. The documents outline the valuation of the 5.7-acre plot at Rs 86.82 crore and the 2.06-acre plot at Rs 35 crore, resulting in a combined value of Rs 121.82 crore.
The conveyance deed for this transfer was executed on December 22, 2023, with Sobha Group covering a cumulative stamp duty of Rs 8.53 crore for both plots. Specifically, Rs 6.07 crore was allocated for the stamp duty on the 5.78-acre plot, and Rs 2.45 crore for the stamp duty on the 2.06-acre land parcel.
It’s worth noting that the 5.7-acre plot represents the commercial segment of the licensed land known as ‘International City,’ fully falling within Sobha’s allocation per their existing Joint Development agreement. The ownership transition to Sobha occurred in December 2023, and no consideration was received by Chintels, as this segment had always been part of Sobha’s allocation. On the other hand, the 2.06-acre land parcel pertains to the clubhouse of International City, initially assigned to Chintels but subsequently transferred to Sobha.
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