Chintels Hands Over Land Parcels to Sobha in JV Settlement

18 Jan 2024 CW Team

Gurgaon-based real estate developer Chintels India Pvt Ltd has transferred the rights of two land parcels in Gurgaon to Bengaluru's Sobha Ltd, marking the completion of a longstanding joint venture agreement between the two companies. The total estimated value of the land parcels is a staggering ?121 crore.

One parcel, encompassing 2.06 acres located in Sector 109, served as the clubhouse for the jointly developed "International City" project. The other, a 5.7-acre commercial plot situated in Sector 108 along the Dwarka Expressway, forms part of Sobha's original allocation within the project.

While the smaller clubhouse plot transferred for ?35 crore, the larger commercial parcel fetched ?86.82 crore, as per conveyance/sale deed documents accessed by CRE Matrix. Stamp duty payments totaled ?2.45 crore and ?6.07 crore respectively for the two plots.

"These transactions are old and part of our existing JDA for International City," clarified a Chintels spokesperson. "The clubhouse was initially allocated to Chintels but now rightfully belongs to Sobha, while the commercial land was always part of their designated share."

Sobha echoed this sentiment, stating that the land transfer merely formalizes "an old settlement of the ongoing partnership account." The registration took place on December 22, 2023, signifying the finalization of the agreement between the two developers.

This land transfer marks a significant step in the ongoing "International City" project, bringing clarity to ownership and potentially paving the way for further development within the joint venture.

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