Chintels Hands Over Land Parcels to Sobha in JV Settlement
Real Estate

Chintels Hands Over Land Parcels to Sobha in JV Settlement

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.

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.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?