Sobha acquires Gurugram Land from Chintels India for Rs 1.21 billion
ECONOMY & POLICY

Sobha acquires Gurugram Land from Chintels India for Rs 1.21 billion

Sobha, a realty developer based in Bangalore, has reportedly transferred a sum of Rs 1.21 billion to Chintels India, a developer located in Gurgaon, as payment for the land associated with their collaborative venture in Gurgaon.

The specific land in question is a component of Sobha International Cy, a joint project that both companies had been working on together.

A spokesperson from Sobha mentioned, "This transaction is part of the ongoing partnership settlement, concluding with the registration of specific land in International City."

In February 2022, an unfortunate incident occurred where two individuals lost their lives due to a roof collapse in Chintels Paradiso Society, Sector-109, Gurugram. In response, the state government imposed a ban on registry activities in seven projects, including the one being developed by Sobha.

As per documents obtained from CRE Matrix, a real estate data analytics firm, Sobha has made payments for two distinct parcels of land, measuring 2 acres and 5.8 acres. Additionally, approximately Rs 80.5 million has been remitted as stamp duty.

JN Yadav, Vice President of Chintels, clarified, "The 5.7 acres plot constitutes the commercial segment of the licensed land known as 'International City,' fully allocated to Sobha according to our existing Joint Development agreement. The ownership transfer to Sobha occurred in December 2023, and no consideration was received by us, as this allocation was always part of Sobha's share."

Sobha, a realty developer based in Bangalore, has reportedly transferred a sum of Rs 1.21 billion to Chintels India, a developer located in Gurgaon, as payment for the land associated with their collaborative venture in Gurgaon. The specific land in question is a component of Sobha International Cy, a joint project that both companies had been working on together. A spokesperson from Sobha mentioned, This transaction is part of the ongoing partnership settlement, concluding with the registration of specific land in International City. In February 2022, an unfortunate incident occurred where two individuals lost their lives due to a roof collapse in Chintels Paradiso Society, Sector-109, Gurugram. In response, the state government imposed a ban on registry activities in seven projects, including the one being developed by Sobha. As per documents obtained from CRE Matrix, a real estate data analytics firm, Sobha has made payments for two distinct parcels of land, measuring 2 acres and 5.8 acres. Additionally, approximately Rs 80.5 million has been remitted as stamp duty. JN Yadav, Vice President of Chintels, clarified, The 5.7 acres plot constitutes the commercial segment of the licensed land known as 'International City,' fully allocated to Sobha according to our existing Joint Development agreement. The ownership transfer to Sobha occurred in December 2023, and no consideration was received by us, as this allocation was always part of Sobha's share.

Next Story
Infrastructure Urban

TRAI Shares April 2025 Network Quality Results from Nine Cities

The Telecom Regulatory Authority of India (TRAI) has published the findings of its Independent Drive Tests (IDTs) conducted in April 2025. These tests covered nine cities and surrounding highway corridors across seven Licensed Service Areas (LSAs), including Palakkad, Varanasi, Delhi (city and highway), Cuttack, Jodhpur, Patna, Gangtok, and Pakyong.  These assessments form part of TRAI’s routine Quality of Service (QoS) monitoring to evaluate real-time performance of mobile networks. The drive tests were carried out using standardised protocols and calibrated equipment under direct..

Next Story
Infrastructure Urban

TRAI Starts Digital Consent Pilot with RBI and Leading Banks

The Telecom Regulatory Authority of India (TRAI) has noted that many spam-related complaints from consumers are directed at businesses they have previously engaged with for goods or services. When investigated, these businesses often claim they hold the consumer’s consent for sending commercial messages or making calls.  Under the Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018, commercial communications can be made to consumers, even if they are on the Do Not Disturb (DND) list, as long as the sender has obtained explicit consent. However, in many ..

Next Story
Infrastructure Urban

TRAI Caps PM-WANI Tariffs to Boost Affordable Public Wi-Fi

The Department of Telecommunications (DoT) has welcomed the Telecom Regulatory Authority of India’s (TRAI) Telecommunication Tariff (71st Amendment) Order, 2025 (PR 46/2025), issued on 16 June 2025. This amendment mandates that all retail FTTH broadband plans up to 200 Mbps must be offered to Public Data Offices (PDOs) at prices not exceeding twice the consumer broadband rate. This ceiling is expected to significantly reduce the backhaul costs for public Wi-Fi hotspots—by as much as tenfold.  Introduced under the Prime Minister’s “Broadband for All” initiative, the PM-WANI ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?