+
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
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?