Sobha acquires Gurugram Land from Chintels India for Rs 1.21 billion

16 Jan 2024 CW Team

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."

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