The sale was finalized on December 22, 2023, marking the latest in a series of significant land transactions in the NCR. As per official documents, the company paid a stamp duty of Rs 6.07 crore for the 5.78-acre plot and Rs 2.45 crore for the 2.06-acre property piece.
Gurugram-based real estate developer, Chintels India, has recently passed on ownership of two land parcels to Sobha Ltd, a listed real estate developer in Gurugram. The combined value of these parcels is estimated at Rs 121.82 crore, covering a total area of 7.85 acres, as revealed by registration documents accessed by the real estate data analytics firm CRE Matrix.
Both developers stated that the plots were part of their joint venture project, ‘International City’.
As per official documents, a land parcel spanning 5.788 acres is situated in Sector 108, while the second, covering 2.06 acres, is located in Sector 109. Both properties rest in Babupur village, near the imminent Dwarka Expressway, anticipated to become operational in the near future.
As per the records, the 5.7-acre land is valued at Rs 86.82 crore, and the 2.06-acre plot holds a price tag of Rs 35 crore. The aggregate cost of both plots amounted to Rs 121.82 crore.
The transfer deed was signed on December 22, and Sobha Ltd paid a total stamp duty of Rs 8.53 crore for both properties, according to the records. The business paid Rs 6.07 crore in stamp duty for the 5.78-acre site and Rs 2.45 crore for the 2.06-acre portion.
Chintels India was embroiled in controversy after six floors of Tower D of the Chintels Paradiso housing complex in Gurugram’s Sector 109 fell in February 2022, killing two ladies. Following the incident, a structural safety analysis of the housing complex determined that five of the nine towers of Chintels Paradiso society were “unsafe to live in.”
According to a spokesperson from Chintels India, the 5.7-acre site represents the commercial segment within the leased property, famously recognized as ‘International City.’ This section has been exclusively designated for Sobha under our existing JD Agreement. The transfer of ownership to Sobha took place in December 2023, and no consideration was received, as it had always been an integral part of Sobha’s allocation. As for the 2.06 acres, it constitutes the clubhouse of International City. Initially assigned to Chintels, it has now been successfully handed over to Sobha.
These transactions are both old and part of our current JDA for International City, and the transfer occurred recently following the fulfillment of mutual responsibilities,” the representative stated.
Similarly, a spokesperson from Sobha Ltd explained that this transaction is part of an ongoing partnership, representing an old payment that was finalized with the registration of specific land in ‘International City.’
Experts stated that this area has become one of the most sought-after micro markets in the National Capital Region and that several new projects have been developed in it in recent years due to the anticipated opening of the 26.7 km Dwarka Expressway, which connects Dwarka in New Delhi with the Kherki Dhaula toll plaza on NH-48 in Gurugram.
The land purchase is the most recent in a line of noteworthy NCR transactions. For Rs 87.27 crore in November, Countrywide Promoters, a division of developer BPTP Group, acquired a 5.24-acre land in Gurugram’s sector 113, close to the Dwarka Expressway.
Aamor Inox, a producer of stainless steel bars, paid Mastcraft Properties in Rangpuri, South Delhi, Rs 87.5 crore in September for the purchase of 12 bighas of land and a farmhouse.
