Chintels India sells two land parcels in Delhi for Rs. 121.8 crore

Gurugram-based real estate developer Chintels India has inked a deal of selling two land parcels with a cumulative area of 7.85 acres to Bangalore based Real estate developer Sobha Group for Rs. 121.82 crore.  The documents were accessed by real estate data analytics firm CRE Matrix.

According to the documents, one land parcel, measuring 5.788 acres, is in sector 108, while the other plot, measuring 2.06 acres, is located in sector 109, near the Dwarka Expressway. The expressway is likely to become operational soon. Both the plots fall in Babupur village.

The project comprises of 39 acres is expected to be launched by end of next month. According to the current  chairman and MD, J C Sharma, the whole project will be developed in phases over the next 6-7 years. Sobha locked this deal in order to develop a group housing project comprising of 1,700 flats in Gurgaon at an estimated cost of Rs. 1,000 crore.

He further stated, "We are coming out with a new group housing project at Gurgaon in partnership with Chintels."

The conveyance deed was executed on December 22, with Sobha Ltd paying a cumulative stamp duty of Rs. 8.53 crore for both plots, the documents showed. The company paid Rs. 6.07 crore as stamp duty for the 5.78-acre plot and Rs. 2.45 crore stamp duty for the 2.06-acre land parcel.

One of the Chintels India spokesperson said, “The 5.7-acre plot is the commercial portion of the licensed land that is called ‘International City’, which is fully part of Sobha’s allocation in our existing JD Agreement. Ownership was transferred to Sobha in December 2023 and no consideration for this was received by us since this was always a part of Sobha’s allocation. The 2.06 acres is the clubhouse of International City which was initially allocated to Chintels and has now been transferred to Sobha.”

Sobha is already developing a luxury villa project named International City on a 150-acre land parcel near Dwarka Expressway in a tie-up with Chintels group and QVC Realty.  Managing Director of Chintels expressed that, the joint venture with Sobha Ltd to develop this project on revenue-sharing basis.