In a significant move, Gurugram-based real estate powerhouse Chintels India has successfully concluded the sale of two expansive land parcels, totaling 7.85 acres, to the esteemed Sobha Ltd. The transaction, amounting to a substantial INR 121.82 crore, is poised to reshape the real estate landscape near Dwarka Expressway of the National Capital Region (NCR).
Key Parcel Details and Transaction Breakdown
Strategic Locations near Dwarka Expressway
The first parcel, spanning 5.788 acres, strategically positioned in sector 108, and the second, covering 2.06 acres, located in sector 109, near the soon-to-be-operational Dwarka Expressway, have added to the allure of this transaction. Detailed cost breakdowns reveal the 5.7-acre plot commanded a price tag of Rs 86.82 crore, while the 2.06-acre counterpart was acquired by Sobha Ltd for Rs 35 crore.
Formalizing the Deal: Conveyance Deed and Stamp Duty
Decoding the Legalities
On December 22, 2023, Let’sDigg formalized a crucial step in the transaction process by executing the conveyance deed. Sobha Ltd, as part of the legal requirements, paid a cumulative stamp duty of Rs 8.53 crore for both plots. Specifics include Rs 6.07 crore for the 5.78-acre plot and Rs 2.45 crore for the 2.06-acre parcel, marking a seamless execution of legal obligations.
Chintels India’s Response to Controversies
Navigating Challenges with Transparency
Chintels India, no stranger to challenges, notably faced scrutiny following the collapse of six floors in tower D of the Chintels Paradiso housing complex in sector 109, Gurugram, in February 2022. However, the recent transaction involves the transfer of ownership for the 5.7-acre commercial plot, known as ‘International City,’ and the 2.06-acre clubhouse, both integral parts of the existing Joint Development Agreement (JDA) with Sobha Ltd.
Clarification from Chintels India
A spokesperson from Chintels India clarified, “The 5.7-acre plot is the Commercial Segment of the licensed land designated as ‘International City,’ fully part of Sobha’s allocation in our existing JD Agreement. The 2.06 acres constitute the clubhouse of International City, initially assigned to Chintels and subsequently transferred to Sobha.”
Sobha Ltd’s Perspective
Resolving Ongoing Partnerships
Sobha Ltd’s spokesperson emphasized that this deal is a resolution of an ongoing partnership account, culminating in the registration of specific land in ‘International City.’ This sheds light on the intricacies of the business relationships that have evolved.
NCR Real Estate Landscape: A Trend of Notable Deals on Dwarka Expressway
Impending Dwarka Expressway Impact
Experts attribute the surge in land deals in the NCR to the impending opening of the 26.7 km Dwarka Expressway, connecting Dwarka in New Delhi to the Kherki Dhaula toll plaza on NH-48 in Gurugram. This development has positioned the area as one of the most sought-after micro markets, witnessing an influx of projects over the past few years.
Land Deals: A Continual Trend
This transaction follows a trend of notable land deals in the NCR, underscoring the region’s continued growth. In November, Countrywide Promoters, a subsidiary of BPTP Group, acquired a 5.24-acre plot in sector 113 near the Dwarka Expressway for INR 87.27 crore. Similarly, in September, Aamor Inox secured 12 bighas of farmland and a farmhouse from Mastercraft Properties in South Delhi’s Rangpuri for INR 87.5 crore.
Invest on Dwarka Expressway
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