News: Sobha pays Rs 121 crore to Chintels India for land in Gurugram project-15-01-2024
Bangalore based realty developer Sobha Ltd has paid Rs 121 crore to Chintels India Pvt Ltd, a Gurgaon based developer for land that is part of their joint venture project in Gurgaon.
The land is part of Sobha International city, a project which both the companies were developing together. "It is part of an old settlement of ongoing partnership account, that got culminated as registration of certain land in International City,” a Sobha spokesperson said.
In February 2022, two residents had died in the roof collapse at Chintels Paradiso Society in Sector-109, Gurugram following which the state government had banned registry in seven projects, including the one Sobha is developing.
According to documents accessed through CRE Matrix, a real estate data analytics firm, Sobha has paid for two separate land parcels of 2- acre and 5.8 acre and has paid around Rs 8.5 crore as stamp duty.
“The 5.7 acres 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,” said JN Yadav, VP, Chintels Ltd.
The 2.06 acres is the clubhouse of International City which was initially allocated to Chintels and has now been transferred to Sobha.
“These transactions are both old and part of our existing JDA for international city and the conveyance has taken place recently post fulfillment of mutual obligations,” Yadav said.
In July-September quarter, Sobha achieved the highest ever quarterly sale value of Rs 1,724 crore and 1.69 million square feet. This is the ninth straight quarter where the presales have been better than the previous quarter.According to the Q2FY24 earnings call of the company, NCR continued to witness excellent demand contributing to about 20.6% to the sales.“We have a robust pipeline of about 15 million square feet to be launched in the next two years. We expect to launch anywhere between 6 million to 7 million square feet in this financial year. We expect the demand in the residential sector to be robust in the steady economic environment and an interest rate cycle which is close to its peak,” the company had said.
