Gurgaon-based real estate developer Chintels India Pvt Ltd has transferred the rights of two land parcels in Gurgaon valued at ₹121 crore to Sobha Ltd that were part of their joint venture project, documents accessed by CRE Matrix showed.
The first land parcel is part of Sobha International city, a project being developed by the two companies. The second plot is the clubhouse of the International City project.
“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,” a Chintels spokesperson said.
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“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,” said the spokesperson.
The first plot is spread across an area of 2.06 acres and was sold for ₹35 crore and the second plot spread across an area of 5.7 acres was sold for ₹86.82 crore, the conveyance/sale deed documents accessed by CRE Matrix showed.
The buyer has paid a stamp duty of ₹2.45 crore for the first plot and ₹6.07 crore for the second plot, the documents showed.
The first plot is located in Sector 109 and the second in Sector 108, the documents showed.
The transaction was registered on December 22, 2023.
There was no response from Sobha Ltd.