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Sobha Developers Limited (Sobha) announced a strategic move to expand its presence in the fast-growing Gurugram market. The company's subsidiary, Sobha Developers (Pune) Limited (SDPL), has entered into an agreement to acquire 100% of Bengaluru-based BNB Builders (BBPL) for INR 29.5 crore.
This acquisition signifies Sobha's intent to tap into the burgeoning demand for residential or commercial space in Gurugram. The National Capital Region (NCR) continues to be a key market for real estate developers, with Gurugram emerging as a major hub for businesses and young professionals. By acquiring BBPL, Sobha gains access to approximately 2.03 acres of strategically located land in Sector 106. This prime location allows Sobha to cater to the specific needs of this growing demographic, potentially offering luxury apartments, office spaces, or a mixed-use development.
In a separate filing, Sobha also informed investors about receiving tax assessment orders from the Income Tax department for the financial years 2016-17 and 2022-23. The total tax liability amounts to INR 45.8 crore. This arises due to certain disallowed expenses and additions claimed by the company. Sobha maintains it has strong legal and factual grounds for its case and will be filing appeals with the Commissioner of Income Tax (Appeals) within the stipulated time frame. The company is currently evaluating the potential impact of these orders on its financial statements.
Sobha has assured its stakeholders that these developments will not affect its ongoing operations or other business activities. The company remains committed to delivering its projects on time and fulfilling its obligations to all stakeholders. This acquisition in Gurugram reflects Sobha's continued focus on growth and strategic expansion in key Indian markets.
Analysts suggest this move by Sobha could be a strategic decision to diversify its portfolio and cater to a new customer base in Gurugram. The success of the project will depend on various factors, including the type of development planned, pricing strategy, and overall market conditions.
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