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County Group has purchased a 28-acre plot of land in Noida for approximately 450 crores as part of its expansion strategy. With the recovery in housing demand, real estate developers have begun to acquire land through outright purchases as well as the formation of joint development agreements (JDAs).
According to sources, County Group recently purchased the 28 acres of land parcels from real estate firm Ambience Group. Indiabulls Housing Finance sold this land to repay its Ambience Group loan. When contacted, Amit Modi, Director of County Group, confirmed the transaction and stated that the registration process was complete.
County Group will also clear any outstanding debts owed to the Noida government on this property and obtain all necessary permits to begin construction on this project. Modi stated that the company plans to build a luxury project on this land.
County Group was founded in 2019 by ABA Corporation promoters. With an investment of approximately Rs 300 crore, the first housing project was launched in Greater Noida, Uttar Pradesh.
This year has seen a slew of land deals in the Delhi-NCR market as developers sought to expand their presence in order to capitalize on a surge in demand.
Elan Group purchased 40 acres of land in Gurugram from Indiabulls Real Estate Limited (IBREL) earlier this year for Rs 580 crore for the development of housing and commercial projects along the Dwarka Expressway. It also purchased a 7.65-acre land parcel in Gurugram from the Ambience Group for approximately Rs 200 crores.
Godrej Properties was awarded two adjacent land parcels totaling 12.4 acres in Noida last month for a total bid value of Rs 377 crore.