Realty firm County Group has purchased 28-acre land in Noida for about Rs 450 crore to develop a luxury housing project as part of its expansion plan. With the revival in housing demand, real estate developers have started acquiring land through an outright deals and also through the formation of joint development agreements (JDAs).
According to sources, County Group recently bought the 28-acre land parcels, which belonged to realty firm Ambience group. Indiabulls Housing Finance has sold this land to recover its loan from the Ambience Group. When contacted, Amit Modi, Director of County Group, confirmed the deal and said the registration process has been completed.
The County group will also clear dues to Noida authority against this land and take all necessary clearances to start development on this project. In 2019, the County Group was formed by promoters of ABA Corp. The first housing project was launched in Greater Noida, Uttar Pradesh with an investment of about Rs 300 crore. The Delhi-NCR market has witnessed many land deals this year as builders looked to expand their presence to encash a revival in demand.
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