Gurugram Real Estate - County Group's acquisition brings relief to Homebuyers

In Gurugram, County Group’s acquisition brought relief to 400 homeowners awaiting property possession for more than a decade. With 2.6 acres saleable area under its banner, the developer estimates the revenue potential of Rs. 4,000 crores.

“About 7-acres of this project was partially developed where 326 homebuyers were stuck since 2014. We revamped the existing building and common area after taking over,” said Amit Modi, Director, County Group.

The acquisition process came to completion via the National Company Law Tribunal (NCLT). One of the two acquired projects was from Ashiana Landcraft, which was supposed to develop a 14-acre residential project on Dwarka Expressway, Gurugram.

The County Group paid Rs. 75 Crore to lenders to acquire the immovable asset. The developer also acquired a partially developed 10-acre residential property from the Ansal Group.

“However in this case, we settled the cases and demolished three towers to make it a Greenfield project. We then amalgamated both the projects, which gave us almost 17-acre land to develop a large-scale project,” Modi said.

County Group paid Rs. 50 Crore to the Authority and Rs. 110 Crore to lenders to acquire the property and gave exits to 42 buyers.

“In addition to this, we will invest another Rs. 1,300 Crore to develop the project,” Modi said.

In another distinguished activity, the County Group purchased a 5-acre plot in Sector 151, Noida, for Rs. 473 Crore. Also, the developer acquired 13.3 acres in Wave City, Ghaziabad, for approximately Rs. 400-Crore.

The County Group plans the development of a low-density residential property with 226 housing units in three distinct configurations. The project will span over 1.1 million sq ft. Earlier in 2024, the County Group delivered 4 million sq ft. of space while making way out of the pandemic wave.

It included Coco County in Sector 10 Greater Noida West, Ivy County in Sector 75, and County 107 in Sector 107, Noida, respectively. Also, the developer with a prominent presence in the National Capital Region (NCR), launched Ivory County in Sector 115, Noida, and Jade County on NH 24, Ghaziabad.