NCR-based County Group’s subsidiary signs development agreement worth 105 crore in Gurugram

County Group’s subsidiary signs development agreement with Brock Developers Pvt Ltd and ALRPL for 105 crore to develop a project in Gurugram

NCR-based County Group has signed a development agreement for a 7.9-acre land parcel at village Harsaru in Gurugram for a consideration of 105 crore, property documents accessed by CRE Matrix showed.The land parcel is located in Sector 88A, Gurugram, it showed.

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The development agreement was signed on July 9 between Delhi-based Brock Developers Pvt Ltd, Kolkata-based Ashiana Landcraft Realty Pvt Ltd (ALRPL) and Noida-based Perfect Megastructure Pvt Ltd (subsidiary of County Group), the documents showed.

A stamp duty of 2.27 crore was paid for the transaction, the documents showed.

As per the agreement, the developer (Perfect Megastructure Pvt Ltd) has agreed to the proposal of the owners to undertake construction, development, sales and marketing of the project and the owners have agreed to transfer the unencumbered and irrevocable development rights in respect of the project land in favour of the developer, the documents showed.

The developer has agreed to develop the land in various phases and the project will be branded by the developer with the brand and the logo determined by the developer. The developer has paid 105 crore as one-time consideration to ALRPL, the documents showed.

There was no response from the developer.
The back story In June 2023, the DTCP had approved ALRPL’s request to change the developer of the project for the balance land parcel measuring 7.9 acres, they showed.

County Group has delivered housing projects like Orange County, Olive County, Cherry County, besides Noida’s first luxury project Cleo County, Ivy County, as well as Noida’s first ultra-luxury project County 107.

Real estate developers and landowners joined hands to develop 1,546 acres of land and inked a total of 56 separate Joint Development Agreements (JDAs) over the past 18 months. Residential developments had a share of more than 97% (1,501 acres) in these signed agreements offering a development potential of 110 million sq. ft with an estimated gross development value of around 99,460 crore, according to a report by JLL.

Delhi NCR led in terms of number of transactions, with 20 JDAs signed since 2023, covering approximately 233 acres of land. These agreements have the potential for a total development of 36.5 million sq. ft. Within Delhi NCR, a significant portion of these deals, covering 151 acres, were signed in Gurugram alone, the report showed.