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.
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. In accordance with the provisions articulated within the contractual agreement. The developer (Perfect Megastructure Pvt Ltd) has granted approval to the initiative presented by the proprietors to undertake the construction. Development, sales, and marketing of the project. While the proprietors have conceded to the transfer of unencumbered and irrevocable development rights regarding the project land in favor of the developer. As substantiated by the pertinent documentation.
The land is agreed to be developed in various phases by the developer, and the project will be branded with the brand and logo determined by the developer. The developer has paid ₹105 crore as one-time consideration to ALRPL, the documents showed.
The developer did not provide any feedback.
County Group’s subsidiary signs development agreement with Brock Developers Pvt Ltd.
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.n The report substantiates that a significant proportion of these agreements, covering an expanse of 151 acres, took place solely in Gurugram, within the National Capital Region of Delhi
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