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.

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With the revival in housing demand, real estate developers have started acquiring land through the outright deal 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.

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County group will also clear dues to Noida authority against this land and take all necessary clearances to start development on this project. Modi said the company will develop a luxury project on this land.

In 2019, 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.

Earlier this year, realty firm Elan Group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects on the Dwarka Expressway. It has also acquired a 7.65-acre land parcel in Gurugram from Ambience group for about Rs 200 crore.

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Last month, Godrej Properties won two adjacent land parcels totalling 12.4 acres in Noida for a total bid value of Rs 377 crore.

M3M Group has bought 13-acre land in Noida for Rs 827.41 crore through auction. The total acquisition cost would reach Rs 1,200 crore, including lease rent and registration charges.

In August, Max Ventures & Industries Ltd (MaxVIL), which is part of Max Group, won a bid to acquire about 4 acres of land in Noida for Rs 220 crore for development of a commercial project.

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MaxVIL had, in September, acquired Acreage Builders at an enterprise value of Rs 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR. Acreage Builders owns 7.15 acres of land at Golf Course Road in Gurugram.