Booming real estate: County Group buys 13.3-acre land in Wave City NH24, Ghaziabad for Rs 400 Crore to develop 1,000 residential units
County Group has completed over 4 million sq ft across three residential projects in 2024, despite Covid-related difficulties. (AI image)
NCR-based property developer
County group
has purchased 13.3-acre land within
Wave City NH24
, Ghaziabad, for approximately Rs 400 crore, as indicated by sources close to the transaction. The Wave group's smart city project, situated alongside NH-24, covers 4,200 acres. The organisation had previously divested land parcels to property developers for fundraising purposes.
The organisation intends to construct 1,000 residential units in four different configurations, encompassing a total area of 3 million square feet.
"Buyers are keen to invest on the projects by the developer since previous projects by the developer have consistently yielded significant returns for investors, with many reporting a 3x to 4x appreciation on their initial investments. Also, Wave City NH24 has emerged as a rapidly growing residential hub, and is benefited by infrastructure and connectivity to Delhi and other NCR regions," said Sachin Arora, founder of Moneytree Realty according to an ET report.
The site benefits from the operational Hindon Airport for commercial flights, and the forthcoming Jewar International Airport is expected to further increase property values.
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Upon completion, Jewar Airport is projected to accommodate millions of passengers yearly, enhancing economic activities and investment opportunities in the vicinity.
County Group has completed over 4 million sq ft across three residential projects in 2024, despite Covid-related difficulties.
In an area where numerous projects face delays and purchasers have waited over a decade for completion, few developments have reached completion since Covid.
County group's three completed projects include Coco County, a 12.21 lakh sq. ft premium development in Sector-10 Greater Noida (West), Ivy County, a 14.74 lakh sq. ft luxury project in Sector 75 Noida, and County 107, a 14.78 lakh sq. ft Ultra-Luxury development in Sector 107, Noida.
Wave group has sold land to approximately six developers to enhance liquidity.
These property developers collectively plan to develop roughly 15 million square feet in the coming years.
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