County Group to invest Rs 5,000 crore in next 5 years on luxury housing project in Noida

Delhi NCR-based County Group will invest Rs 5,000 crore over a period of five years to build ultra-luxury housing project Ivory County in Noida, the company said.

Located in Noida's Sector 115, near the Faridabad-Noida-Ghaziabad (FNG) Expressway, the project has a revenue potential of Rs 7,500 crore approximately, top company executives said.

Amit Modi, Director, County Group said that Ivory County will have a total of 2,372 units on offer and will be developed in three phases in next five years.

“The entire project will spread across 28 acres and will be divided in luxury and ultra-luxury dwelling areas known as ‘Ivory County’ and ‘Ivory County Gold’. In the first phase 1,500 units are being offered, which has already been sold out. The group will be investing nearly Rs 5,000 crore in next five years via self-funding and bank financing with an expected sales realisation of Rs 7,500 crore approximately,” he said in a press conference.

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He said that average starting price will be Rs 14,000 per square feet (sqft) for Ivory County and Rs 16,000 per sqft for Ivory County Gold.

The apartments will be offered in 3, 4 and 5-BHK categories having different sizes starting from 2,034 sqft to 6,939 sqft. The ticket price of one smallest apartment will be approximately Rs 3 crore while the largest apartment is likely to cost around Rs 12 crore approximately.

“Most of the bookings are from the buyers residing within the existing County Group projects or their friends and family looking for a lifestyle upgrade,” Modi said.

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County Group has delivered a number of luxury and midsize projects including Cleo County, Ivy County, County 107, Cherry County, Orange County and Olive County, among others. The group has developed around 160 lakh sqft space and currently around 161.18 lakh sqft more space is under construction.