County Group’s subsidiary, Perfect Megastructure Pvt Ltd, has clinched a significant development agreement worth ₹105 crore with Brock Developers Pvt Ltd and Ashiana Landcraft Realty Pvt Ltd (ALRPL) for a prime 7.9-acre land parcel in Gurugram. The agreement, formalised on July 9, pertains to a property located in Sector 88A, village Harsaru.
According to property documents accessed by CRE Matrix, the transaction involved a substantial stamp duty payment of ₹2.27 crore. The agreement outlines that Perfect Megastructure will be responsible for the construction, development, sales, and marketing of the project on this land. The developers have been granted irrevocable and unencumbered rights to the property, ensuring complete control over the project’s execution and branding. The development is expected to proceed in phases, with the project being branded under the developer’s chosen brand and logo. The agreement also marks a pivotal moment for ALRPL, as it transitions the development responsibilities to Perfect Megastructure.
This deal comes amidst a flurry of activity in the Delhi NCR real estate market, where developers and landowners have engaged in numerous joint development agreements (JDAs) over the past 18 months. According to a recent report by JLL, a total of 56 JDAs were signed, encompassing 1,546 acres of land. Residential projects dominated these agreements, accounting for over 97% of the total land area, translating to a potential development of 110 million sq. ft with an estimated gross development value of ₹99,460 crore. Delhi NCR has emerged as a hotspot for real estate transactions, with 20 JDAs signed in the region since 2023, covering around 233 acres of land. Notably, Gurugram has been a focal point, with 151 acres of land involved in recent agreements, highlighting the city’s growing prominence in the real estate landscape.
