Realty firm County Group, which has been newly formed by promoters of ABA Corp, on Friday said it will invest about Rs 300 crore to develop its first housing project in Greater Noida, Uttar Pradesh.
The company will develop 858 housing units in this project spread over 4.5 acres of land. The prices are in the range of Rs 35-40 lakh per unit.
ABA Corp has so far completed four housing projects and is constructing one project.
"Some of the promoters of ABA Corp have formed another company named County group. We have started construction work in our first project 'Coco County' which will be in affordable housing category but with luxury amenities," County group Director Amit Modi said.
The project is expected to be completed and offered for possession by 2024 end.
Modi said, the project will fall under Pradhan Mantri Awas Yojna (PMAY) category and homebuyers will be eligible to avail credit linked subsidy under the scheme. The GST rate on affordable housing is only 1 per cent.
Asked about the investment, Modi said the project cost is estimated to be around Rs 300 crore, which will be funded through internal accruals, advances from customers and construction finance.
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