County Group

EXECUTIVE SUMMARY

County Group is a privately held real estate developer headquartered in Sector 135, Noida, with its corporate office operating as County Spaces. The group traces its origins to ABA Corp, a Noida-based developer with over three decades of operating history in the Delhi NCR market. The three founding promoters, Amit Modi, Manoj Ramsisaria, and Avnish Agarwal, collectively built ABA Corp's reputation and subsequently expanded the brand identity under the County Group umbrella. The developer operates primarily across Noida, Greater Noida West, and Ghaziabad, with select presence in the Delhi commercial segment. County Group positions itself in the premium to ultra-luxury residential segment, competing on design quality, timely delivery claims, and RERA compliance. Its track record in the affordable to mid-segment, built under the ABA Corp brand, is considered among the stronger ones for the Greater Noida West corridor. The group is now targeting a higher price bracket with projects like Ivory County and Jade County.

KEY PERFORMANCE METRICS

• Founding legacy: ABA Corp established approximately 1990s; County Group as distinct brand operating from mid-2000s onward
• Operating geography: Noida, Greater Noida West, Ghaziabad, Delhi (commercial)
• Delivered projects: Approximately 7 to 8 major projects including Orange County, Cherry County, Olive County, Cleo County, and Coco County
• Under-construction or recently launched: Ivory County (Sector 115, Noida), County 107 (Sector 107, Noida), Jade County (Wave City, NH-24, Ghaziabad), Clove County, Ivy County
• Total development portfolio: Not publicly disclosed in audited form; management claims several million square feet developed and under development
• Revenue, debt, EBITDA, PAT: Not publicly available (private company with no mandatory public disclosures)
• Employee count: Not publicly available
• Land bank: Self-owned land confirmed for Ivory County (Sector 115); other projects appear to be developed on leasehold or purchased parcels; consolidated land bank figures are not publicly disclosed

IMPORTANT CAVEAT

County Group is an unlisted, privately held entity. Audited consolidated financials are not publicly available. All financial claims in circulation, including portfolio size and development area, are management-stated and have not been independently verified by any publicly accessible audit or rating report. Revenue figures quoted in media are booking-based and not Ind-AS revenue recognition figures. Buyers typically contract with project-level SPVs or subsidiary entities such as County Projects Private Limited (CIN available on MCA) and County Ultra Townships Private Limited, not with a single parent entity. The legal counterparty varies by project and buyers must verify the exact contracting entity against RERA disclosures.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

The principal operating entity for current projects appears to be County Projects Private Limited, registered in Delhi, incorporated in June 2014. A newer entity, County Ultra Townships Private Limited, was incorporated in Ghaziabad in December 2024, likely to house the Jade County project on NH-24. The legacy ABA Corp brand was used for earlier projects including Cherry County and Cleo County, and some project-level SPVs from that era remain active. Corporate office is at Plot No. 15, Sector 135, Noida 201305. The group structure involves multiple SPVs by project, meaning buyers at Ivory County contract with a different legal entity than buyers at Jade County. Independently verifying the exact SPV name on the RERA portal before signing any agreement is essential.

SISTER COMPANIES AND GROUP ENTITIES

ABA Corp (legacy brand): The predecessor entity through which the promoters developed Orange County, Cherry County, Olive County, and Cleo County. Still referenced by the group as part of its 30-plus year legacy.

County Projects Private Limited: The primary development entity for current NCR residential projects. RERA filings are under this entity for several active projects.

County Ultra Townships Private Limited: Incorporated December 2024, based in Ghaziabad. Likely the vehicle for Jade County on NH-24. Very recently constituted and has no public track record as an independent entity.

Ramsisaria Builders Limited: A Kolkata-based entity with which director Manas Modi (son of promoter Amit Modi) is associated as per MCA records. The specific operational relationship with County Group's NCR projects is not publicly documented.

LEADERSHIP AND MANAGEMENT

The group is led by three co-founders: Amit Modi, Manoj Ramsisaria, and Avnish Agarwal.

Amit Modi handles overall strategy and sales positioning. He has served as Vice President of CREDAI Western UP, which reflects active industry participation. His public statements have historically focused on affordable and mid-segment delivery promises, and Cherry County's 2016 possession was publicly attributed to his leadership.

Manoj Ramsisaria leads technology adoption and operations. He has been credited with implementing ERP systems, digital lead management, and smart home automation features across projects. His background is operationally focused.

Avnish Agarwal leads marketing and has been the key driver of brand positioning and channel partner networks.

Manas Modi, son of Amit Modi, is listed as a director in County Projects Private Limited and County Ultra Townships Private Limited, indicating the group is transitioning toward a family-managed second generation structure.

No publicly documented criminal cases, ED investigations, SFIO inquiries, or court orders against the promoters individually were found in available public records. This should be independently verified through court record searches and MCA filings.

PROJECT PORTFOLIO ANALYSIS

A. DELIVERED / OPERATIONAL LANDMARKS

Orange County, Indirapuram/Ghaziabad: An early landmark project for the group. Mid-segment residential. Delivered and operational. Established the brand's entry into the NCR market.

Cherry County, Techzone 4, Greater Noida West: 12-acre project with approximately 1,793 units. Delivered in phases, with Phase 1 of 1,240 units handed over by August 2016. Positioned as affordable premium housing. Widely cited as a benchmark delivery in the Greater Noida West corridor during a period of widespread delays. CAM charges were partially refunded to residents post-Covid audit, which generated positive coverage.

Olive County, Sector 5, Vasundhara/Ghaziabad: Delivered luxury residential project. Operational.

Cleo County, Sector 121, Noida: Egypt-themed premium residential development. Delivered. 3 and 4 BHK units.

Coco County, Sector 10, Greater Noida West: Positioned as value-premium 3 BHK. Delivered.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

Ivory County, Sector 115, Noida: The group's flagship luxury project. 28 acres, 23 towers, approximately 2,300 units across three phases. Configurations: 3 BHK (2,034 to 2,304 sq ft), 4 BHK (2,727 to 4,707 sq ft), 5 BHK (up to 6,939 sq ft). RERA registrations: Phase 1 (UPRERAPRJ256314), Phase 2 (UPRERAPRJ115902), Phase 3 (UPRERAPRJ507062). All phases registered in 2023. Construction uses Mivan technology. Phases 1 and 2 targeted for completion by December 2028; Phase 3 by December 2029. OC not yet applied as construction is in early stages. Pricing at launch was approximately Rs 6,500 per sq ft and has reportedly moved upward significantly; current indicative rates in the Rs 15,000 to 17,000 per sq ft range. Total cost per unit ranges approximately Rs 3.05 crore to Rs 11.79 crore. Land is self-owned.

County 107, Sector 107, Noida: 4 BHK and 5 BHK luxury apartments. Targeted possession was June 2024 per third-party property portals. Possession status and OC availability should be independently verified on UP RERA.

Jade County, Wave City, NH-24, Ghaziabad: 13.33 acres, 9 high-rise towers, 3 BHK to 5 BHK ultra-luxury apartments. IGBC Gold pre-certification claimed. RERA registrations: UPRERAPRJ267958 and UPRERAPRJ639770 (June 2025). Developed under the newly constituted County Ultra Townships Private Limited. Banking partner: Kotak Mahindra Bank, IFSC KKBK0005040 (as per RERA disclosures). Very early stage; no delivery track record for this entity.

County Courtyard (Wing B), Delhi: Commercial project registered on Delhi RERA under County Projects Private Limited.

C. PIPELINE

The group has signaled intent to expand in the ultra-luxury segment in Noida and Ghaziabad. Clove County and Ivy County are referenced as upcoming or recently launched projects in Noida. No formal announcement of pan-India expansion has been publicly confirmed. Current strategy appears focused on deepening presence in Noida's premium corridor (Sectors 107, 115, 151, Eco City) rather than geographic diversification.

FINANCIAL ANALYSIS

Detailed financials are not publicly available for County Group as a consolidated entity.

• Revenue: Not publicly available
• Debt: Not publicly available; no credit rating report found in public domain that discloses outstanding borrowings
• Net worth: Not publicly available
• EBITDA/PAT: Not publicly available
• Customer advances: Project-specific RERA-designated escrow accounts are disclosed (Kotak Mahindra Bank accounts noted for Jade County per RERA filings)
• Banking facilities: Kotak Mahindra Bank referenced as banking partner for Jade County project escrow. Other banking relationships not publicly disclosed
• Contingent liabilities: Not publicly available

The group's financial health cannot be independently assessed from public records. Buyers should note that for under-construction projects, RERA mandates 70% of customer advances be held in a designated escrow account. Compliance with this rule should be verified at the UP RERA portal for each project. The absence of audited consolidated accounts is a limitation for any financial due diligence at the group level.

CREDIT RATING AND LIQUIDITY

No active credit rating from CRISIL, ICRA, CARE, or India Ratings was found in publicly available records for County Group or County Projects Private Limited. This is not unusual for private developers of this scale, but it means no independent assessment of debt serviceability, cash flow adequacy, or liquidity position is available to buyers or investors. Buyers should treat the absence of a public credit rating as a transparency limitation and should not infer financial strength or weakness from it in either direction.

MARKET POSITION AND COMPETITIVE ANALYSIS

County Group occupies a mid-to-premium position in the NCR residential market, with Ivory County marking its push into the ultra-luxury segment above Rs 3 crore. In the Greater Noida West corridor, the ABA Corp legacy gives it credibility that most smaller developers in the area lack. Its direct competitors in the Noida luxury segment include Godrej Properties, ATS, Mahagun, and Gulshan Homz. Against these listed or larger developers, County Group faces a transparency disadvantage, as buyers cannot access audited financials or credit ratings. The brand's pricing at Ivory County (Rs 15,000 to 17,000 per sq ft range) positions it close to Godrej and ATS pricing, which means buyers are making a premium commitment to a private developer without the disclosure safeguards of a listed company. In the Greater Noida West and Ghaziabad markets, the group benefits from legacy goodwill and a delivery track record that fewer peers can match.

REGULATORY COMPLIANCE AND LEGAL STATUS

County Group's active projects are registered under UP RERA, with registration numbers publicly available and verifiable on the UP RERA portal. RERA registrations for Ivory County (all three phases), Jade County, and County Courtyard are confirmed.

No major publicly documented RERA penalty orders, UP RERA default listings, NCLT insolvency proceedings, ED investigations, CBI or EOW cases, or court orders specifically against County Group or County Projects Private Limited were found in available public records. This should be independently verified through UP RERA's complaint and order search, Delhi RERA portal, consumer forum records, and court databases using the exact SPV names.

User-submitted complaints on property forums about ABA Corp or County Group relate largely to general post-possession maintenance concerns and documentation timelines, rather than systematic delivery failures. No pattern of RERA-adjudicated non-compliance was identified in publicly available searches. Subject to independent verification, the group's regulatory standing appears relatively cleaner than many NCR peers, though the absence of negative public records should not be taken as a clean chit.

CUSTOMER PERSPECTIVE

Feedback from publicly available property forums and review platforms reflects a broadly positive sentiment relative to NCR peers, particularly for the Cherry County and Cleo County projects. Recurring positive themes include on-time or near-time possession for completed projects, quality of common area maintenance, and responsiveness of RWA formation.

A notable positive data point: ABA Corp refunded Rs 1.10 crore in CAM charges to Cherry County residents after an internal audit showed lower-than-charged expenses during the Covid period. This was widely reported and is unusual in the NCR developer landscape.

Areas of concern from user reviews include: documentation and registry timelines, post-possession construction snagging, and some feedback on delayed OC or fire NOC for older projects. These are user-submitted complaints and have not been independently adjudicated. For ongoing projects like Ivory County, which is in early construction, no possession-related feedback is available yet.

RISK ASSESSMENT

A. OPERATIONAL RISKS

• Ivory County is a very large project (2,300 units, 23 towers, three phases) for a developer that has not previously executed at this scale. Execution risk at this size is real and should not be underestimated.
• County 107's targeted possession of June 2024 should be verified; any slippage here would be a negative signal for Ivory County's December 2028 to 2029 timelines.
• Jade County is being executed through a newly incorporated entity with no standalone track record.
• The group operates primarily in Noida and Ghaziabad, which creates geographic concentration risk.

B. FINANCIAL RISKS

• Complete absence of publicly available audited financials limits any debt or cash flow assessment.
• No credit rating means no independent view on liquidity or debt serviceability.
• High customer advance dependence for a large project like Ivory County (approximately 2,300 units across Rs 3 crore to Rs 12 crore price range) means construction execution is partly funded by buyers' capital; any sales slowdown could affect construction pace.
• Contingent liabilities, if any, are not disclosed.

C. LEGAL AND GOVERNANCE RISKS

• Multiple SPV structure across projects creates counterparty fragmentation; the entity that collects your booking may not be the entity registered on RERA.
• County Ultra Townships Private Limited (Jade County) was incorporated in December 2024 and has no publicly verifiable financial or regulatory history.
• Second-generation involvement (Manas Modi) as a director in project SPVs introduces succession-related governance considerations that are not yet publicly documented.
• No active publicly documented legal risk against promoters, but independent verification is necessary.

BEST PRACTICE FOR BUYERS

• Verify the exact RERA registration number for your specific project phase on the UP RERA portal (up-rera.in) before any payment.
• Match the promoter entity name on the RERA portal with the entity named in your builder-buyer agreement.
• Confirm that 70% of your advance payment is deposited in the RERA-designated escrow account and ask for escrow account details before booking.
• Check County 107's current possession status and OC/CC availability to independently assess this developer's recent delivery execution.
• Do not rely solely on the County Group brand; search complaints and RERA orders using the exact SPV name (e.g., County Projects Private Limited, County Ultra Townships Private Limited).
• For Ivory County, confirm which phase you are booking and the specific RERA number for that phase.
• Review payment plan terms carefully; construction-linked plans carry execution risk while time-linked plans transfer risk differently.
• Conduct a physical site visit to assess construction progress before or after booking.
• Engage an independent legal advisor to review the agreement to sell before signing.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

County Group's strategic direction is clearly tilted toward the ultra-luxury segment in Noida, targeting buyers in the Rs 3 crore to Rs 12 crore range at Ivory County and similar price points at Jade County. The group appears to be consolidating its Noida and Ghaziabad presence rather than pursuing immediate pan-India expansion. Noida's infrastructure upgrades, including the Jewar International Airport, FNG Expressway, and metro connectivity expansion, provide a structural tailwind for Sector 115 and the NH-24 corridor where the group's major launches sit. The key challenge will be executing at scale on Ivory County while simultaneously delivering County 107 and Jade County, which tests organizational bandwidth significantly. If deliveries align with RERA timelines, the brand's premium positioning will be substantially validated. Any slippage on County 107 (which had a June 2024 target) will be closely watched by the buyer community.

INVESTMENT AND BUYER THESIS

A. STRENGTHS

• Legacy track record under ABA Corp with multiple delivered projects in Greater Noida West
• Positive customer sentiment on CAM transparency and on-time possession for older projects
• All active projects are UP RERA registered with verifiable project escrow banking details
• Ivory County land is self-owned, reducing JDA or partnership execution risk
• Strong location selection: Sector 115, Noida and NH-24 Wave City are infrastructure-supported corridors
• Mivan technology adoption at Ivory County supports structural quality and construction speed

B. CONCERNS

• No publicly available audited consolidated financials or credit rating
• Ivory County's scale (2,300 units) is significantly larger than any previously executed project
• Jade County being developed by a December 2024-incorporated entity with no track record
• County 107 possession target of June 2024 requires independent verification for current status
• SPV-level contracting complexity

C. OPPORTUNITIES

• Noida luxury segment is experiencing strong demand with pricing appreciation
• Jewar Airport and metro expansion benefit Sector 115 and NH-24 locations
• NCR's post-Covid residential demand upgrade favors developers with delivery credibility
• Brand differentiation possible if Ivory County is delivered on time at stated quality

D. WATCHPOINTS

• County 107 actual possession and OC status: a key near-term indicator
• Whether Ivory County construction pace matches the December 2028 RERA target for Phases 1 and 2
• Financial health and debt levels of operating SPVs, once MCA filings become available for review
• Governance evolution as second-generation directors take on larger roles

CONCLUSION

County Group enters its current growth phase with a meaningful delivery legacy in the affordable and mid-segment NCR market, built largely under the ABA Corp brand. Its credibility is based on execution, particularly Cherry County's on-time possession during a period of widespread NCR delays. The transition to ultra-luxury through Ivory County and Jade County is an ambitious strategic shift, both in price point and in project scale. The group's fundamental limitation from a buyer diligence perspective is the complete absence of publicly available financial disclosures, credit ratings, or audited accounts. This is not necessarily a reflection of poor financial health, but it means buyers must accept higher information risk compared to listed developers. For buyers considering Ivory County or Jade County, the diligence bar should be set high: verify RERA, verify the contracting SPV, verify escrow account compliance, and physically assess construction progress before committing. The group's positioning is backed by a genuine delivery track record, but its financial transparency and execution capacity at this new scale of ambition remain to be fully tested.

DISCLAIMER

This report is based on publicly available information only. It is intended for due-diligence and research purposes, not investment advice. All financial metrics, project statuses, legal proceedings, and regulatory information are point-in-time and may change. Buyers and investors should independently verify all information from official RERA portals, company filings, court records, rating reports, and legal advisors before making any decision.

Source note: Prepared using publicly available information from regulatory portals, company filings, rating reports, court records, official disclosures, and reputed business media.