Leading NCR realty major Galaxy Group today, received a go ahead from the Supreme Court to construct the 8 stalled projects by Amrapali Group. Galaxy Group will be making an investment of approx. Rs. 2500 crore, in the span of next 4 years, to revive and construct eight pending residential projects which will bring relief to over 28000 customers who have invested in these projects. The development of these projects would be carried out by Galaxy Dream Home Developers Pvt Ltd, which will soon be rebranded as ‘Sawasdee Group’.
The markets of Noida and Greater Noida which are witnessing huge number of deliveries in the recent months will see more deliveries through this move and we can expect more and more customers receiving the rightful ownership of their homes. This verdict comes in the wake of the government’s push and the interest showed by the private players.
Out of the 8 projects, five projects are from Noida; namely, Sapphire (Phase I & II) located in Sector 45, Heartbeat City in sector 107, Eden Park in Sector 50, Zodiac in Sector 120, Platinum in Sector 119. The remaining three projects are from the Greater Noida West region; Leisure Valley, Leisure Park and Dream Valley, which will be duly completed by them and handed over to the rightful buyers. With this verdict, real estate market of Noida is sure to see an upward trend in the property demand, as completion and possession were the most highlighted topics in the region for the past few years.
Pradeep Kumar Agrawalla, chairman, Galaxy Group of Companies said, “We are grateful that the Honourable Supreme Court has passed this verdict which will bring along trust and credibility in the real estate market of Noida. Real estate is a very sentiment driven sector and the trust factor plays a big role in its sustainability throughout. With this move, we hope that the sector, which is already on its revival path through the reforms of RERA and GST, will improve further and we will witness customers returning back in large numbers.”