‘Galaxy North Avenue-II’ by Galaxy Dream Home Developers Pvt. Ltd.
RATED NCR 4-STAR BY CARE RATINGS
About the Project
Galaxy North Avenue II (GNA-II) is a high-rise Group Housing Project located at Greater Noida. It is a residential project comprising nine towers with 1021 Flats and is spread over 7.48 acres. The project is in close proximity of developed areas of Vasundhara, Indirapuram and Vaishali. The project will be developed in two phases. The first phase comprises of 6 towers and 833 flats while remaining in the second phase. The project is likely to be completed by June 2016. The average size of each apartment is close to 1,169 sq. ft. with the total saleable area of the project being 11.93 lakh sq. ft. About 80% of the area has been reserved for lawns, parks and landscaped greens. The scheduled project completion date is June 2016.
Project Star Rating Rationale
Developer Profile
Galaxy Dream Home Developers Private Limited (GDHDPL) is promoted by Rajesh Kumar Jodhani, Naresh Kumar Jodhani and Pradeep Kumar Agrawalla. The promoters have been in the real estate industry since 1995. They have worked primarily in residential real estate development and completed 37 small group housing projects/builder floors (6-12 flats each) in and around Ghaziabad. At present, GNA-II is amongst the three ongoing projects of the developers, others being Galaxy North Avenue-I and Highend Paradise-I. The developer has not yet delivered any large group housing project.
Construction Quality of the Project
The civil construction for the project is done by the in-house team of engineers and contract labourers. Furthermore, the company has hired Ghaziabad-based Anuj Agarwal & Associates (Architect) for providing consultancy for the overall layout and design of the project.
Legal Aspects of the Project
The title of the land is clear as it has been acquired from the developer Gaursons Promoters Pvt Ltd (GPPL), who was allotted this land from the Greater Noida Industrial Development Authority (GNIDA) on leasehold basis for 90 years. GNIDA has executed transfer deed in favor of the GDHDPL and is registered with the registrar. The transfer deed has been executed as a tri-partite agreement between GDHDPL, GPPL and GNIDA. The project layout is approved by GNIDA. Moreover, the company has received all the construction related approvals for the project.
Financial Details of the Project
The total estimated project cost is Rs.253 crore which is being funded by way of equity capital of Rs.21 crore and balance from customer advances. Although the promoters have already infused their entire equity contribution, the residual funding risk remains high on account of its high dependence on customer advances, which is linked to timely completion of construction. As on April 15, 2013, SPR has already incurred Rs.45 crore that includes the land cost of Rs.37 crore and construction and other administrative costs of Rs.8 crore. The remaining project cost of Rs. 208 crore has to be funded through sales/customer advances. As on April 15, 2013, the value of sold inventory is Rs.169.52 crore against the total requirement of customer advances of Rs.232.20 crore. To manage customer advances required for funding, it is essential for the company to sell its remaining area in a timely manner as any delays in the same can lead to delays in the project.
Other Key Highlights of the Project
Landscaped Greens with Children Play Area
Jogging Tracks
Club with Swimming Pool and Fitness Centre
Tennis Court
Fire-Fighting System
24/7 security service
Street Lights
Covered Car parking
Power Backup of 1 KVA being provided free for each unit
About the Contractors of the Project
Architects: The company has hired Ghaziabad-based Anuj Agarwal & Associates for providing consultancy for the overall layout and design of the project. They have been providing consultancy in the field of architecture and have successfully executed projects of various nature like Group Housing Schemes, Apartments, Residences, Hospitals, Institutes, Ashrams, Commercial Complexes and Factory Buildings etc. In the past, Anuj Agarwal & Associates has been associated with various reputed projects like Amrapali Greens, Amrapali Royal, Eden park, Pinnacle Tower, etc. in and around Ghaziabad area.
Structural Consultants: The structural work supervision is being managed by Vasundara-based (Ghaziabad) Optimum Design Private Limited. They have also provided civil, plumbing and fire fighting consultancy for this project.
Civil Engineers: Entire construction and civil work is being overseen by the promoter group with an in-house team of engineers, technicians and labour force.
