Team Opulnz Abode, 01st April 2023 17:50, Read Time – 2mins
Max Estates, a real estate subsidiary of Max Ventures and Industries Ltd (MaxVIL), is planning to invest around Rs 3,400 crore in new residential and commercial projects in Noida and Gurugram over the next four to five years. The company has acquired a land parcel in Sector 128 in Noida and entered into a joint development agreement for a housing project in Gurugram.
Max Estates presently has a portfolio of 8 million square feet of completed, ongoing, and upcoming projects, out of which 3.5 million square feet comprises housing projects and the rest is commercial. The company aims to develop 1 million square feet of residential and commercial projects every year.
Max Estate Noida Upcoming project
According to Rishi Raj, the Chief Operating Officer (COO), our inaugural residential development in Noida will be unveiled this July. The property is situated in Sector 128, right next to Axis House, and covers a 10-acre rectangular land parcel. The development is anticipated to be the least crowded residential project in the area, consisting of 250 units and spanning across one million square feet. What’s more, seven acres of the property will be dedicated to multi-layered green landscapes, adding to the appeal of the project. With a projected top-line of over Rs 1,300 crores, this development is poised to be a significant success.
Max Estate Gurgaon New Launch Residential Project
The company has announced plans for a new residential project in Sector 36A in Gurugram, which will cover a total area of 11.8 acres. According to Rishi Raj, this will be a joint venture project and will be the first inter-generational residential community to be developed in the Delhi-NCR region. The project is expected to have a development potential of 2.4 million square feet and a top-line potential of over Rs 3,200 crores. Construction is set to commence in the first half of 2024.
Raj further explained that the development will be a transit-oriented project, designed with a focus on senior living and non-senior living. It is anticipated that the project will comprise 1,200-1,400 residential units.
Max Estate Gurgaon New Launch Commercial Project
The company has secured approximately 7.15 acres of land for its upcoming commercial project in Gurugram, with a development potential of around 1.6 million square feet of leasable area. Construction for the project is expected to begin in September or October of this year, with the development being delivered in two phases.
According to Vachani, the company has partnered with New York Life Insurance Company as an equity partner for its commercial projects at the project level. New York Life Insurance has already committed Rs 800 crores to Max Estates’ commercial projects, and also holds a 23% stake in MaxVIL, which is listed on the stock exchanges. Recently, the company also announced a Rs 290 crore investment to acquire a 49% stake in Max Estates’ upcoming commercial project in Gurugram.
Responding to a question about rental income, Raj stated that the company currently generates around Rs 100 crores from its completed assets, with annuity income projected to reach Rs 450-500 crores in the next four to five years once all the upcoming office assets are completed.
Max Estates was established in 2016 and has since completed several projects, including its first residential community, 222 Rajpur, consisting of 22 villas in Dehradun, as well as three commercial projects, Max Towers and Max Square in Noida, and Max House in Delhi.