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Max Estates, a subsidiary of Max Ventures and Industries Ltd (MaxVIL), plans to invest about Rs 3,400 crore in new residential and commercial projects in Noida and Gurugram over the next four to five years, according to Sahil Vachani, the company’s Managing Director (MD) and Chief Executive Officer (CEO).
The company has purchased a plot of land in Noida’s Sector 128 and entered into a joint development agreement with a landowner for a housing project in Gurugram. It plans to launch approximately 250 premium luxury units in Noida in July 2023, as well as an intergenerational luxury project with approximately 1,200 units in Gurugram in 2024.
Max Group’s real estate arm is also planning to build two office complexes in Noida and Gurugram with a total leasable area of 26 lakh square feet. The estimated cost of developing these four projects over the next four to five years is around Rs 3,400 crore, and the sales revenue from the two residential projects would be around Rs 4,500 crore.
Max Estates currently has an 80 lakh square feet portfolio of completed, ongoing, and upcoming projects. The majority of the projects are residential, with the remainder being commercial.
Our goal is to develop 1 million housing and 1 million commercial projects Every year, he added. “In July 2023, we will launch our first residential project in Noida. The project is located in 10-acre rectangular plot of land in Sector 128, right next to Axis House.
This is expected to be the least dense residential project with 250 units, with seven acres of multi-green layered landscape. It will cover one million square feet and will have a top line of Rs 1,300 crores or more, according to the company’s Chief Operating Officer (COO), Rishi Raj.
The company received the completion certificate for its commercial project in Noida’s Sector 129. This will be a seven-acre campus, four of which will be acquired from Axis Bank. The company will be developing another one million square feet project in the four-acre land parcel and for that the construction will start in September or October 2023. Another Max Estates mixed-use project in Noida may take three to four years to complete.
He stated that the company has acquired approximately 7.15 acres of land with approximately 1.6 million square feet of development potential for the Gurugram commercial project. “We will begin construction for this around September-October this year. This retail and office building will be completed in two phases.
The company intends to build a residential project in Gurugram’s Sector 36 A. This joint venture project will cover 11.8 acres. “It will be Delhi-first NCR’s intergenerational residential community. It has a development potential of 2.4 million square feet and a top line potential of Rs 3,200 crore or more.
Vachani stated that the company has formed an equity partnership with New York Life Insurance Company for commercial projects at the project level. New York Life Insurance Company has committed to invest Rs 800 crore in Max Estates commercial projects.
“New York Life Insurance also holds about 23% of MaxVIL, which is publicly traded,” he stated. New York Life Insurance Company announced Rs 290 crore deal to acquire a 49 percent stake in Max Estates’ upcoming commercial project in Gurugram.
