The company announced that Max Estates’ SPV has been confirmed, by
as the successful bidder for two land parcels auctioned by them for a total consideration of Rs 220 crore.
ET had reported the transaction earlier this week.
Both of these land parcels combined are spread across 4 acres in Sector 129, Noida. These land parcels are contiguous to Max Square, an under-construction office development by Max Estates. The acquisition will enable it to create a 6.6 acres office led mix land use campus. The total development size including Max Square (0.7 million sq ft) for this campus will be 1.5-2.0 million sq ft.
“With these new acquisitions and a very strong project pipeline under development, we expect to end FY 23 with a development portfolio of 6-7 million square feet, which will be 3x the size as of FY 22 footprint. As we gear up for scale, our focus is to strengthen organization capacity and capability to drive seamless execution across both commercial and residential opportunities, staying true to our purpose of enhancing quality of life and in turn unlocking multi-fold value for all our stakeholders, ” said Sahil Vachani, MD & CEO of MaxVIL.
Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the $4-Bn Max Group, also announced its Q1FY23 results.
Company’s consolidated revenue is up by 47% YoY to Rs 273 million in Q1FY23 while total lease rental income (Max Towers + Max House) is up by 45% YoY to Rs 120 million in Q1FY23.
Max Estates’ completed Grade A+ office projects – Max Towers and Phase 1 of Max House are now 100% leased at 25-30 percent rental premium to the micro market.
The latest lease was signed at Rs 130+ per Sq. Ft. per month setting the path for the next round of re-rating.
Max Estates aims to replicate this in the upcoming offerings – Max Square and Phase 2 of Max House. Work on both the projects is on track and expected to be completed by Q4FY23 and Q2FY24 respectively.
Company’s third office development – Max Square, is pre-certified to be an IGBC platinum rated Grade A+ office project with a total leasable area of 0.7 million sq ft. New York Life Insurance Company is a 49% partner in the project. Max House Phase 2 will be built on the similar lines to Phase 1 with a larger leasable area of 0.15 million sq ft.
Max Estates has embarked on its residential journey with the acquisition of 10 acre land parcel on Noida Expressway in Sector 128 through acquisition of 100% equity in Accord Hotels and Resorts Private Limited, which holds this land as the only asset.
This mixed-use residential led project will have an estimated salable area of one million sq ft.
The project is planned to be developed as a boutique luxury residential development with a total sales potential in excess of Rs 1,300 crore. This will cater to the premium end of the residential market with the promise of elevating the quality of life through the implementation of our LiveWell Philosophy.
The first phase is planned to be launched in the first half of next calendar year and expected to be handed over within 3 years of launch.
On the composite scheme of amalgamation whereby MaxVIL will merge with Max Estates Limited, the company has received the approval from the Stock Exchanges, and has filed a petition for merger with the National Company Law Tribunal, Chandigarh. The amalgamation is expected to be completed in 6-9 months subject to NCLT approvals.
This will simplify the corporate structure and also enable the company to rename the entity as Max Estates – a move that will resonate with real estate as the only focus of the company.
Max Estates plans to acquire and develop 1 million square feet of premium residential and commercial office spaces each year.