max estates: Max Estates to acquire 7.25 acre land in Gurgaon for Rs 322 crore

Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the $4 billion Max Group, is in the process of acquiring 100% of the share capital of Acreage Builders Private Limited, at an enterprise value of Rs 322, 50 million rupees, subject to the seller. obtaining the necessary approvals.

The transaction is expected to be completed in February 2023. Following the acquisition, the company will become a wholly owned subsidiary of Max Estates Limited, the real estate arm of the company.

Acreage Builders Private Limited holds a license to develop a commercial project on an area of ​​7.15 acres, located on Golf Course Extension Road, one of the most promising upcoming micro-markets in Gurugram.

“This acquisition marks our entry into Gurugram, a key market for Commercial Real Estate (CRE) within both Delhi-NCR and pan-India. The transaction will further diversify the geographic footprint of our CRE portfolio and contribute to our aspiration to become a leading player in Delhi-NCR,” said Sahil Vachani, MD and CEO of MaxVIL.

Max Estates plans to develop best-in-class Grade A+ retail space on this land. The potential leasable area is 1.6 million square feet.

The current transaction will enable Max Estates to achieve its aspiration of becoming a leading real estate player in Delhi-NCR.

“The underlying land is located on the main golf course extension road, which has become a key destination for major national and multinational players seeking office space in Delhi-NCR. As we scale, our focus will be on strengthening the organization’s capacity and capacity to drive smooth execution across commercial and residential opportunities while unlocking multiple values ​​for all of our stakeholders,” Vachani said.

The company recently acquired two parcels of land auctioned by Axis Bank for Rs 220 crore in Noida. Max Estates, the company’s real estate arm, has set out to scale its real estate business development portfolio and is expected to triple its current size by FY23.

With these new acquisitions and a very strong pipeline of projects in development, the company expects to end FY23 with a development pipeline of 6-7 million square feet, which will be 3 times the size of the FY22 footprint.

The company’s consolidated revenue increased by 47% yoy to Rs 273 crore in Q1 2023, while total rental income (Max Towers + Max House) increased by 45% yoy to Rs 120 crore in Q1 2023. the first quarter of 2023.

Max Estates’ completed Grade A+ office projects: Max Towers and Max House Phase 1 are now 100% leased with a 25-30% rental premium for the micro market.

The last lease was signed at more than Rs 130 per square meter. Foot. per month paving the way for the next round of requalification.

Max Estates has embarked on its residential journey with the acquisition of a 10-acre parcel of land on the Noida Expressway in Sector 128 through the acquisition of 100% of the shares of Accord Hotels and Resorts Private Limited, which owns this land as the only asset.

This mixed-use residential project will have an estimated salable area of ​​one million square feet.

The project is planned to be developed as a luxury boutique residential development with 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 raising the quality of life through the implementation of our LiveWell philosophy.

Max Estates plans to acquire and develop 1 million square feet of premium residential and commercial office space each year.

Leave a Comment