Max Estates enters Gurugram with 1.6-mn sq ft commercial development opportunity | The Financial Express

Max Estates enters Gurugram with 1.6-mn sq ft commercial development opportunity

Acreage Builders Private Ltd holds the license to develop a commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, one of the most promising upcoming micro markets in Gurugram.

Max Estates enters Gurugram with 1.6-mn sq ft commercial development opportunity
The current transaction will enable Max Estates to achieve its aspiration of becoming a leading real estate player in Delhi‐NCR.

Max Ventures & Industries Limited’s (MaxVIL), one of the three holding companies of the $4-billion Max Group, today announced that Max Estates, the real estate arm of the company, plans to acquire 100% equity of Acreage Builders Private Ltd, at an enterprise value of Rs 322.50 crore, subject to the seller obtaining requisite approvals.

The transaction is expected to be completed by February 2023. Post the acquisition, the said company will become a wholly-owned subsidiary of Max Estates Ltd.

Acreage Builders Private Ltd holds the license to develop a commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, one of the most promising upcoming micro markets in Gurugram.

Max Estates plans to develop a Grade A+ commercial space on this land. The potential leasable area is ~1.6 million sq. ft.

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

Commenting on the same, Sahil Vachani, MD & CEO of MaxVIL, said, “This acquisition marks our entry into Gurugram, a key market for commercial real rstate (CRE), both within Delhi‐NCR and pan‐India. The transaction will further diversify the geographic footprint of our CRE portfolio and aid our aspiration of becoming a leading player in the Delhi‐NCR. The underlying land is located on the main Golf Course Extension Road, which has emerged as a key destination for leading domestic and multi‐national players looking for office space in Delhi‐NCR.”

“As we scale, our focus will be on strengthening organization capacity and capability to drive seamless execution across both commercial and residential opportunities, and, in turn unlock multi‐ fold value for all our stakeholders,” he added.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.