Max Estates, a subsidiary of Max Ventures and Industries Ltd (MaxVIL), is aiming to develop 2 million square feet of property – 1 million sq ft of residential and 1 million sq ft of commercial development — over the next few years.
To this end, over the next one year or so, the company plans to launch 1 residential and 1 commercial project in both Noida and Gurugram.
“FY23 has been a watershed year for us. We have acquired two land parcels each in Gurugram and Noida in the last one year. And in all likelihood, we would be announcing our maiden residential project in the second half of the year, most probably around July- August,” said Sahil Vachani, Managing Director and Chief Executive Officer, Max Ventures and Industries
“We are going to adopt a disciplined and calibrated approach. Real estate is cyclical in nature. There will be ups and downs. Thus, we are adopting a steady approach. We plan to develop 1 million sq ft of residential and commercial development every year,” Sahil said.
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As part of its expansion plan, Max Estates will invest around Rs 3,400 crore over the next five years to develop two housing and two commercial projects in Noida and Gurugram.
Max Estates plans to launch its maiden housing project in Noida in July- August this year, subject to regulatory approval. The Noida project is likely to comprise of 200-250 units. The company also plans to launch a residential project in Gurugram next year, which will have around 1200 units.
The company expects sales revenue of Rs 4,500 crore from these two upcoming housing projects.
Till now, Max Estates has largely been into commercial development. The company has developed three premium office complex in Noida and Delhi, comprising around 15.5 lakh square feet area. While its flagship projects Max Towers, Noida and Phase 1 of Max House, Okhla are already operational with both 100% leased, the company recently received completion certificate for its project ‘Max Square’ located in Noida.
Max Estates plans to develop two office complexes in Noida and Gurugram comprising 26 lakh square feet leasable area. The company is currently earning around Rs 100 crore from its completed project. It is expected to rise to about Rs 450-500 crore in the next 4-5 years.