Max Estates, real estate arm of Max Ventures and Industries Ltd (MaxVIL), is set to invest close to Rs 3,400 crore for new residential and commercial projects in Noida and Gurugram over the next four to five years, stated recent reports.
The company has acquired a land parcel in Sector 128 in Noida, adjacent to Axis House. It is a 10-acre rectangular land parcel and is expected to be the least dense residential project with 250 units.
The project will have seven acres of multi green layered landscape and will be spread across “one million sq ft and is expected to have a Rs 1,300-crore plus top line,” reports quoted company’s Chief Operating Officer (COO) Rishi Raj.
Additionally, the company has received the completion certificate for its commercial project in Sector 129 in Noida. This is expected to be a seven-acre campus of which four acres have been acquired from Axis Bank. Construction on this land parcel will start in September or October this year. It may take three to four years to deliver this mixed-use campus in Noida.
For the Gurugram commercial project, Raj said that the company has acquired close to 7.15 acres of land that has around 1.6 mn sq ft of leasable area development potential. The company also plans to come up with a residential project in Sector 36 A in Gurugram, spread across 11.8 acres.
Gurugram’s residential project has been touted as the “first inter-generational residential community that Delhi-NCR has seen”.
According to Sahil Vachani, Managing Director (MD) and Chief Executive Officer (CEO) of the company, it is planning to launch close to 250 premium luxury units in Noida in July this year and an inter-generational luxury project in Gurugram comprising around 1,200 units in the next calendar year, he said.
“The estimated cost of developing these four projects is around Rs 3,400 crore over the next four to five years,” reports quoted Vachani as saying. He further added that the sales revenue would be around Rs 4,500 crore from the two residential projects.
“Our aim is to develop residential projects spread across 1 mn and 1 mn commercial every year,” he added
Max Estates is also planning to develop two office complexes in Noida and Gurugram spread over an area of 26 lakh square feet (sq ft) leasable area.
The group currently has a portfolio of 80 lakh sq ft of completed, ongoing and upcoming projects. Of this, 35 lakh sq ft is housing and the rest is commercial.