Max Estates is going to build a Gurgaon residential property.
According to three sources with knowledge of the matter, Max Estates and Namo realtech private ltd have signed a Joint matter Agreement (JDA) to build a group housing project on the Dwarka Expressway in Gurgaon.
The property is adjacent to Krisumi Waterfall Residences, which is a joint venture between Indian auto component manufacturer Krishna Group and Japanese giant Sumitomo Corporation.
The Max Estates and Namo Realtech-formed independent SPV will include this project. In addition to being the managing director of Krisumi Corporation, Mohit Jain is a director of Namo Realtech.
In sector 36A in Gurgaon, Max Estates plans to create around 2.5 million square feet on a 15-acre plot of land. One of the individuals cited above stated, “The developer would receive one third of the saleable area and an advance payment of Rs 75 crore.
While Max Estates plans to launch its first residential property in Noida in the first half of 2023, this will be the company’s first residential project in Gurgaon.
The deal’s transaction advisor is CBRE. ET sent a letter to Max Estates and CBRE, but neither company replied.
Recently, the US-based mutual life insurance company New York Life Insurance Co. announced plans to invest Rs 290 crore for a 49% ownership share in a commercial project in Gurgaon that is being developed by Acreage Builders Private Limited, the SPV of Max Estates.
Max declared in September 2022 that it has begun the process of paying Rs 322.50 crore to acquire 100% of the SPV’s equity.
It completed the acquisition and onboarded New York Life on February 2 of this year.
The new SPV, which is authorized to develop a commercial property on 7.15 acres on Gurugram’s Golf Course Extension Road, will be 51:49 owned by both companies.
The company’s first commercial project in Gurgaon will be this one.
“With acquisitions this year (completed and in the pipeline), we will be ending FY 23 with a real estate portfolio of 7-8 million square feet diversified across the Delhi-NCR region, asset classes, and risk spectrum,” Sahil Vachani, CEO and MD of MaxVIL, just recently.
By the middle of CY 23, the company intends to start construction on a residential complex in Noida.
The business had stated in a release, “This will be a boutique development with a gross development value of Rs 1300 crore.”
The projected saleable area of this residential-focused, mixed-use project is one million square feet.
The company’s 9M FY23 consolidated revenue of Rs 850 million increased by 18% year over year.
Every year, Max Estates intends to build and buy one million square feet of upscale office space for both commercial and residential use.
The corporation has completed three land transactions in the past six months, paying Rs 850 crore for approximately 22 acres.
The remaining lots will be used for commercial construction, with one being developed for residential use.
