Max Estates to invest Rs 400 crore in new commercial project in Noida
NEW DELHI: On Monday Max group’s realty arm, Max Estates announced that it has begun the construction of its new commercial project. This project has to comprise mainly office space, in Noida Rs 400 crore investment. The company has roped in New York Life Insurance Company as a financial partner for this project Max Square. It will have 7 lakh sq ft of office and retail spaces.
This is the third commercial project of Max Estates. It further is part of Max group’s listed entity Max Ventures & Industries Ltd (MaxVIL).
Max Estates is looking forward to the project ‘Max Square’ with New York Life Insurance Company as a financial partner.
It will acquire 51 percent of the stakes and the New York Life Insurance Company will have a 49 percent stake in the special purpose vehicle (SPV) Max Square Ltd.
In India, it is the first real estate project by New York Life Insurance Company as a financial partner.
The statement also said, “The project will be built at a cost of approximately Rs 400 crore with an equity infusion of Rs 175 crore and a debt funding of Rs 225 crore,”.
All statutory approvals have been gotten. The project construction has been started and the company’s target is to deliver it by March 2023.
Sahil Vachani, MD and CEO, Max Ventures and Industries, said “Success of our recent commercial real estate projects has enabled us to achieve financial closure for Max Square in a fairly quick period”.
“Max Square has been conceptualized as an eco-friendly complex. It has been designed in line with our differentiated philosophy of WorkWell which enables higher productivity, a vibrant workplace community combined with wellness and recreation measures,” he further added.
Max Estate has delivered two commercial real estate projects in NCR till now. One of them is Max Towers, Noida and another one is Max House, Okhla, Delhi.
Max Towers has (owned directly and leasable rights for area owned by Investors) around 6 lakh sq ft of total leasable area and it’s 74 percent has been leased out so far.
The first phase of the Max House, Okhla, comprising of 1,05,000 sq ft leasable area has been launched for leasing recently. Construction of the second phase of the project, comprising around 1,00,000 sq ft is about to start in the fourth quarter of this fiscal.
MaxVIL acquires and operates a real estate business through its 100 percent subsidiary Max Estates. They are also in a packaging films business through Max Specialty Films, a 51:49 strategic partnership with Toppan, Japan.
