Max Group's real estate arm, NCR-based Max Estates, registered Rs 845 crore in pre-sales bookings for the phase II of the Estate 128 project in just a week. Shares of the company ended higher by nearly 3% on December 27 after the exchange filing was released.
Combining both the phases, Estate 128 now comprises of four towers with 268 units, spread across 10 acres, with a total booking value of around Rs 2,700 crore. The management said realisations from the second phase are at a 40% premium compared to the first phase, reflecting strong demand in the NCR region.
Max Estates' COO Rishi Raj said the company is confident of adding 'at least 3 million sq. ft. every year' to the current portfolio, and diversifying in Delhi NCR across commercial and residential assets.
"Three back-to-back successful launches in a span of 18 months—starting with Phase I of Estate 128, Noida, in July 2023, followed by Estate 360, Gurugram, in August 2024, and Estate 128-II,
Noida, in December 2024—clearly affirm our ability to not only curate a good-quality product at the right location, but also our capability to bring it to the market," said Rishi Raj.
In the first nine months of the fiscal, Max Estates has now delivered a booking value of Rs 5,000 crore through two projects, the other one being Estate 360 in Gurugram. This booking value is in line with the company's guidance of Rs 4,800-5,200 crore.
Max Estates has secured Rs 11,300 crore worth of development opportunity in the first half of the fiscal, which is more than twice that of the revised guidance given to the market. The realtor had achieved its full-year guidance in the first six months based on the booking value of residential launches.
On a YTD basis, shares of Max Estates are higher by 83%. The company has a market capitalisation of over Rs 9,400 crore.
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