Max Ventures & Industries Ltd (MaxVIL) has won a bid to acquire about 4 acres of land in Noida for Rs 220 crore for development of a commercial project. In a statement, MaxVIL said its real estate arm Max Estates through its special purpose vehicle (SPV) had bid for the two land parcels being auctioned by Axis Bank.
In a statement, MaxVIL said its real estate arm Max Estates through its special purpose vehicle (SPV) had bid for the two land parcels being auctioned by Axis Bank.
"Axis Bank has sent a confirmation letter ascertaining the company as the successful bidder for both the land parcels,” MaxVIL said.
The two land parcels are located in Sector 129, Noida and next to Max Estates’ under-construction grade A+ commercial office project 'Max Square’.
The acquisition of the two land parcels contiguous to the Max Square project will enable the company to create a 6.6 acre office led multi-use campus, MaxVIL said.
The construction work in Max Square project is on track and expected to be completed by the fourth quarter of this fiscal. The construction work in Max Square project is on track and expected to be completed by the fourth quarter of this fiscal.
"The company will acquire both these land parcels at a total cost of Rs 220 crore subject to customary statutory approvals,” MaxVIL said.
The total development size including Max Square (0.7 million square feet) for this campus will be 1.5-2 million square feet. Under its strategy of ’One region and multiple asset classes’, Max Estates plans to acquire and develop 1 million square feet of premium residential and commercial office spaces each year.
MaxVIL is part of leading Indian multi-business conglomerate Max Group. It owns and operates a real estate business through its 100 per cent subsidiary, Max Estates.
Established in 2016, Max Estates Ltd has developed one commercial project Max Tower in Noida and the first phase of Max House in South Delhi. The company has entered into a partnership with New York Life Insurance Company (NYL) for its third commercial project in Delhi-NCR named Max Square.
Recently, MaxVIL has also forayed into the residential segment with its first project planned to be developed in Noida.
The company has acquired an about 10-acre land parcel on the Noida Expressway in Sector 128 through acquisition of 100 per cent equity in Accord Hotels and Resorts Private Limited, which holds this land as its only asset. This mixed-use residential led project will have an estimated saleable area of around one million square feet.It is planned to be developed as a luxury residential project with a total sales potential in excess of Rs 1,300 crore.