Max Estates Limited, the real estate arm of Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the Max Group, announced on June 6 that it will acquire 100 percent of equity in Accord Hotels and Resorts Private Limited for Rs 306 crore.
Post the acquisition, Accord Hotels and Resorts will become a 100% subsidiary of Max Estates Limited. Accord Hotels and Resorts holds a fully paid up land parcel of around 10 acres in Sector 128, Noida, which will enable Max Estates to develop a mixed-use residential community. This mixed-use residential project will have an estimated saleable area of around 1 mn sq ft.
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The project is planned to be developed in multiple phases with a total sales potential of over Rs 1,300 crore. The first phase is planned to be launched in the first half of the next calendar year and is expected to be delivered within three years of launch.
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Sahil Vachani, MD & CEO, MaxVIL said, “This transaction marks our foray into the residential segment. Located right on the Noida Expressway in Sector 128, this location would offer excellent connectivity to and from Delhi, and the rest of Noida. The current opportunity due to a multitude of factors including prime location, shape, and land use will enable us to create an unparalleled flagship destination within Delhi-NCR.”