Max Estates, the real estate arm of Max Ventures and Industries Ltd., plans to start construction of its first luxury housing project by the third quarter of 2023 and complete it in 48-60 months, the company said in a regulatory filing.
There are 201 homes expected to come up in three towers in Noida. Construction of all three towers will begin simultaneously in September, a company official told Moneycontrol.
The area of the four-bedroom apartments ranges from 4,500 sq. ft to 5,700 sq. ft. The price of these units is Rs 18,000 per sq. ft. The company said in its filing that it achieved pre-formal launch sales of over Rs 1,800 crore for the project, which is registered with the Uttar Pradesh Real Estate Regulatory Authority.
The project has only one phase, constituting three residential towers, and may be expanded later.
“We may have a second phase for future development of group housing, subject to the floor area ratio being available on a purchasable basis as and when approved by the relevant competent authority or government,” the official said.
The project called Estate 128 is located in Sector 128 of Noida and will be built across 10 acres.
“There is demand for luxury housing products in Noida and that is evident from our success in both segments, residential and commercial, with Project 128 and Max Towers, respectively,” Rishi Raj, COO of Max Estates, told Moneycontrol.
“The macro-economic outlook of Noida is positive. Backed by quality, infrastructure, connectivity and a progressive investment ecosystem, Noida has become one of the highest per capita investment cities in India. What Noida needs is quality developments from credible corporates and institutionalised players to cater to this demand.”
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