Delhi NCR-based listed real estate developer, Max Estates, which is the real estate arm of Max Group, will develop a luxury housing project along Dwarka Expressway in Gurugram, top executives of the company said.
They added that the project ‘Estates 360’ at Gurugram will be Delhi-NCR’s first ‘intergenerational living community’ project, which will comprise senior living residences along with non-senior luxury homes.
The realty firm plans to develop around 2.4 million square feet (msf) of space in the project.
“It is a joint development project which will be built on a land parcel measuring 11.8-acres located at the confluence of Dwarka Expressway, Central Peripheral Road and NH-8,” COO, Max Estates, Rishi Raj told Moneycontrol.
Also Read: Max Estates Consolidated March 2024 Net Sales at Rs 30.01 crore, up 28.72% Y-o-Y
Raj said that the project is currently awaiting RERA approval and is expected to be launched in next two-three weeks in Gurugram.
Sahil Vachani, Vice Chairman and MD, Max Estates, said that in the Gurugram project senior and non-senior living will be developed in one ecosystem with dedicated facilities.
“In intergenerational living community we are going to have a senior living as a separate footprint with our own sister company Antara and the remaining part of it is going to be under Max Estates. Senior living part will have dedicated infrastructure including health care facilities,” Vachani said.
He added that around one-third of the total units dedicated for senior living in the project.
“We are a listed company and our balance sheet is strong. New York Life Insurance, who was our old partner in life insurance segment, also gave us equity so we are one of the few developers who have very strong balance sheet and a very little debt,” Vachani said.
The project have a tentative gross development value of Rs 4,000 crore.
Total portfolio of the Max Estates is 12 million square feet, which includes delivered along with under construction projects. Out of this, around 4 to 4.5 msf is commercial while 7.5 msf is residential development, according data provided by the company.
The company statistics showed that Max Estates’ residential projects have a total gross development value of Rs 15,000 crore.
Max Estates in a regulatory filing in May 2024 had said that New York Life Insurance Company has invested Rs 388 crore to acquire a 49 percent stake in two operational office complexes of Max Estates.
New York Life owns 22.67 percent share in Max Estates. It also owns 49 percent stakes in Max Estates’ new commercial projects in Delhi-NCR.
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