Max Estates forays into Gurugram, inks pact with Namo Realtech to develop 12-acre housing project

Gurugram. Source: Flickr.

Max Ventures and Industries Limited’s (MaxVIL) real estate arm Max Estates has entered the residential real estate market in Gurugram through a joint development agreement (JDA) with Namo Realtech Private Ltd to develop a 12-acre housing project there.

The project has a  development potential of around 2.4 mn. sq. ft. and gross development value in excess of Rs 3,200 crore, MaxVIL said in a statement on February 17.

The land parcel admeasures around 11.8 acres and is located in Gurugram's Sector 36A, with direct access from Dwarka Expressway. The 150m-wide Dwarka Expressway connects Gurugram to Delhi.

The site is located at the confluence of the expressway, Central Peripheral Road (CPR) and in proximity to the Global City plan proposed by the Haryana government, envisioned as a futuristic Central Business District of Delhi-NCR.

“FY2023 has been a defining year for the company’s real estate business in its growth journey. With this acquisition, we will be ending FY2023 with a real estate portfolio of around 8 mn. sq. ft., which is well diversified in terms of geographical footprint across Delhi, Noida and Gurugram as well as between residential and commercial assets. Our focus continues to be on exceptional design, sustainability and consumer experiences anchored on our WorkWell and LiveWell philosophy,” said Sahil Vachani, MD and CEO of Max Ventures & Industries Limited.

One of the directors of the company is also the managing director of Krisumi Corporation, a joint venture between Japanese conglomerate Sumitomo Corporation and Indian auto components major Krishna Group.

Established in 2016, Max Estates Limited is the real estate arm of the Max Group and a wholly owned subsidiary of MaxVIL. Its marquee projects include commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House – a re-development of office campus and 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.

The company has also entered into a partnership with New York Life Insurance Company (NYL) for its third commercial project in Delhi-NCR named Max Square. Recently, it has also forayed into the residential segment with its first project planned to be developed in Noida.