May 4, 2024 |
Max Estates to Develop 4 Million Sq Ft in Gurgaon, Targets Rs 9,000 Crore Revenue
Max Estates, the real estate arm of the Max Group, has entered into a joint development agreement for development on 18.23 acre land in Gurgaon with potential revenue of Rs 9,000 crore.
This land parcel is contiguous to its existing 11.80 acres of land on Dwarka Expressway in sector 36 A, Gurugram on which Max Estates had done a Joint Development Agreement (JDA) last year and over 4 million sq ft can be developed on the land.
The company is on track to launch Delhi NCRs first Intergenerational residential community in Q3 of CY 2024 with revenue potential now re-rated to Rs 4,000 Crore.
This helps Max Estates consolidate its position (30 acres) in sector 36 A on Dwarka Expressway, which with massive infrastructure upgrade has emerged as a prime luxury residential destination in Gurugram.
Both opportunities imply a combined revenue potential over time of Rs 13,000 crore in Gurugram by developing and selling an area over 6.4 mn square feet.
“This is integral to our stated growth strategy of securing at least 2 mn square feet of development opportunity in Delhi NCR every year for Max Estates. Post closure of this transaction, the portfolio of Max Estates will grow by 50% from 8 to 12 mn square feet of development potential, which is very well diversified in terms of asset classes (commercial office and residential), geographic footprint (Noida, Delhi and Gurugram) and risk spectrum (delivered and under construction),” said Rishi Raj, COO, Max Estates.
The binding agreement envisages securing development opportunity through JDAs over three tranches and undergoing the process of securing license under Transit Orient Development (TOD) policy in collaboration with the landowner.
New York Life Insurance Co recently announced that it will invest a total Rs 388 crore to acquire 49% stake in two commercial projects of Max Estates—one each in Delhi and Noida.
New York Life currently owns 22.67% of publicly listed Max Estates. It also owns 49% stakes in Max Estates’ newcommercial projects in Delhi-NCR, which include Max Square–already operational on the Noida Expressway—and two under-construction projects–Max Square Two–adjacent to MaxSquare; and one on Golf Course Extension Road, Gurugram.
In the residential sector, the company successfully launched and sold its first project, Estate 128, in Noida in 2023. It plans to launch its second project in Gurugram in the first half of this calendar year.
Source : ET
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