Max Estates announces its entry into Gurugram with 1.6 Mn sq.ft. commercial development opportunity.
7th September 2022, New Delhi:
Max Ventures & Industries Limited’s (MaxVIL), one of the three holding companies of the $4‐Bn Max Group, today announced that Max Estates, the real estate arm of the company proposed to acquire 100% of equity of Acreage Builders Private Limited, at an enterprise value of Rs. 322.50 Crores, subject to seller obtaining requisite approvals. The transaction is expected to be completed by February 2023. Post the acquisition, the said company will become a wholly owned subsidiary of Max Estates Limited.
Acreage Builders Private Limited holds a license to develop commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, one of the most promising upcoming micro markets in Gurugram.
Max Estates plans to develop a best‐in‐class Grade A+ commercial space on this land. The potential leasable area is ~1.6 Mn sq. ft.
The current transaction will enable Max Estates to achieve its aspiration of becoming a leading real estate player in Delhi‐NCR.
Commenting on the same, Mr. Sahil Vachani, MD & CEO of MaxVIL said, “This acquisition marks our entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi‐NCR and pan‐India. The transaction will further diversify the geographic footprint of our CRE Portfolio and aid our aspiration of becoming a leading player in the Delhi‐NCR. The underlying land is located on the main Golf Course Extension Road, which has emerged as a key destination for leading domestic and multi‐national players looking for office space in Delhi‐NCR. As we scale, our focus will be on strengthening organization capacity and capability to drive seamless execution across both Commercial and Residential opportunities and, in turn unlock multi‐ fold value for all our stakeholders.”
About Max Ventures & Industries Limited (MaxVIL):
MaxVIL
Max Ventures & Industries Limited (MaxVIL), a part of the leading Indian multi‐business conglomerate Max Group, owns and operates a real estate business through its 100% subsidiary, Max Estates. MaxVIL also has a real estate services & management company – Max Asset Services. MaxVIL is listed on NSE and BSE.
Max Estates Limited
Established in 2016, Max Estates Limited is the real estate arm of the Max Group and a wholly owned subsidiary of MaxVIL. Its vision is to bring the Group’s values of Excellence, Credibility and Sevabhav to the Indian real estate sector. Its marquee projects include a one‐of‐its‐kind 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 in Okhla, and 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun. It aims to create, build and operate Grade A+ office spaces in Delhi‐NCR. The company has entered into a partnership with New York Life Insurance Company (NYL) for its 3rd commercial project in Delhi‐NCR named Max Square. Recently, the Company has also forayed into the residential segment with its first project planned to be developed at Sector ‐128,Noida.
Max Asset Services Limited (MAS)
Max Asset Services Limited focuses on providing real estate as a service in the form of facility management, community development and managed offices. It aims to bring life into buildings by implementing the Max Estates’ WorkWell philosophy through amenities and ‘Pulse’, which focuses on curating engaging events for office tenants.
Safe Harbor Statement:
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward‐looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward‐looking statements. The company assumes no obligation to update forward‐looking statements to reflect actual results changed assumptions or other factors.
