Max Ventures Realty Arm To Develop Residential Project In Gurugram
Premium- The Gurugram project is expected to generate Rs. 3,200 crore in revenue and 2.4 million square feet of development potential
Max Estates, a real estate subsidiary of Max Ventures & Industries Ltd, will develop a 12-acre residential project in Gurugram as part of a joint development agreement, according to an exchange filing.
The Gurugram project is expected to generate Rs. 3,200 crore in revenue and 2.4 million square feet of development potential.
The land parcel is 11.8 acres in area and is located in Gurugram's Sector 36A, with direct access from the Dwarka Expressway.
Following the success of its commercial developments in Delhi and Noida, Max Estates announced a commercial development in Gurugram as well as expanding its footprint into the residential development sector in Noida. As a result of this transaction, the company will now be present in Gurugram's residential sector, according to the company.
“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 8 mn. sq. ft., which is well diversified in terms of geographical footprint across Delhi, Noida and Gurugram as well as between residential & commercial assets. Our focus continues to be on exceptional design, sustainability and consumer experiences anchored on our WorkWell and LiveWell philosophy", Sahil Vachani, MD & CEO of Max Ventures & Industries Limited, said.
“The land parcel admeasures 11.8 acres and is located in Sector 36A, Gurugram, with direct access from the Dwarka Expressway. The 150m-wide Dwarka expressway connects Gurugram to Delhi and in the last 5 years, both sides of this expressway have witnessed rapid growth in terms of residential and commercial development. The site is also strategically located at the confluence of the expressway, Central Peripheral Road (CPR) and planned Metro Corridor, by virtue of which, this site has excellent connectivity to central and secondary business districts of Gurugram such as Cyber City, Golf Course Road and Southern Peripheral Road (SPR). Furthermore, the site is located in proximity to the Global City plan proposed by Haryana Government, envisioned as a futuristic Central Business District of Delhi-NCR", the company said in a statement.
The New York Life Insurance Company recently announced the acquisition of a 49% stake in Max Ventures' upcoming commercial development in Gurugram.
Established in 2016, Max Estates is the real estate arm of the Max Group and a wholly owned subsidiary of Max Ventures & Industries Ltd.
Shares of Max Venture ended 1.5% lower at ₹135.55 apiece on the NSE.
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