06 Jun 2022

Max Estates acquires 10-acre land in Noida for Rs 306 crore

Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the $4-billion Max Group, has acquired a 10-acre land parcel in Noida for Rs 306 crore, the company said.

Max Estates Limited, the real estate arm of the company will acquire 100% of equity in Accord Hotels and Resorts Private Limited for Rs 306 crore. Post the acquisition, the said company will become a 100% subsidiary of Max Estates Limited.

Accord Hotels and Resorts Private Limited holds a fully paid up 10-acre land parcel located in Sector 128, Noida, which will enable Max Estates to develop a mixed-use residential community.

“After successful track record in commercial real estate segment, we are very pleased to announce our foray into the residential segment through this transaction. Located right on the Noida Expressway in Sector 128, this location would offer excellent connectivity to and from Delhi, and rest of Noida,” said Sahil Vachani, MD & CEO, MaxVIL.

This mixed-use residential project will have an estimated saleable area of one million sq ft. The project is planned to be developed in multiple phases with a total sales potential in excess of Rs 1,300 crore and will cater to the premium end of the residential market.

The first phase is planned to be launched in first half of next calendar year and expected to be delivered within 3 years of launch.