Max Group’s real estate arm Max Estates posted a 62% year-on-year (YoY) revenue growth in the H1FY23. The company is also set to expand business in national capital region (NCR) with the acquisition of nearly one million square feet of residential development opportunity and over two million square feet commercial development.
The company in its report said that Max Estates’ completed Grade A+ office projects – Max Towers and Phase 1 of Max House are 100% leased at an approx 25-30% premium to the micro market. The collections continue to be on time and in full. The premium earned is a clear testimony of the Company’s WorkWell philosophy, which ensures the holistic wellbeing of its users, enabled by a unique ecosystem of spaces including F&B options and several amenities, impeccable service standards and design led sustainable developments.
Assets under Development: Max Square and Max House Phase 2
Work on both the projects is on track and is expected to be completed by Q4FY23 and Q2FY24 respectively. The Company has got a robust pipeline of leasing for Max Square and is confident to fully lease the development by the end of CY24. Max House Phase 2 will be built on similar lines to Phase 1 with a larger leasable area of nearly 0.15 million sq. ft. A very healthy leasing pipeline is already in place, including interest from existing tenants looking to expand within the campus, it said.
The Company has built a strong portfolio of Projects which will fuel the next level of growth. It has acquired 100% of equity of Acreage Builders Private Limited, at an enterprise value of ₹322.50 crore, subject to seller obtaining requisite approvals. The Company will develop a best‐in‐class Grade A+ commercial space on this land and as part of the Capital Light philosophy, will explore co-investment opportunities with multiple financial institutions/real estate funds, it reported.
The company further said that it has acquired nearly 10 acre of mixed use residential land parcel in Noida with total sales potential in excess of ₹1,300 crore: The Company acquired 100% of equity in Accord Hotels and Resorts Private Limited for ₹306 crore. This mixed-use residential project will have an estimated saleable area of nearly 1 million sq. ft. The project is planned to be developed in 2 phases and will cater to the premium end of the residential market. The first phase is planned to be launched in the first half of next calendar year and expected to be delivered within 3 years of launch.