Max Estates leases 80,000 sq. ft. office space at Max Towers, Noida to Cyril Amarchand Mangaldas

Max Estates, a subsidiary of Max Group's listed entity, Max Ventures & Industries Ltd. (MaxVIL), today announced that it has leased ~80,000 (79,933) sq ft. at its flagship Grade A office complex, Max Towers, Noida to Cyril Amarchand Mangaldas (CAM), one of India's leading legal firms. It has also leased ~7,300 sq. ft. to DBS.

Max Estates had recently announced leasing of ~62,500 sq. ft. to Yes Bank at Max Towers. In addition, it has also leased ~25,000 sq. ft. at Max Towers to Indian Energy Exchange (IEX) Limited, India's first and largest power trading platform. This takes the total leased area at Max Towers to nearly 90% of the total ~5.3 lakh sq ft.

Sharing the plan for their new office, Mr. Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas, said "Cyril Amarchand Mangaldas Delhi will be shifting to Max Towers Noida in June. This is a newly built, ultra modern building and o ur office will incorporate the latest concepts in office design. These include special spaces for informal exchanges and hot desking for lawyers who are mainly working from home. We look forward to meeting our clients in our new, exciting premises from June."

Commenting on the leasing of space to Cyril Amarchand Mangaldas, Mr. Sahil Vachani, MD & CEO, MaxVIL, said, "Cyril Amarchand Mangaldas is a welcome addition to the set of renowned domestic and multinational corporates who have chosen Max Towers as their corporate office. We believe that its strategic location, world class amenities and above all a well curated experience focusing on all aspects of the occupiers' well being powered by our WorkWell philosophy are the key drivers for this choice. Needless to say, it will add weightage to our growing credentials as one the best office space providers in the National Capital Region."

"In addition, competitive rental as compared to other mainstream office locations in Delhi-NCR, better local infrastructure, and growth prospects of Noida are some key reasons for this increaseed Grade A office space demand in Noida," he added.

Besides CAM, DBS and Yes Bank, occupiers at Max Towers include Kama Ayurveda, Indian Energy Exchange, Khaitan & Co., Delphix, co-working firm Spaces, and French multinational Veolia, among others.

Built with an investment of about Rs 600 Cr, with a net leasable area of over 5. 3 lakh sq. ft., Max Towers is a 21 storey Grade A+ commercial office tower which blends thoughtful design and superior hospitality which helps integrate work and life through its philosophy of "WorkWell". Max Towers provides its occupants an energyefficient and green work environment, a technology-enabled smart workspace designed to boost their productivity while they are working and a vibrant food & recreation hub when they want to socialize or take a break. It also houses a 130-seater state-of-the-art auditorium for events, a day care center and gymnasium, among others to aid the wellness of employees.

MaxVIL's other commercial real estate projects include Max House, Okhla. Phase-I of Max House, comprising ~1,05,000 sq. ft. leasable area was launched for leasing recently. Phase 2 of the project of similar size as the first phase is targeted to start construction in H1 FY22. Max Estates recently commenced construction of its third commercial realty project in Noida to be built at a cost of Rs 400 Cr, having New York Life Insurance Company as financial partner. As a part of its strategy to emerge as a leading commercial real estate office player in NCR, Max Estates is evaluating development opportunities in Gurugram as its next destination to fill the deficit in Delhi-NCR, of developer owned and developer managed office space providing top notch experience to its occupiers.

Besides real estate, MaxVIL also manufacturers and markets specialty packaging films.

Shares of Max Ventures and Industries Ltd was last trading in BSE at Rs.52.55 as compared to the previous close of Rs. 54. The total number of shares traded during the day was 16458 in over 187 trades.

The stock hit an intraday high of Rs. 55.7 and intraday low of 52.55. The net turnover during the day was Rs. 895537.

Source : Equity Bulls

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