Max Estates acquires ~10 acres of mixed use residential land parcel in Noida

Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the $4-Bn Max Group, today announced that 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 Crores. 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.

This mixed-use residential project will have an estimated saleable area of ~1 Mn Sq. Ft. The project is planned to be developed in multiple phases with a total sales potential in excess of ~Rs. 1,300 Crores 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.

Commenting on the transaction, Mr. Sahil Vachani, MD & CEO, MaxVIL said, "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.

This offers a fantastic opportunity to fulfil our vision and implement our 'LiveWell' philosophy for the residential segment, which will focus on curating an ecosystem of spaces and amenities that will significantly uplift the living experience of customers. The current opportunity due to a multitude of factors including prime location, shape, and land use will enable us to create an unparalleled flagship destination within Delhi-NCR."

Shares of Max Ventures and Industries Limited was last trading in BSE at Rs. 95.50 as compared to the previous close of Rs. 97.35. The total number of shares traded during the day was 1195 in over 36 trades.

The stock hit an intraday high of Rs. 98.15 and intraday low of 94.55. The net turnover during the day was Rs. 113706.00.

Source : Equity Bulls

Keywords

MaxVenturesandIndustries INE154U01015 MAXVIL Acquisition AccordHotelsandResorts MixedUseLand