Max Estates receives confirmation from Axis Bank as the successful bidder for land parcels in Sector 129, Noida

Max Ventures & Industries Limited's (MaxVIL) real estate arm, Max Estates through its SPV had bid for the two land parcels being auctioned by Axis Bank. Axis Bank has sent a confirmation letter ascertaining the Company as the successful bidder for both the land parcels.

Both land parcels combined are spread across ~4 acres located in Sector 129, Noida. These land parcels are located next to Max Estates' under-construction grade A+ commercial office project, 'Max Square' - the 3rd office development by Max Estates in Delhi NCR. The acquisition of the two-land parcel contiguous to Max Square project will enable the Company to create a ~6.6 acre office led multi-use campus. Work on Max Square project is on track and expected to be completed by Q4FY23.

The Company will acquire both these land parcels at a total cost of Rs. 220 crores subject to customary statutory approvals. The total development size including Max Square (~0.7 Mn square feet) for this campus will be ~1.5 to 2.0 Mn square feet. These new land parcels have direct access to Noida expressway offering excellent connectivity to and from Noida, Delhi and broader Delhi NCR via both road and metro.

As a part of its stated strategy of 'One region and multiple asset classes', Max Estates plans to acquire and develop 1 Mn square feet of premium residential and commercial office spaces each year. The current transaction will enable Max Estates to achieve its aspiration of becoming a leading real estate player in Delhi NCR and serve its purpose of 'Enhancing quality of life through spaces we create'.

Shares of Max Ventures and Industries Limited was last trading in BSE at Rs. 103.55 as compared to the previous close of Rs. 105.45. The total number of shares traded during the day was 13305 in over 234 trades.

The stock hit an intraday high of Rs. 111.90 and intraday low of 101.00. The net turnover during the day was Rs. 1368055.00.

Source : Equity Bulls

Keywords

MaxVenturesandIndustries INE154U01015 MaxVIL MaxEstates LandParcel AxisBank