Max Estates enters Gurugram Residential Real Estate market with development potential of ~2.4 mn. sq. ft.

Max Ventures & Industries Limited's (MaxVIL) real estate arm, Max Estates, has entered the Residential Real Estate market in Gurugram through a joint development agreement, with development potential of ~2.4 mn. sq. ft. and gross development value in excess of INR 3,200 crores.

The land parcel admeasures ~11.8 acres and is located in Sector 36A, Gurugram, with direct access from the Dwarka Expressway. The 150m-wide Dwarka expressway connects Gurugram to Delhi and in the last 5 years, both sides of this expressway have witnessed rapid growth in terms of residential and commercial development. The site is also strategically located at the confluence of the expressway, Central Peripheral Road (CPR) and planned Metro Corridor, by virtue of which, this site has excellent connectivity to central and secondary business districts of Gurugram such as Cyber City, Golf Course Road and Southern Peripheral Road (SPR). Furthermore, the site is located in proximity to the Global City plan proposed by Haryana Government, envisioned as a futuristic Central Business District of Delhi-NCR.

Following the successful implementation of its WorkWell philosophy in its commercial assets, Max Estates will look to implement its LiveWell philosophy here, which focusses on the holistic well-being of its residents across all age groups. Max Estates will be developing the region's first inter-generational community.

After successful commercial developments in Delhi and Noida, Max Estates expanded its footprint to the residential development space in Noida as well as announced a commercial development in Gurugram. Through this transaction, the Company will now have a presence in the residential market of Gurugram as well.

Commenting on the milestone, Mr. Sahil Vachani, MD & CEO of Max Ventures & Industries Limited, said, "FY2023 has been a defining year for the company's real estate business in its growth journey. With this acquisition, we will be ending FY2023 with a real estate portfolio of ~8 mn. sq. ft., which is well diversified in terms of geographical footprint across Delhi, Noida and Gurugram as well as between residential & commercial assets. Our focus continues to be on exceptional design, sustainability and consumer experiences anchored on our WorkWell and LiveWell philosophy."

Shares of Max Ventures and Industries Limited was last trading in BSE at Rs. 133.50 as compared to the previous close of Rs. 132.50. The total number of shares traded during the day was 1513 in over 71 trades.

The stock hit an intraday high of Rs. 135.80 and intraday low of 132.50. The net turnover during the day was Rs. 202525.00.

Source : Equity Bulls

Keywords

MaxVenturesandIndustries INE154U01015 MaxEstates ResidentialRealEstate JointDevelopment Gurugram