Max Estates eyes over Rs 3,200 cr revenue from housing project in Gurugram

Max Ventures & Industries Ltd's (MaxVIL) real estate arm Max Estates has entered into an agreement to develop a 12-acre housing project in Gurugram with an estimated sales revenue of over Rs 3,200 crore.

MaxVIL said in a statement that it has entered the Gurugram residential real estate market through a joint development agreement, with development potential of around 2.4 million square feet and gross development value in excess of Rs 3,200 crore.

The size of land parcel is about 11.8 acres and it is located in Sector 36A, Gurugram, with direct access from the Dwarka Expressway.

Sources said that MaxVIL has entered into a joint development agreement (JDA) with Mohit Jain who owns the land in his personal capacity. Jain is managing director of Krisumi Corporation, which is a joint venture of auto component maker Krishna Group and Japan's Sumitomo Corporation Ltd.

Commenting on the deal, Sahil Vachani, MD & CEO of Max Ventures & Industries Ltd, 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 FY23 with a real estate portfolio of around 8 million square feet, which is well diversified in terms of geographical footprint across Delhi, Noida and Gurugram as well as between residential and commercial assets."

MaxVIL, which is part of business conglomerate Max Group, owns and operates its real estate business through its 100 per cent subsidiary Max Estates. It is listed on NSE and BSE.

Established in 2016, Max Estates Ltd has so far developed two office projects Max Towers in Noida and Max House in the national capital. It has built a luxury residential villa project on Rajpur Road, Dehradun.

The company has entered into a partnership with New York Life Insurance Company for its third under-construction commercial project in Delhi-NCR named Max Square.

Recently, New York Life Insurance Company announced an investment of Rs 290 crore to acquire a 49 per cent stake in an upcoming commercial project in Gurugram, which is being developed by MaxVIL.

In September last year, Max Estates had acquired Acreage Builders at an enterprise value of Rs 322.50 crore. Acreage Builders owns 7.15 acre land at Golf Course Extension Road in Gurugram.

MaxVIL has also forayed into the residential segment with its first project in Noida and now it has signed a JDA for the second housing project in Gurugram.