Max Group acquires 10 acre land parcel in Noida

For consideration of Rs 306 cr

Max Ventures and Industries (MaxVIL), one of the three holding companies of the $4-Bn Max Group, today announced that Max Estates, the real estate arm of the company will acquire 100% of equity in Accord Hotels and Resorts for Rs. 306 crore. Post the acquisition, the said company will become a 100% subsidiary of Max Estates.

Accord Hotels and Resorts 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 crore 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.

Powered by Capital Market - Live News