Max Estates Limited, the real estate arm of the Max Group announced its unaudited Q2 & H1 FY25 results. Max Estates has received NCLAT approval for the ‘Delhi One’ project in Sector 16B, Noida, spanning 34,697 sq. meters with 2.5 mn sqft of mixed-use development potential.
This project, expected to be launched in FY26, has a Gross Development Value (“GDV”) potential of over INR 1,500 crores as well as annuity income potential of INR 120 crore from leased inventory of 1.2 mn sqft and receivables of ~INR 500 crores from sold inventory.
This combined with Joint Development Agreement for a Residential development on 18.23 acre in Gurugram, the fourth tower at Estate 128.
The company have been able to secure 7 mn sqft of INR 11,300 Crores development opportunity in the first half of the current financial. This is more than twice the guidance of 3 mn sqft per year.
Commercial Office: Strong leasing traction leading to 100% occupancy at Max House – Phase 2 (Delhi) in less than a year from completion and 93% occupancy at Max Square (Noida) with a recent large transaction of ~1.5 lacs square feet with a US-based company for its Global Capability Centre. Both assets command 30%+ premium to the micro-market and clearly exemplifies the phenomenon of ‘flight to quality’.
Residential Launches: Estate 360, our first residential launch in Gurugram, recorded a pre-sales booking value of INR 4,100 crore with 85% of the project sold within 30 days of its launch. This is one of the biggest successful launches that Delhi NCR has seen. We have also secured enhanced FAR for the fourth tower at our Estate 128 (Noida) development, which has a GDV potential of ~INR 800 crores and we will be launching this in Q3 FY 25 post all approvals
With the success of Estate 360 and the expected launch of the fourth tower of Estate 128, we are revising FY 25 guidance for booking value to INR 4,800-5,200 crores vs. earlier guidance of INR 4,000 crores.
Capital Raise: Max Estates has built a corpus of INR 1,300 crore through QIP, convertible warrants, and a strategic investment from New York Life Insurance in two of the core assets – Max Towers and Max House. This corpus will be judiciously deployed to further accelerate the business development and growth pipeline across Delhi NCR.
Consolidated Revenue stood at INR 80.7 crores in H1 FY25. Consolidated EBITDA stood at INR 23.6 crores in H1 FY25. Consolidated PBT stood at INR (4.1) crores and PAT stood at INR (3.4) crores in H1 FY25. This is mainly due to higher advertisement and sales promotion expenses of INR 20.9 crores incurred related to the residential portfolio. Total Lease Rental Income up by 96% YoY to INR 53 crores in FY25. Max Asset Services Revenue stood at INR 19 crores in FY25
