Max Ventures & Industries Ltd (MaxVIL) one of the three holding companies of the Max Group will develop one million square feet of commercial space and another million residential space in 2023 as it looks to scale up its real-estate portfolio said Sahil Vachani, MD&CEO of MaxVIL.
In the last six months, the company completed three land transactions acquiring around 22 acres for Rs 850 crores. One of these land lots will be used for residential development, while the rest will be used for commercial buildings. Max is in talks for another land acquisition on the Dwarka Expressway in Gurgaon for residential development.
We are definitely going to scale up. Our objective was to develop a million square feet of office space and a million square feet of residential space. We are confident in maintaining our current momentum and will continue to expand. We want to do very high-quality development focused on the end customer experience,” said Vachani.
MaxVIL will launch its first residential project by mid-2023. We are positioning our first residential project in Noida Sector 128 as a very unique development that will establish us in the residential world through our philosophy of living well, just as we have done with the concept of working well in the office space segment. We are thinking of a total of not more than 250 units with more focus on the green area, Vachani said.
Max Estates acquired 10 acres of land on the Noida Expressway in Sector 128 through the acquisition of 100% equity in Accord Hotel and Resorts Pvt Ltd which holds this land as its only asset. This mixed-use residential-led project will have an estimated saleable area of one million square feet. The project is planned to be developed as a boutique luxury residential development with a total sales potential in excess of Rs 1,300 crore.
We have a strategy that was to grow in the NCR and within the NCR across two verticals which are commercial and residential. Our third project in commercial is Max Square which is in Sector 129 on the expressway. So now, with an aspiration to scale further we have acquired two land parcels in sector 129 that are contiguous to the existing Max Square which will give us an integrated campus of 2 mn sq ft,” Vachani said. In Gurgaon Max acquired 7.15 acres of land on the Gold Course Extension which enables the company to have a total development potential of 1.6-1.7 mn sq ft.
