Max Estates, the real estate arm of the Max Group, has reported net consolidated loss after tax of Rs 1.38 crore during the quarter ended September 30, 2024. It registered loss after tax stood at Rs 4.51 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 52.77 crore in Q2 FY25, a growth of 89.96 per cent from Rs 27.78 crore it recorded in the similar quarter last year.
Max Estates has received NCLAT approval for the ‘Delhi One’ project in Sector 16B, Noida, spanning 34,697 sq meters with 2.5 million sq ft of mixed-use development potential. This project, expected to be launched in FY26, has a gross development value (GDV) potential of over Rs 1,500 crore as well as annuity income potential of Rs 120 crore from leased inventory of 1.2 million sq ft and receivables of Rs 500 crore 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, we have been able to secure seven million sq ft of Rs 11,300 crore development opportunity in the first half of the current financial. This is more than twice the guidance of three million sq ft per year.
It has also secured enhanced FAR for the fourth tower at Estate 128, Noida, which has a GDV potential of Rs 800 crore and it plans to launch this in Q3 FY25.
Max Estates has revised FY25 guidance for booking value to Rs 4,800-5,200 crore vs. earlier guidance of Rs 4,000 crore.
Max Asset Services Revenue stood at Rs 19 crore in FY25.
