Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the $4-Bn Max Group, today announced that Max Estates Limited, the real estate arm of the company will acquire 100% of equity in Accord Hotels and Resorts Private Limited for Rs. 306 Crores. Post the acquisition, the said company will become a 100% subsidiary of Max Estates Limited.
Accord Hotels and Resorts Private Limited 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 Crores 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.
Commenting on the transaction, Mr. Sahil Vachani, MD & CEO, MaxVIL said, “After successful track record in commercial real estate segment, we are very pleased to announce our foray into the residential segment through this transaction. Located right on the Noida Expressway in Sector 128, this location would offer excellent connectivity to and from Delhi, and rest of Noida.
This offers a fantastic opportunity to fulfill our vision and implement our ‘LiveWell’ philosophy for the residential segment, which will focus on curating an ecosystem of spaces and amenities that will significantly uplift the living experience of customers. The current opportunity due to a multitude of factors including prime location, shape, and land use will enable us to create an unparalleled flagship destination within Delhi-NCR.”
About Max Ventures & Industries Limited (MaxVIL):
Max Ventures & Industries Limited (MaxVIL), a part of the leading Indian multi-business conglomerate Max Group, owns and operates a real estate business through its 100% subsidiary, Max Estates. MaxVIL also has a real estate services & management company – Max Asset Services. MaxVIL is listed on NSE and BSE.
Max Estates Limited
Established in 2016, Max Estates Limited is the real estate arm of the Max Group and a wholly owned subsidiary of MaxVIL. Its vision is to bring the Group’s values of Excellence, Credibility and Sevabhav to the Indian real estate sector. Its marquee projects include a one-of-its-kind commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House – a re-development of office campus and 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun. It aims to create, build and operate Grade A+ office spaces in Delhi-NCR. The company has entered into a partnership with New York Life Insurance Company (NYL) for its 3rd commercial project in Delhi-NCR named Max Square. Recently, company has also forayed into the residential segment with its first project planned to be developed in Noida.
Max Asset Services Limited (MAS)
Max Asset Services Limited focuses on providing real estate as a service in the form of facility management, community development and managed offices. It aims to bring life into buildings by implementing the Max Estates’ WorkWell philosophy through amenities and ‘Pulse’, which focuses on curating engaging events for office tenants.