Max Estates acquires around 10 acres of residential land in Noida for Rs 306 cr

Max Estates Limited, a wholly owned subsidiary of the Max Ventures and Industries, on Monday said that it has acquired approximately 10 acres of mixed use residential land parcel in Noida for a total amount of Rs 306 crore.

"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," the $4-bn Max Group said in a statement. 

Accord Hotels and Resorts Private Limited holds a fully paid up around 10-acre land parcel located in Sector 128, Noida, which will enable Max Estates to develop a mixed-use residential community.

According to the company statement, this mixed-use residential project will have an estimated saleable area of around 1 Mn Sq. Ft. "The project is planned to be developed in multiple phases with a total sales potential in excess of approximately Rs. 1,300 crore and will cater to the premium end of the residential market," Max stated.

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, 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 (project) offers a fantastic opportunity to fulfil 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," he added.