Image courtesy: Magicbricks
After Noida, Max Estates, the real estate extension of Max Group enters the Gurgaon real estate market. The company in a joint venture (JV) decides to develop a group housing project in millennium city.
The project planned on 18.23 acres of land has an estimated gross development value of more than Rs. 9,000 crore. The cost is valued in the backdrop of a nearly 4 million square foot developable area.
The plot adjoins the current 11.80 acres of land bang on the Dwarka expressway in Sector 36A, Gurgaon. Max Estates inked a joint development agreement (JDA) last year. With this project, the company aims to develop a world-class integrated gated community. The potential revenue from which is altered to Rs. 4,000 crore.
Rishi Raj, COO, Max Estates said, “This is integral to our strategy of securing at least 2 msf of development opportunity in Delhi-NCR every year for Max Estates to emerge as a leading real estate brand anchored on its purpose of ‘Enhancing the Quality of life through the spaces it creates.’”
“Post closure of this transaction, the portfolio of Max Estates will grow by 50% from 8 to 12 msf of development potential, which is very well diversified in terms of asset classes (commercial office and residential), geographic footprint (Noida, Delhi, and Gurugram) and risk spectrum (delivered and under construction), Raj added.” Under the joint development agreement, the development will take place in three phases. The process is under Transit Orient Development (TOD) in agreement with the land owner. However, Max Estates clarifies, that development is subjected to obligatory sanctions.
