The real estate arm of the Max group signed binding agreements for the development of a group housing residential property on 18.23 acres of land, with around 4 million square feet of development area
Max Estates, the real estate branch of the Max group, has inked deals to develop a residential property on a spacious 18.23-acre land. This plot, boasting around 4 million square feet for development, is adjacent to Max Estate’s existing 11.80-acre site on Dwarka Expressway in sector 36 A, Gurugram.
The company plans to kick off a residential project in the third quarter of 2024, eyeing a total development value of Rs 4,000 crore. With these new opportunities, Max Estates anticipates a combined potential development value of Rs 13,000 crore in Gurugram over time, spanning an area of over 6.4 million square feet.
Located in a prime spot for high-end residential projects, this area enjoys close proximity to Global City and easy access to the international airport, different parts of Delhi, and key commercial and residential zones within Gurugram.
Following the completion of this transaction, Max Estates’ portfolio will see a 50 percent expansion, growing from 8 to 12 million square feet of development potential. This expansion is well diversified across asset classes (commercial office and residential), geographic areas (Noida, Delhi, and Gurugram), and risk profiles (completed and ongoing projects).
Additionally, Max Estates recently announced a significant investment from New York Life Insurance company, injecting Rs 388 crore for a 49 percent stake in each of its two subsidiaries.
