Max Group’s realty arm Max Estates has completed an office complex in Noida at a cost of Rs 420 crore and is expecting an annual rental income of about Rs 70 crore from the project. Max Estates, which is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL) said it has received the completion certificate for Max Square project at Sector 129 in Noida that has a net leasable area of around 6.7 lakh square feet.
New York Life Insurance Company has co-invested in this project and holds a 49 per cent stake. The construction of the project started in the third quarter of 2020-21 fiscal. The total cost to develop this project was Rs 420 crore.
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Max Estates has already started leasing office space in this project. “We have pre leased 100,000+ square feet and by the end of FY’23 we expect 25 per cent of the building to be leased,” the company said. Max Estates said it expects an annual rental income of Rs 60-70 crore from this project once fully leased.
The project is IGBC Platinum certified under the Green New Buildings Rating System. To ensure well being of office users, Max Estates said it has created around 11,000 sq. ft. central forest courtyard in this project, besides other facilities.
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MaxVIL, which is listed on stock exchanges, owns and operates a real estate business through its 100 per cent subsidiary Max Estates. Established in 2016, Max Estates Ltd has developed two commercial (office) projects Max Towers in Noida and Max House in Delhi. It has also built a luxury residential villa community on Rajpur Road, Dehradun. Max Estates has also entered into the housing segment and will soon come up with projects in Noida and Gurugram.
