Max Ventures and Industries (Max VIL), one of the three holding companies of the $4 billion Max Group, told the media that Max Estates would acquire total equity in Accord Hotels and Resorts for Rs 306 crore.

The company said after the acquisition, the company would become a 100% subsidiary of Max Estates.

Accord Hotels and Resorts owns a fully paid-up 10 acres of land parcel in Sector 128, Noida, which will enable Max Estates to develop a mixed-use residential community.

The project will have an estimated saleable area of 1 million sq ft, which will be developed under multiple phases with a total sales potential of over Rs 1,300 crore. Moreover, the company will cater to the premium end of the residential market post-acquisition.

Phase-I is scheduled to be launched in the first half (H1) of the coming calendar year and will be delivered within three years of launch.

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