Max Estates, the real estate arm of Max Ventures & Industries (MaxVIL), is anticipating a revenue of Rs 18 billion from its inaugural luxury residential project, as mentioned by Sahil Vachani, the managing director of MaxVIL.
According to Vachani, the company mentioned that they had acquired 10 acres of land in Noida by acquiring 100% equity in Accord Hotels and Resorts, which holds the land as its sole asset.
Max Estates, with approximately one million sq ft of saleable area, revealed that they sold the project, Estate 128, at Rs 18,000 per sq ft, making it the most expensive project in Noida.
Vachani informed ET that their expressed goal is to expand the portfolio by a minimum of one million square feet annually in the residential and commercial asset categories throughout Delhi-NCR (National Capital Region), striving to become the preferred developer in the region. He further stated, "MaxVil and Max Estates’ amalgamation has been approved. MEL will be listed as a specialized real estate company."
The project will incorporate a 46,000 sq ft club, with 80% of the area designated as green space.
Rishi Raj, the chief operating officer of Max Estates, stated, "We anticipate commencing construction of the project by the third quarter of 2023 and completing it within 48-60 months, in line with the prescribed timelines of the Real Estate Regulatory Authority (RERA)."
Also read:
Ajmera Realty Q1 sales down 44% on year
L&T Construction wins big Mumbai office project
