Construction of Rs 400 cr Max Square begins in Noida
Max Estates has begun the construction of its third commercial project ‘Max Square’, situated on the Noida Expressway, comprising around 0.7 million sq ft of office and retail spaces. Max Estates is in charge of the final delivery of the project, which is expected to be delivered by March 2023.
The commercial project is a part of Max group's listed entity Max Ventures & Industries Ltd (MaxVIL). Max Estates and New York Life Insurance Company, their financial partner, will hold stakes in the ratio of 51:49 in the special purpose vehicle (SPV) Max Square Ltd, formed to develop the Max Square project. This is New York Life Insurance Company’s first real estate project in India as a financial partner.
With an equity infusion of Rs 1.75 billion and a debt funding of Rs 2.25 billion, the project will cost them approximately Rs 4 billion. A company release states that all necessary statutory approvals have been received.
Max Estates expects considerable interest from tenants for Grade A+ commercial office space including for Max Square, as the ongoing disruptions in the demand for office space seem provisional.
Max Ventures & Industries adds that Max Square has been designed with their “differentiated philosophy of WorkWell, enabling a vibrant workplace community”, including contactless utilities and state-of-art air-filtration.
Max Estate has constructed two commercial real estate projects, situated in Noida and Delhi. Besides real estate, the company is also into speciality packaging films.