MaxVIL to develop 2 mn sq ft of residential, commercial space

Max Ventures & Industries Ltd (MaxVIL), one of the three holding companies of the Max Group, will develop one million square feet of commercial space and one million sq ft of residential space in 2023 as it looks to scale up its real estate portfolio, the company’s managing director and chief executive officer Sahil Vachani said. In the last six months the company completed three land transactions, acquiring around 22 acres for Rs 8.50 billion. One of these land lots will be used for residential development, while the rest will be used for commercial buildings. MaxVIL is in talks for another land acquisition on the Dwarka Expressway in Gurgaon for residential development. “We are definitely going to scale up. Our objective is to develop a million sq ft of office space and a million sq ft of residential space. We are confident in maintaining our current momentum and will continue to expand. We want to do very high-quality development focused on the end customer experience,” said Vachani. MaxVIL will launch its first residential project by mid-2023. “We are positioning our first residential project in Noida Sector 128 … we are thinking a total of not more than 250 units, with more focus on the green area,” Vachani said. See also: Will Dharavi redevelopment take off this time around?The inroads of Affordable Housing in India