Max Group has developed a new office complex at Okhla in Delhi with an investment of Rs 140 crore. This is part of a strategy of the company to grow its commercial real estate business.
This is the second commercial real estate project of the Group, with one already completed in Noida in 2019 at an investment of Rs 600 crore.
Max Estates, the subsidiary of Max Ventures and Industries (MaxVIL), has almost completed Phase-I of the commercial project named Max House at Okhla. The tower has 1.05 lakh sq ft of Grade-A office space which will be leased to corporates. Phase-II of the project, having similar size in terms of area, will get completed by 2022.
Phase-I would be leased within a year of its opening and rentals per month are likely to be around Rs 120 per sq ft.
This is the only Grade-A building in Okhla and adjacent South Delhi micro-markets. The total investment in Phase-I has been Rs 140 crore and the company expects an income of nearly Rs 20 crore annually at steady state from leasing and other services.
To lease office space amid COVID-19 pandemic, Max Estates is using technologies to reach out to prospective clients and offering zero capex plan on fitouts and interiors.
MaxVIL's another subsidiary Max Asset Services will provide services such as building operations management, as well as managed offices for enterprises.
On the first commercial project, Max Towers in Noida, Uttar Pradesh, out of total 6.15 lakh sq ft project, 2.63 lakh sq ft is already sold. As on date, over 50 percent of Max Towers is leased out at a weighted average rental of about Rs 100 per sq ft per month.
The list of Max Towers tenants include co-working major Spaces, law firm Khaitan & Comapny, power trading company IEX and US-based MNC Emerson.
Max India's arm Antara Senior Living announced foray into the Delhi-NCR market with a new housing project for the elderly at Noida. The company is targeting sales revenue of around Rs 550 crore over the next four years from the project.