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MaxVIL plans to expand realty business

Monday, 18 Oct 2021
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Max Group firm Max Ventures and Industries (MaxVIL) is looking to acquire at least two land parcels, outright or through joint ventures, in Delhi-NCR in FY22 to expand its office portfolio and enter residential segment.

MaxVIL has a presence in real estate and packaging film business.

The future plan of the company in real estate is to develop at least a million sq ft each in both commercial and residential segment from 2025 onwards.

The company's first office building 'Max Towers' in Noida, comprising around six lakh sq ft, has been almost fully leased, while the second office building 'Max House' having one lakh sq ft leasable area at Okhla in the national capital will get fully leased hopefully by December 2021.

The construction works for Phase-II at Okhla project of similar size as well as the new office complex 'Max Square', comprising seven lakh sq ft of leasable area, on Noida Expressway are progressing well.

The Max Square building is being developed through a joint venture (JV) with New York Life Insurance Company which has 49 percent stake in the project.

From 2025, it plans to develop one million sq ft commercial and one million sq ft residential every year.

To expand the business, the company is looking to acquire new projects through both greenfield and brownfield routes.

The company will launch its first project in the residential segment during FY22 in Noida or Gurugram.

It will target the premium housing segment in a price bracket of Rs two-five crore and not ultra-luxury.

Apart from the proposed foray into housing segment, MaxVIL plans to expand office portfolio and is looking to add projects in the NCR market.
The company has bid for a stalled project of realty group The 3C Company in Noida and in proximity of its Max Towers project.

The project has a total 30 lakh sq ft area, of which 10 lakh sq ft is office, five lakh sq ft retail, 12-13 lakh sq ft serviced apartments and a small component of hotels.

The Max Towers in Noida, its first commercial project, are now about 97 percent occupied.

The second commercial project Max House at Okhla is 20 per cent occupied and is expected to be fully leased by the end of this year.

MaxVIL, a part of the leading Indian multi-business conglomerate Max Group, owns and operates a real estate business through its 100 per cent subsidiary Max Estates.

Max Speciality Films is a 51:49 strategic partnership with Toppan, Japan. It is one of the leading manufacturers of Biaxially Oriented Polypropylene (BOPP) films including specialty packaging, labels, coating and thermal lamination films, with a total capacity of 72 kilo tpa.
 
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