Max Estates announced that it has achieved pre-formal launch sales of over Rs 1800 crore for its luxury residential project, Estate 128, located in Sector 128, Noida.
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Max Estates, the real estate arm of Max Group and a wholly owned subsidiary of Max Ventures and Industries Limited’s (MaxVIL), announced that it has achieved pre-formal launch sales of over Rs 1800 crore for its luxury residential project, Estate 128, located in Sector 128, Noida. “Estate 128 is built across 10 acres, with 3 high rise towers having 201 units anchored in the organisation’s LiveWell philosophy,” the company said in a regulatory filing.
The company had, earlier last year, said that it had acquired approximately 10 acres of mixed use residential land parcel in Noida for a total amount of Rs 306 crore, through the acquisition of 100 per cent equity in Accord Hotels and Resorts Private Limited. Accord Hotels and Resorts had the holding of the land parcel.
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“Our stated aspiration is to scale the portfolio by at least 1 million square feet each in residential and commercial asset classes every year across Delhi-NCR and become the most preferred developer in the region. With approval of amalgamation of MaxVil and Max Estates Limited (MEL), MEL will get listed as a pure play real estate company resonating well with our aspiration,” said Sahil Vachani, MD & CEO of MaxVIL.
“We expect to start construction of the project by Q3 CY2023 and achieve completion in 48-60 months, well within committed RERA timelines,” said Rishi Raj, COO of Max Estates. He further added that the company has built a development portfolio of 8 million sqft over the past 18 months. “Our portfolio is now well diversified across Delhi-NCR in terms of geographical footprint, asset classes (both commercial and residential), and risk spectrum including delivered, nearing completion, and under design,” he said.
Established in 2016, Max Estates is the real estate arm of the Max Group and a wholly owned subsidiary of MaxVIL. Its marquee projects include a one-of-its-kind commercial office space Max Towers, in South Delhi that opened its doors in 2019, Max House, and 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.
