May 3, 2024: Max Estates, the real estate arm of the Max Group, on May 3, 2024, announced execution of binding agreements for a potential group housing residential development in Gurgaon. Located on 18.23 acre land, the project has a gross development value (GDV) estimated at over Rs 9,000 crore in Gurgaon at the back of approximately 4 million square foot (msf) development area.
This land parcel is contiguous to its existing 11.80 acre of land on Dwarka Expressway in sector 36A, Gurgaon, on which Max Estates had signed a Joint Development Agreement (JDA) last year. The company is on track to launch an intergenerational residential community in Delhi-NCR in Q3 2024 with GDV potential now re-rated to Rs 4,000 crore.
This helps Max Estates consolidate its position (around 30 acre) in sector 36A on Dwarka Expressway, which with massive infrastructure upgrade, has emerged as a prime luxury residential destination in Gurgaon. Both opportunities imply a combined GDV potential over time of over Rs 13,000 crore in Gurgaon by developing and selling an area over 6.4 msf.
Rishi Raj, COO, Max Estates, said, “This is integral to our stated growth strategy of securing at least 2 msf of development opportunity in Delhi-NCR every year for Max Estates to emerge as a leading real estate brand anchored on its purpose of ‘Enhancing the Quality of Life through the Spaces it creates’.”
“Post closure of this transaction, the portfolio of Max Estates will grow by 50% from 8 to 12 msf of development potential, which is very well diversified in terms of asset classes (commercial office and residential), geographic footprint (Noida, Delhi and Gurugram) and risk spectrum (delivered and under construction),” Raj added.
See also: New York Life Insurance Company invests Rs 388 cr in Max Estates
The binding agreement envisages securing development opportunity through JDAs over three tranches and undergoing the process of securing license under Transit Orient Development (TOD) policy in collaboration with the landowner. Given the regulatory nature of such transactions, Max Estates advises that the developments are subject to the necessary regulatory approvals.
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