Established in 2016, Max Estates has developed two commercial projects ‘Max Towers’ and ‘Max House’ in Delhi-NCR. The company has entered into a partnership with New York Life Insurance Company (NYL) for its third commercial project in Delhi-NCR named Max Square.
Max Ventures & Industries Ltd (MaxVIL) in June 2022 announced it will acquire Accord Hotels and Resorts Pvt Ltd, which owns a 10-acre land parcel in Noida, for Rs 306 crore.
Max Estates acquires Accord Hotels and Resorts
In a statement, MaxVIL, one of the three listed companies of the $4-billion Max Group, said its the real estate arm Max Estates Ltd will acquire 100 per cent of equity in Accord Hotels and Resorts. Post the acquisition for Rs 306 crore, Accord Hotels and Resorts will become a 100 per cent subsidiary of Max Estates, it added.
Accord Hotels and Resorts holds a fully paid up 10-acre land parcel located in Sector 128, Noida on Noida-Greater Noida Expressway.
The Delhi-based unlisted private company, Accord Hotels and Resorts, has been in the business for 16 years. The company has a portfolio of luxury hotels spanning across three cities.
Max Estates set to enter Housing segment
Max Estates Limited is all set to foray into the residential segment after almost five years of working in the commercial real estate sector since its establishment in 2016.
This acquisition will enable Max Estates to develop a mixed-use residential project, which will have an estimated saleable area of around 1 million square feet. The project is planned to be developed boutique luxury residential segment in multiple phases with total sales potential in excess of around Rs1,300 crore. Max plans to cater to the premium end of the residential market with the promise of elevating quality of life through implementation of our LiveWell Philosophy.
The first phase is planned to be launched in the first half of next calendar year and expected to be delivered within 3 years of launch.
Sahil Vachani, MD and CEO, MaxVIL said,
“After successful track record in commercial real estate segment, we are very pleased to announce our foray into the residential segment through this transaction.” Max Ventures & Industries Ltd, part of the business conglomerate Max Group, owns and operates a real estate business through its 100 per cent subsidiary Max Estates.
Max Estates to scale up its real estate business development portfolio
Established in 2016, Max Estates has developed two commercial projects ‘Max Towers’ and ‘Max House’ in Delhi-NCR.
The company has entered into a partnership with New York Life Insurance Company (NYL) for its third commercial project in Delhi-NCR named Max Square.
Source: PTI, Image: Company website