Max Estate acquires 10 acres of residential land parcel in Noida; stock adds ~1%

6 Jun 2022 , 10:14 AM

Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the Max Group, announced that the real estate arm of the company, Max Estates Limited, will acquire 100% of the equity in Accord Hotels and Resorts Private Limited for Rs306 crore.

Post this acquisition, Accord Hotels will become a 100% subsidiary of Max Estates Limited.

Accord Hotels and Resorts Private Limited hold a fully paid up ~10-acre land parcel located in Sector 128, Noida, which will help Max Estates in developing a mixed-use residential community.

Commenting on the transaction, Mr. Sahil Vachani, MD & CEO, MaxVIL said, “After a successful track record in the commercial real estate segment, we are delighted for our foray into the residential segment through this transaction. The property is located right on the Noida Expressway in Sector 128, this location would offer excellent connectivity to and from Delhi and the rest of Noida.”

This mixed-use residential project is supposed to have an estimated saleable area of ~1 Mn sq. ft.

The project is planned to be developed in various phases with a total sales potential in excess of ~Rs1,300 crore and will serve the premium end of the residential market. The first phase will be launched in the first half of the next calendar year and is expected to be completed within 3 years of launch.

Max Ventures is currently trading at Rs94.25 down by Rs1.25 or 1.31% from its previous closing of Rs95.50 on the BSE. The scrip opened at Rs95.20 and has touched intraday high and low of Rs98.20 and Rs94.25 respectively.