Max Estates Ltd Management Discussions

#MDStart#

<dhhead>ManagEMEnt diSCuSSiOn & anaLYSiS</dhhead>

Max Estates is poised to seize the real estate opportunity and grow its operations

Relisting of Max Estates: The Company concluded the reverse merger of Max

Ventures and Industries Limited (MVIL) into Max Estates Limited in FY24 and was relisted as Max Estates Limited on the premier stock exchanges - NSE and BSE in Oct’23. The new listed entity, named

Max Estates Limited, reflects our vision, nature of our business and aspirations to scale the Real Estate (RE) footprint in Delhi-

NCR region. The merger has enhanced

Max Estates’ balance sheet flexibility to further expand and grow the RE business and the Company is targeting time and cost synergies through streamlining of administrative operations.

Max Estates is rapidly expanding its real estate portfolio in NCR in commercial and residential segment: Max Estates

Limited (erstwhile MVIL) was formed in

2016 following the demerger of Max India with the legacy business of Max Speciality

Films Limited (MSFL). In the same year, the Company made a strategic decision to venture into the Real Estate business. The real estate journey so far can be summarised in 3 phases:

Max Estates 1.0 (From 2016 to 2018): Experiment

During this phase, the Company focused on speciality packaging films business while also exploring the wider world of business including real estate. In 2018,

Max Estates delivered 222 Rajpur, a luxury residential villa community situated on

Rajpur Road in Dehradun. This project represented the Company’s foray into the real estate sector as an experiment. The project, with 22 luxury villas spread on 5 acres of land overlooking Mussoorie hills, in many ways seeded the concept of ‘LiveWell’. It is fully sold, and the community is thriving with several families residing.

Max Estates 2.0 (From 2019 to 2022): Establish

In this phase, the Company formalized its purpose and strategy to anchor execution.

With the purpose of ‘Enhancing quality of life through spaces it creates, the Company chose - One region and multiple asset class, as its strategy to grow. With Delhi

NCR as the playground, the Company chose to focus on office led commercial developments. During this period, Max

Estates expanded its operations and ventured into notable projects. One of the key projects delivered during Max Estates

2.0 was Max Towers, a commercial office space located at the cusp of Delhi and Noida. Max Towers stood out as a marquee development, offering innovative features and amenities to cater to the needs of businesses and enable holistic well-being of its tenants. Following that in 2020, Max House, a redevelopment project of an office campus in Okhla, South Delhi, was also completed. Both Max Towers and

Max House achieved and maintain a full occupancy with 100% leasing, indicating a strong demand for these premium

these projects commanded a significant premium of 25-30% compared to their respective micro markets, highlighting their success and attractiveness to tenants.

The Company launched its 3rd commercial real estate project, Max Square, comprising ~0.7 mn sq ft of area in Noida built on the theme of ‘where nature meets work". Max Square received occupancy certificate in Feb’23 and has a mix of Indian and domestic companies as tenants. Currently,

60%+ of its area is leased¹. We expect it to be fully leased by FY25. Phase-II of Max House, Okhla was delivered in Nov’23 and is

90%+ leased within 6 months of Occupancy at 60% higher rentals than the micro market.

Max Estates 3.0 (2023 onwards): Expansion

FY 23 and FY 24 were transformational years with Max Estates scaling its portfolio and making strategic announcements.

One significant move was entry into the premium residential real estate market in Delhi NCR with the acquisition of ~10-acre residential land parcel in Noida. This project, which is called Estate 128 was launched in Jun’23 and was fully sold within days of launch generating a sales booking value of Rs1,800+ Crs.

WorkWell: The Company also announced its entry into Gurgaon, by acquiring a

7.15-acre commercial land parcel on Golf Course Extension Road with development potential for the office complex of 1.6 mn sq ft. The project is designed by Gensler, a global architecture and design firm FY 24, the Company acquired a ~4-acre commercial land parcel in Sector 129,

Noida, adjacent to Max Square, Noida, allowing for an opportunity to do a campus style development with a strong focus on retail amenities

LiveWell: The Company also entered residential real estate in Gurgaon by entering into a joint development of a ~12-acre land parcel in Sector 36A, Gurgaon,

Delhi NCR’s first inter-generational community that also includes senior-living focused development, with a development potential of 2.4 mn sq ft. The project will be launched in Q2 FY25. In May’24, the Company also entered into another residential joint development for ~18 acres of land in Gurgaon. This land parcel is contiguous to its existing ~12 acres of land on Dwarka Expressway. Both the residential opportunities imply a development potential of 6.4 Mn sq ft

These acquisitions allowed the Company’s portfolio to grow to 12 Mn sq ft. Besides these, the Hon’ble NCLT has also approved our Resolution Plan for Delhi One (a 2.5-3 Mn sq ft commercial mixed-use campus adjacent to Max Towers) the implementation of which is subject to approval from Noida Authority, Govt. of Uttar Pradesh his coupled with strengthening of organization capacity, capability and institutionalizing processes and systems, we believe the Company is all geared for execution at scale and further grow the portfolio across Residential and Commercial segments.

Guided by its core operating philosophy promoting holistic well-being cross- Work asset Well classes

& LiveWell, the Company strives to provide distinct consumer experiences that seamlessly blend innovative design and exceptional hospitality.

Renewed Purpose and Mission: Max Estates aims to bring Max Group’s values of Sevabhav, Excellence and Credibility to the Indian real estate sector. The Company has a renewed purpose to "Enhancing quality of life through spaces we create". It aims to achieve this through:

Augmenting the quality of life through exceptional design, sustainability, and experiences

Be the most preferred choice for all stakeholders including customers, communities, shareholders, and employees

Build a great place to work that attracts, nurtures, and retains exceptional people

Lead the market in harnessing technology to deliver world class spaces

Maintain cutting edge standards of governance

Be agile in adapting to evolving external environment

Strategy in Real Estate: The Company, over the last 24 months has scaled up its real estate portfolio from 2 to 12 Mn. Sq.

Ft. of development potential, which is well

(Residential diversified and Commercial), geography (Noida, Delhi and Gurgaon), and risk spectrum in terms of delivered, nearing completion and under design. This is in line with our strategy of – One region, multiple asset classes.

The Company is making significant strides to establish itself as a leading real estate brand in Delhi NCR, with focus on the well-being of its consumers and all its stakeholders. Anchored on its operating philosophy of WorkWell & LiveWell, Max Estates aims to deliver design and hospitality led differentiated consumer experiences. We are confident to grow our Real Estate brand in Delhi-NCR a market that has a huge vacuum of credible and reputed developers in comparison to the size, a cluster with 34³ mn+ population.

GLOBAL ECONOMY IS SURPRISINGLY RESILIENT DESPITE PERSISTENT GEOPOLITICAL TENSIONS AND HIGH INTEREST RATES

The baseline forecast is for the world economy to continue growing at 3.2⁴ percent during 2024 and 2025, at the same pace as in 2023. Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in

2025. Core inflation is decline more gradually.

Economic activity was surprisingly resilient through the global disinflation of As global inflation descended from its mid-

2022 peak, economic activity grew steadily, defying warnings of stagflation and global recession. Growth in employment and incomes held steady, demand developments–– including greater-than-expected government spending and household consumption—and a supply-side expansion amid, notably, an unanticipated boost to labor force participation. As inflation converges toward target levels and central banks pivot toward policy easing in many economies, a tightening of fiscal policies aimed at curbing high government debt, with higher taxes and lower government spending, is expected to weigh on growth.

On the downside, new price spikes stemming from geopolitical tensions, including those from the war in Ukraine and the along with persistent core inflation where labor markets are still tight, raise interest rate expectations and reduce asset price. Geoeconomic fragmentation could intensify, with higher barriers to the flow of goods, capital, and people implying a supply-side slowdown.

In summary, businesses will need to develop resilience to embrace and navigate shorter cycles and higher degree of volatility.

I N DIA IS THE FASTEST GROWING projected to

COUNTRY AMONG LARGE ECONOMIES, BACKED BY ROBUST MACRO AND MICRO DRIVERS

23.

India spearheads global economic growth, supported by robust macro and microeconomic drivers. As the fastest-growing major economy, India has maintained an impressive average GDP supportive growth of 5.5%⁵ over the past decade, with FY24 witnessing a substantial real

GDP growth of 7.8%⁶. This trajectory propels India towards its ambitious goal of becoming the world’s third-largest economy by 2027.

In FY24, India’s economy showed remarkable strength and resilience, evident across a multitude of key indicators:

Unemployment Rate: Returning to pre-Covid levels, the unemployment rate dipped to 6.8%, marking a

16-month low in January 2024, down from a peak of 8% in 2020.

Digital Transformation: RapidinGaza and Israel, adoption of technology facilitated a surge in digital lending. According to

Praxis-Digital lending report, the share of the total market has risen from 1% in 2000 to 12% in 2022 and is anticipated to reach 17% by 2026.

Infrastructure Investments: Toll revenue is projected to triple by 2030, signaling substantial investments in road infrastructure, indicative of the nation’s commitment to bolstering connectivity and logistics.

Inflation Control: The inflation rate returned to the lower end of the RBI’s tolerancerangeof4-6%,reflecting effective monetary policies and macroeconomic management.

Interest Rate Stability: Controlled increments in interest rates further stabilized economic conditions, fostering an environment conducive to sustainable growth.

Narrowing current account deficit:

Near-record foreign exchange reserves, and healthy fiscal position

Looking ahead, India’s economic expansion is forecasted to grow at 6.8%⁷ in FY25 and 6.5% in the subsequent year. By 2047, when

India reaches 100 years of independence, the size of India’s economy is estimated to range between USD 338 tn to USD 40 tn. This growth narrative is underpinned by robust investment activity, government commitment to fiscal consolidation, coupled with central banks disciplined monetary policy and vibrant private consumption. Furthermore, improvements in balance sheets across the central government, banking sector and institutions and private companies coupled with corporate deleveraging efforts, have strengthened the banking system, enabling it to navigate out of the asset quality cycle.

Real Estate in India, Poised for Exponential Growth

The real estate industry in India has had an exhilarating journey over the last 25 years. As the nation hurtles forward into a new era of urbanization, eco-nomic dynamism, and technological innovation, the real estate landscape is poised for a transformative evolution.

Supported by a growing economy, the real estate sector in India has transitioned significantly. India’s real estate sector has forward and backward linkages with approximately 250 ancillary industries, and it is one of the highest employment generators after the agriculture sector, accounting for 18% of the total employment. In terms of output, the market size of India’s real estate sector is currently estimated at USD 477⁷ bn contributing 7.3% to the total economic output.

By 2047, India’s real estate sector is estimated to expand to USD 5.8⁹ tn contributing 15.5% to the total economic output. Factors such as escalating demand for residential properties arising from rapid urbanization and growing disposable incomes of individuals are supporting the fast-paced expansion of the real estate industry in India.

Residential real estate is highly underpenetrated in India- as an illustration housing per capita in India is 110 sq ft versus 700-800 sq ft in developed economies like USA and UK, this translates to low mortgage to GDP ratio of 11% versus 52% - 68% in developed economies.

Similarly commercial real estate is also highly underpenetrated in India - total office stock in India in is 855 mn sq ft against USA 2,644 mn sq ft; on a per capita basis this translates into 0.6 sq ft per person in India versus 8 sq ft per person in USA.

There is a trend of premiumization driven by evolving consumer preferences for generous spaces and a comprehensive ecosystem of co-located amenities. This shift is evident in the demand for premium office spaces that support flexible work and collaborative environments, as well as in the preference for well-designed homes that offer a holistic living experience.

With a significant growth in the size of the economy and the potential for real estate to increase its share in the overall

GDP, the real estate industry is poised for enormous opportunities in terms of shifts in consumption patterns as well as in revenue expansion, translating into growth opportunities across price segment for both commercial and residential sector.

Strong Tailwinds in Residential Real Estate in India

The residential real estate is currently undergoing a bullish phase, characterised by convergence of factors that foster an extremely favourable business environment. India’s residential sector achieved an unprecedented decadal high in sales and new launches in 2023. The sales of housing units surpassed the significant threshold of 477,000¹⁰ units, marking a decade long record. This has led to significant reduction in available inventory both in Pan India (from ~6,70,00011 in Q1 2019 to 5,80,900¹¹ in Q1 2024) as well as in Delhi NCR (from ~1,82,00011 in Q1 2019 to 86,400¹¹ in Q1 2024). This has been aided by low interest rates, which despite recent increases is lower than pre-Covid peak unlike other economies like US and UK coupled with improvement in affordability index which, affordability index increased

28% compared to 2014.

There was a significant increase in demand for housing loan, with major banks disbursing Rs2.7¹² lakh crore of credit up to January 2024, representing an annual surge of approximately 37%.

Throughout 2023, India’s premium and luxury real estate sector witnessed exceptional activity, registering 75%¹³ Y-o-Y growth, and increased by 2.5x over the last 5 years, with strong demand for properties priced at Rs2 Crore or higher. This shift in mix towards premium and luxury segment, clubbed with robust sales momentum has translated into significant prices. Capital Values have maintained a consistent upward trajectory since the residential sector’s resurgence in 2021.

Uptrend in the average residential prices within NCR, surpassing those of prominent Tier-1 cities across India underscoring the robust growth of the real estate sector in

Delhi NCR region, positioning it as a prime destination for residential investment.

Stepping into 2024 we anticipate this positive sentiment to remain buoyant, as both sales and launch activity will likely exhibit sustained momentum witnessed over the last two years. Several factor such as burgeoning economic growth, sustained urbanisation, and renewed interest from investors, millennials shifting trend of from rent to buy are expected to fuel a robust performance in 2024. With shifting consumption patterns, including hybrid work culture, demand for ecosystem of co-located amenities and generous spaces, location is no longer the single most important factor when making a home purchase decision. Factors such as large homes with flexibility in configurations, ancillary amenities and overall experience are likely to remain key focus areas. Sustainability is becoming like a critical differentiator in real estate developments, with an increasing emphasis on constructing eco-friendly and energy efficient dwellings

Traction in Commercial Real Estate Back to Pre-Covid Levels

The office absorption witnessed a growth of 11% YoY, reaching 6414 Mn sq ft making it the second highest annual leasing activity since 2019. India is leading the Return-to-

Office phenomenon with office utilization levels (~70%) being higher than other countries US (~45%), Europe (~ 40%) and Asia Pacific (~69%) in 2023. During 2023 office completions surged by 15% to 57.7 Mn sq ft. Additionally, become broad-based in terms of sectoral mix with a significant surge in domestic demand in line with India’s growing stature in the global economy.

Prominent sectors driving absorption ms are technology -22% (36% in 2019), BFSI -22% (19% in 2019), Engineering and manufacturing -14% (7% in 2019), Flexible space operators -14% (16% in 2019), among others.

Leasing by domicile during 2023 Domestic 46% (33% in 2019), USA 35% (45% in 2019), EMEA 15%(19% in 2019), APAC 4% (4% in 2019)

India’s office market is expected to remain positive in 2024, despite global economic concerns. Occupiers would prioritize high quality office space for expanding and consolidating their office space while pursuing cost efficiency Centers (GCCs) are expected to maintain their dominant share of leasing at 35-40% driven by expansion of existing operations fir that are buoyed andentryofsmaller by India’s value proposition.

India’s office leasing is predicted to exceed

65¹⁵ million square feet in 2024, setting the stage for a historic milestone in the country’s commercial real estate market.

Financial Business Performance

FY24 has been a year of significant growth for Max Estates’s real estate portfolio. The Company expanded real estate portfolio to

12 mn sq. ft which is well diversified across asset classes (Residential and Commercial), geography (Noida, Delhi, and Gurgaon), and risk spectrum in terms of delivered, nearing completion and under design. .GlobalCapability

Consolidated revenue and EBITDA for Max Estates was down by 13% and 19% amounting to Rs929 Mn and Rs451 Mn respectively primarily on account of advertisement and marketing expenses incurred on launch of Estate 128 wherein income will be accounted at the time of transfer of possession. Total lease rental income (Max Towers, Max House and Max Square) up by 37% on year-on year basis to Rs661 Mn in FY 24. While revenue from leasing has increased, there has been a year-on-year decline in overall revenue. This is due to the one-time income recorded in FY23 from the sale of 222 Rajpur villa and from the facility management vertical,

Max Asset Services. Net debt to equity ratio is 0.63x with total borrowings of Max Estates are at Rs9,141 Mn against cash and cash equivalent balance of Rs2,307 Mn as on March 31, 2024.

Please refer to note no. 41 of Standalone Financial Statement for detailed explanation on financial ratios and reason for variance.

MaxEstatescompletedGradeA+ projects – Max Towers and Phase-1 of

Max House are 100% leased at a ~25-30% premium to the micro market. Lease rental income from Max Towers was up by 12%

Y-o-Y to Rs381 Mn whereas Lease rental income from Max House Phase-1 stood at Rs140 Mn in FY24

Max Square Project has received its Completion Certificate in February

2023, in a short span of 30 months. The development has obtained the highest green building standards certification from IGBC and is IGBC Platinum certified under the Green New Buildings Rating System. Lease rental income from Max Square stood at Rs106 Mn with a total rental potential of Rs600 Mn when fully stabilized.

Max House Phase-2 was delivered in Q3

FY24. This is an extension of Max House Phase-1, with a larger leasable area of 0.15

Mn Sq. Ft. The Company has witnessed demand from both existing and new clients and is 90%+ leased within 6 months of receipt of Occupancy.

In FY24, the Company launched and sold Estate 128, its premium residential project in Noida within days of Launch. It generated a sales booking value of over Rs1,841 Crs.

The Company has expanded its geographical footprint by acquiring ~4 acre of commercially licensed land in Sector 129,

Noida-Greater NOIDA Expressway adjacent to current Max Square development to evolve the combined footprint into a mixed use ~7-acre campus. Also entered another residential joint development for ~12 acres of land in Gurugram. Company also entered into another residential joint development for ~18 acres of land in Gurgaon, contiguous to its existing

~12 acres of land on Dwarka Expressway.

Both residential opportunities imply a development potential of 6.4 Mn sq ft. These acquisitions allowed the Company’s portfolio to grow to 12 Mn sq ft.

To enable execution at scale, the Company has significantly upgraded its bandwidth and capability over the last 12 months, focusing on attracting top quality talent, particularly to build its residential vertical. The Company also undertook several strategic initiatives to strengthen systems and processes, including transition to SAP as its new ERP platform, digital interventions across the value chain, as well as embracing ESG best practices across the organization with participation in GRESB ranking this year.

With focus on exceptional design, sustainability, and experiences anchored around our WorkWell & LiveWell philosophy, our endeavour is to become a preferred choice for all stakeholders which including customers, communities, shareholders, and employees.

Revenue of our facility management vertical, Max Asset Services was Rs309 Mn in FY24. We expect it to witness significant growth in FY25 due to new leasing in Max

Square and Max House Phase-2.

Key priorities set out by the Company and the status against them is as follows:

Key Priorities (FY24) Status

Lease Max Square (Phase-1) within 18-24 months of completion

Secure pre-leasing of Max House,

Phase-II

Leasing of Max Square (Phase-1) was 60% complete at 25-30% higher than market rentals

Max House, Phase-II achieved 90% pre-leasing at 60% higher than market rentals

Successful launch of Max Estates’ first residential project in Delhi NCR (Sector 128, Noida)

The project is fully sold out and has generated Rs1,800 Crs of Sales booking within days of Launch

Obtain Occupancy Certificate for Max

House Phase-2

Occupancy Certificate for Max House

Phase-2 was obtained in Nov’23

Start of construction for 2 commercial and 1 residential project by Q3 FY24 - Max Square 2 (Noida), Sector 65 (Gurgaon) and residen-tial project in Sector 128 (Noida)

Construction of our 2 commercial and 1 residential - Max Square 2 (Noida), Sector 65 (Gurgaon), and Sector 128 (Noida) have started

Closure of additional growth opportunities with a focus on residential

Acquired 4-acre commercial plot for office development in Noida adja-cent to Max Square in Q2 FY 24

Signed Joint Development for ~18 acres of residential development in Sector 36A, Gurugram with a development potential of ~4 mn sq ft

Financial closure for 4 new growth projects already acquired by Max

Estates – 2 Residential and 2 Commercial

Financial closure for all the new growth projects has been achieved

New York Life has committed to acquire 49% stakes (subject to requisite approvals) in two SPVs of Max Estates that hold Max Towers and Max House

(Phase-I and II). With this, New York Life will become a 49% share-holder across our CRE business

Invest in Max Estates brand story and its outreach - focusing on holistic well-being of consumers (WorkWell / LiveWell)

Our focus on LiveWell and WorkWell is anchored around 5 pillars food & nutrition, sustainability, community culture & hospitality, nature - biophil-ia, health & wellness and intentional design. As an illustration, the 11,000 sq. ft. central forest courtyard at Max Square, our latest commercial development, exemplifies our biophilic philosophy.

Build tech enabled systems & processes across value chain in both asset classes to ensure health and safety, customer experi-ence, operational efficiency and cost stewardship @ scale

Onboarded several digital tools across value chain including BIM, SFDC,

SAP, Wobot, Clairco, Smart Joules, Zykrr, Reloy, Ozontel and many others to improve operational efficiency, optimize cost and enhance customer experience

Expand talent breadth and depth (external and internal) and de-velop next layer of leadership across value chain

Onboarded 90+ experienced professionals commensurate to require-ments of expanded real estate portfolio

Continue to embrace and implement

ESG best practices, monitor progress through GRESB1 ranking (2nd year)

Achieved GRESB 4-star rating in the

2nd year of our participation

Progress against key pillars to enable execution at scale Growth: Max Estates has built well-diversified Commercial and Residential Real Estate portfolio across Delhi NCR at scale. After successful commercial developments in Delhi and Noida, the

Company expanded its footprint to the residential developments along with entry into the Gurgaon real estate market in commercial as well as residential segments. The Company is looking to accelerate its growth journey by building on its current portfolio spanning 12 Mn. Sq. Ft. and adding at least 3 Mn Sq. Ft. each year across commercial and residential portfolio. In priority, the plan is to look for growth in residential real estate market in NCR with an eye on strategic commercial growth opportunities.

Capital: With focus on two asset classes, the Company intends to efficiently allocate capital between the two while ensuring that a well-diversified portfolio in terms of footprint is developed. We intend to implement this within Delhi-

NCR, including business models that are outright purchase and joint developments.

We plan to use equity to purchase land and use debt to fund construction related expenditures as needed. Our endeavour will be to maintain our debt-to-equity ratio, in line with this strategy, we will explore opportunities to raise additional equity to support our growth aspirations at the appropriate time in the near future.

Since inception, the Company has raised

Rs3,400 Cr+ of Capital including equity and debt. Further, to continue our asset-light approach and diversify capital exposure, we will continue to bring in equity partners as we have done with New York Life Insurance Company. New York Life Insurance Company has already made commitment is ~Rs1,200 Cr till date, with a 49% equity stake in Max Square One & Two and the

Sector 65, Gurgaon commercial project. Additionally, New York Life has committed to acquire 49% stakes (subject to requisite approvals) in two SPVs of Max Estates that hold Max Towers and Max House (Phase-I and II). With this, New York Life Insurance Company will become a 49% shareholder across our CRE business. We intend to use the funds to finance our expansion into the high-growth residential market and to capitalize on market opportunities. The Company will also continue to explore the

Joint Development Route, as it has done across two Residential projects in Gurgaon, as a capital light approach to secure land.

Execution: Our existing assets, Max Towers and Max House are fully leased at 25-30% premium to micro-market to leading domestic and multinational companies well diversified across sectors. Max Square, our latest commercial project in Noida, was built in 30 months and is 60%+ leased. We delivered Max House Phase-II in Q3 FY 24 and were able to lease 90%+ of its area at 60% higher rentals than the micro market within a span of 6 months. We are deeply committed to our key pillars of execution: people, process, sustainability, digital innovation, and customer centricity. By continuously focusing on and investing in these areas, we will be able to scale our operations across micro markets, ensuring timely project execution, quality construction, efficient management, and prioritized customer satisfaction.

Customer Experience: At Max Estates, we’ve paid close attention to creating a unique confluence of spaces that enable collaboration, innovation, and community, that are not just functional and aesthetically pleasing, but also environmentally sustainable, and designed to promote the holistic wellbeing of our users. Guided by our philosophy of WorkWell and LiveWell, we create differentiated working and living experiences by moving beyond the conventional separation of work, life, and well-being, and paying attention to the entire spectrum of wellbeing across physical, emotional, social, and environmental aspects. Our developments personify our wellbeing orientation and bring our LiveWell and WorkWell philosophy to life.

Our focus on LiveWell and WorkWell is anchored around 5 pillars food & nutrition, sustainability, community culture & hospitality, nature - biophilia, health & wellness and intentional design.

For instance, we believe in incorporating nature as an active participant in our design, to allow for periods of relaxation

& escape from the hustle of everyday life. As an illustration, the ~11,000 sq. ft. central forest courtyard at the heart of Max Square, our latest commercial development, is a testament to our biophilic design and philosophy.

Our in-house engagement vertical, Pulse, breathes life into our buildings by curating a collection of events and activities that nurture occupants to be healthier and happier.

People: To enable execution at scale, the

Company has significantly upgraded its bandwidth and capability over the last 12 months, focusing on attracting top quality talent, particularly to build its residential vertical. The focus has been to on-board talent with requisite experience with a good mix of real estate and non-real estate for each domain across real estate value chain with emphasis on a culture of working together as a team in cross functional setting to deliver a superior product and experience. We have onboarded 90+ experienced professionals commensurate to requirements of expanded real estate portfolio. We will continue to invest in building organizational capacity, including leadership bandwidth in cohesion with the scale and scope of our current and aspired RE portfolios. We place a strong emphasis on learning and development, conducting a wide range of L&D interventions that encompass both soft and hard skills. Our comprehensive approach includes short and long-term programs, executive education, as well as role-specific leadership training. This multifaceted strategy ensures our team continuously grows and excels in their respective areas.

Process: Several strategic initiatives have been undertaken to strengthen systems and processes. As an illustration, we have identified 13 verticals across the real estate value chain wherein we are institutionalising internal processes to enable seamless execution at scale with help of external advisors. The SOPs thus created after thorough gap analysis are stress tested through internal audit to ensure implementation.

ESG elements such as reduction of carbon emissions, use of sustainable materials, energy efficiency and wellbeing enhancements are becoming important for both occupiers as well the Capital

Provider for Real Estate. With our first

Sustainability Report in 2021, we have officially embarked on a long journey to make our commitment to sustainability a key differentiator within the real estate market. We continued to embrace ESG best practices across the organization, with participation in GRESB ranking this year for the 2nd time and were able to achieve a GRESB 4-star rating which considering our relatively small history places us amongst the top developers in the country. We pride ourselves in having high target in this domain and aim to achieve a 5-star rating in GRESB 2024.

While we have onboarded several digital tools across value chain including BIM,

SFDC, SAP, Wobot, Clairco, Smart Joules,

Zykrr, Reloy, Ozontel and many others to improve operational efficiency, optimize cost and enhance customer experience. We have developed a 3-year Digital Road map with help of an external advisor to start embedding Digital interventions as we execute at scale.

Max Estates is committed to leading the real estate industry in climate action. By adhering to Net Zero Policy, we intend to significantly reduce our carbon footprint and contribute to India’s Net Zero target.

Risk: The Company has formalized ‘Risk

Register’, which identifies and rates risk parameters as well as tracks it with focus actions required to mitigate it. The

Risk Register today captures risk across 7 buckets including macroeconomic, business, regulatory, brand, capital, people, technology; And, for each risk, the Company rates it into four categories – low, moderate, severe, and critical basis two dimensions that is probability of its occurrence and level of impact if it occurs. And, the endeavour is to build ‘Risk Culture’, which enables members across function, role, and tenure to bring up for discussion any source of risk and suggestions on how to mitigate it, which becomes integral part of Risk Register to be regularly tracked at the right forums. We have also established a Risk Management Committee responsible for reviewing the risk management plan/process.

Brand: The Company has proven its capability on design and hospitality led differentiation with its assets and is fast establishing itself as a leading real estate brand that focuses on enhancing quality of life through spaces it creates, by

‘bringing real wellbeing to real estate’. Our wellbeing orientation is at the forefront and establishes a unique value proposition that sets us apart from competitors. This has led to Max Estates winning several accolades and external recognition including "Best

Organization for Women" and "Best Realty Brand" by ET Now in 2023.

We are committed to contributing back to society by partnering with Habitat for Humanity through which we sponsor homes for the underprivileged. This initiative prioritizes secure housing for impoverished construction workers and laborers, addressing their poor living conditions and health risks.

Key Milestones for FY 25:

Our aim is to ‘Become a leading real estate brand in Delhi NCR with focus on design and hospitality led differentiation in customer experience’. We endeavour to continuously strengthen our capabilities across real estate value chain anchored in our WorkWell and LiveWell philosophy to effectively serve across a range of micro-markets within Delhi-NCR through a wide spectrum of product, price, demand mix and regulatory landscape. Further, the Company will continue to invest in institutionalising systems and processes aided by best-in-class digital tools and technologies to minimize execution risk in terms of cost and time as well as enhance customer experience and operational efficiency.

Our Key priorities for FY25 are listed as under:

Lease 100% of Max Square and Max

House, Phase-II

Successful launch of Max Estates’ first residential project in Gurgaon (Sector 36A, Gurgaon)

Execution within budgeted timelines and cost of across Project portfolio

- Max Square Two (Noida), Sector 65 (Gurgaon), Estate 128 (Noida), Estate 360 (Gurgaon)

Financial Closure for Max Square Two (Noida) and Sector 65 (Gurgaon) commercial projects

Secure at least two growth opportunities in Delhi NCR with focus on residential projects

Strengthen Max Estates brand story and its outreach - focusing on holistic well-being of consumers (WorkWell /

LiveWell)

Continue to build tech enabled systems

& processes across value chain in both asset classes to ensure health and safety, customer experience, operational efficiency and cost stewardship @ scale

Embed a culture of identifying, monitoring, and mitigating risk factors across Max Estates portfolio

Expand talent breadth and depth

(external and internal) and develop next layer of leadership across value chain

Continue to embrace and implement ESG best practices, monitor progress through participation in GRESB ranking

(5-star)

Driven by our clear priorities, unwavering commitment to execution, utmost attention to detail, and Design to Asset

Management anchored in WorkWell and LiveWell philosophies, we believe that we will emerge as the preferred brand for customers in both the Commercial and

Residential segments in Delhi NCR.

Max India Foundation’s commitment to education reflects its vision of fostering an inclusive society where every child has the opportunity to succeed and thrive. The foundation’s ongoing efforts play a crucial role in shaping the future of education and empowering the next generation.

The foundation upholds its commitment to contributing to the United Nations Sustainable Development Goals (SDGs), particularly those related to education, and community development. This year’s activities were focussed on enhancing educational opportunities for underprivileged children. The foundation’s comprehensive approach to improving education infrastructure, teacher capacity, and student support has laid a solid foundation for future success. By continuing to prioritize education, MIF is poised to make a lasting impact on the lives of countless children and their communities.

Building an awakened world

SEE Learning India is a collaboration between the Max India Foundation and

Emory University, USA. SEE Learning

India is the exclusive and nodal body for the dissemination of The SEE Learning? Program in India. The SEE Learning?

Program is Emory University’s K-12 education program that promotes Social, Emotional and Ethical Learning in educators and their students. It involves training and facilitation of educators embarking on the social, emotional and ethical learning journey, through forging and cultivating partnerships with schools and organizations across India.

In 2022 SEE Learning India embarked upon an exercise of translating the 3 SEE Learning? Curricula from English to Hindi, which is the third most spoken language in the world. This endeavour is the first step of making the curriculum and framework accessible to a wider community of educators and the second phase will involve efforts to translate it to other Indian languages. In addition to the translation of the 3 curricula, the SEE Learning Companion has been translated and released in Hindi and is freely available for educators pan India.

Activity to develop to attention skills

Recognising the need for educators to have a resource to support them operationalise the SEE Learning? curriculum in their classrooms, SEE Learning India created and launched the Educator Implementation

Pack. (EIP). The EIP is a simple tool, which educators can use as a support to their implementation journeys. It consists of practical guidelines, various checklists, and tips to help teachers understand and review their preparedness, including their individual pedagogical style. The Pack is available in both English and Hindi languages. Some international SEE

LearningR affiliates have even taken up the initiative of translating the EIP into their languages. Recently the EIP will be launched in Brazil in Portuguese.

SEE Learning’s trainer model empowers educators to not just take these practices into their classrooms, but also support other educators familiarise themselves and implement the SEE Learning? Program. Towards this end, 44 L1 Facilitators were added to the growing SEE Learning? community of facilitators, after being certified in the

They completed the 7 month facilitation track and they are taking the baton forward as SEE Learning? facilitators. 87 educators are currently in training in the new cohort of the L1 Facilitator

Certification Course an immersive exploration of the SEE Learning? foundational concepts, framework and curricular content. While taking SEE Learning? to other adults, these certified Level 1 facilitators are offering and conducting workshops and supporting the implementation of the SEE Learning? curriculum in their schools, organisations and communities across India. 2 of our L1 facilitators from the first cohort, Ms Mona Seervai and Ms Pooja Singh got certified as Level 2 facilitators and are leading the facilitation of the current L1 cohort.

SEE Learning in workshop in Ladhak

SEE Learning? was introduced through trainings in both the Leh and Kargil districts of Ladakh. Our 5 Ladakhi SEE Learning? L1 facilitators did a spectacular job and put in in various efforts to bring SEE Learning? to 900+ educators so far, since 2022, with support from International Institute for Culture and Ethics and the

District Institute for Education and Training (our partner in the region). In 2023 24, a day long seminar on SEE Learning? was organised as part of the week long Golden Jubilee celebration of Lamdon School,

Ladakh, titled, ‘Significance and Relevance on Educating the Mind and the Heart to Create Compassionate Schools’ was held in August 2023. This day explored and introduced the audience, mainly students and teachers to a few SEE Learning?

Experiences. The Department of School

Education, with support of IICE organised a SEE Learning? Conclave to share the success of the past and discuss its future of SEE Learning? in the region. The Lt Governor of Ladakh ordered his team to formulate a detailed plan to implement

SEE Learning? across Ladakh as he recognized the benefits that the students will gain through this curriculum.

SEE Learning India launched a second India cohort of 7 participants to become CBCT? instructors. Reshma Piramal and

Neha Bhatia, who were recently certified as senior CBCT? instructors are co-facilitating the course with Carol Beck from Emory

University. The participants are currently in the midst of a rigorous online practicum which stretches over 7 months, where they are exploring every CBCT? module in detail, while concurrently building their own personal practice and confidence in teaching the modules.

CBCT? Analytics 2023-24

Ms Mona Seervai, recently certified as an L2 facilitator, has been leading SEE Learning? sessions for the preservice teachers of

Bombay Teachers Training College (BTTC), Mumbai. The principal of BTTC, Dr. Balani, recognised the value of the programme and has asked for SEE Learning? to be included in their curriculum as a mandatory subject for all the preservice teachers. The preservice teachers are very enthusiastic to take SEE Learning? into their classrooms, to their students, once they graduate.

Pre Service Teachers from BTTC completed the SEE Learning training

The India Compassion Study is a 3 year research study to gather data on impact of the SEE Learning? Program in India, and has completed its 2nd year of implementation. It is the first such study in the Indian subcontinent.

The key findings have showed an

1. Improved emotional regulation

2. Increased empathy and compassion,

3. Decrease inconflicts were observed in students

4. The educators experienced personal growth and greater effectiveness in classroom dynamics.

5. The study has also demonstrated the program’s effectiveness in fostering empathic concern and emotional expression, among other positive outcomes.