The project is to be developed in multiple phases with a potential sales of over ₹1,300 crore
Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the Max Group on Monday announced that Max Estates Limited, the real estate arm of the company will acquire 100 per cent of equity in Accord Hotels and Resorts Private Limited for ₹306 crore.
The company has executed a Share Purchase Agreement on June 4, 2022, for the acquisition of the 100 per equity share capital of Accord Hotels and Resorts Private Limited. Post the acquisition, the said company will become a 100 per cent subsidiary of Max Estates Limited.
Accord Hotels and Resorts Private Limited holds a fully paid-up land parcel of around 10 acres located in Sector 128, Noida, which will enable Max Estates to develop a mixed-use residential community.
This mixed-use residential project will have an estimated saleable area of around one million sq. ft. The project is planned to be developed in multiple phases with a total sales potential of over ₹1,300 crore. It will cater to the premium end of the residential market.
The first phase is planned to be launched in the first half of the next calendar year and is expected to be delivered within three years of launch, the company said in an official release.
‘Foray into the residential segment’
Sahil Vachani, MD & CEO, MaxVIL, said, “After a successful track record in the commercial real estate segment, we are very pleased to announce our foray into the residential segment through this transaction. 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 offers a fantastic opportunity to fulfill our vision and implement our ‘LiveWell’ philosophy for the residential segment, which will focus on curating an ecosystem of spaces and amenities that will significantly uplift the living experience of customers. The current opportunity due to a multitude of factors including prime location, shape, and land use will enable us to create an unparalleled flagship destination within Delhi-NCR,” Vachani added.
At 9:55 am, MaxVIL was trading at ₹96.15 on BSE, up ₹0.65 or 0.68 per cent.
June 06, 2022