Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Max Estate starts construction of commercial realty project Max Square in Noida at Rs 400 crore cost, with New York Life Insurance Company as financial partner

Posted On: 2020-11-22 22:32:07 (Time Zone: Arizona, USA)


Max Estates, the real estate subsidiary of USD 3 bn business conglomerate Max Group, has started construction of its new commercial project, comprising around 0.7 mn sq ft of office and retail spaces, on the Noida Expressway.

This is the third commercial project of Max Estates, which is part of Max group's listed entity Max Ventures & Industries Ltd (MaxVIL).

Max Estates will develop the project 'Max Square' with New York Life Insurance Company as the financial partner. It will have 51 per cent and the New York Life Insurance Company will have 49 per cent stakes in the special purpose vehicle (SPV) Max Square Ltd, formed to develop the 'Max Square' project.

This is the first real estate project by New York Life Insurance Company in India as a financial partner. The project will be built at a cost of approximately Rs 400 crore with an equity infusion of Rs 175 crore and a debt funding of Rs 225 crore.

Max Estates will be responsible for the final delivery of the project. All statutory approvals including Fire NOC, Building Plan Approval, Environmental Clearance, Mining Approval, Pollution Approval (Consent to Establish) have been received. The project construction has commenced and the company targets to deliver the same by March 2023.

The company expects the recent disruptions in office space demand to be a temporary phenomenon and thus expects good interest from reputed tenants for Grade A+ commercial office space including for Max Square.

Speaking about the development, Sahil Vachani, MD & CEO, Max Ventures & Industries, said, "The success of our recent commercial real estate projects has enabled us to achieve financial closure for Max Square in a fairly quick period. We are thankful to have received all regulatory approvals in a timely manner despite constraints posed by the pandemic."

"Max Square has been conceptualized as an eco-friendly complex. It has been designed in line with our differentiated philosophy of WorkWell which enables higher productivity, a vibrant workplace community combined with wellness and recreation measures. It incorporates elements for the new normal including state-of-art air-filtration and contactless utilities.", he added.

Max Estate has so far delivered two commercial real estate projects in NCR; one is Max Towers, Noida and second is Max House, Okhla, Delhi.

Total leasable area in Max Towers (owned directly + leasable rights for area owned by Investors), Noida stands at ~6 lakh sq. ft. of this 74% has been leased out so far. Out of the total area leased, ~74,000 sq. ft. was recently leased to marquee corporates.

Phase 1 of the Max House, Okhla compressing of ~1,05,000 Sq. Ft. leasable area has been launched for leasing recently. Phase 2 of the project; of similar size to phase 1 is targeted to start construction in Q4 FY21.

Besides real estate, MaxVIL is also into specialty packaging films.

Shares of Max Ventures and Industries Ltd was last trading in BSE at Rs.39.9 as compared to the previous close of Rs. 39.35. The total number of shares traded during the day was 33884 in over 348 trades.

The stock hit an intraday high of Rs. 41.3 and intraday low of 38.5. The net turnover during the day was Rs. 1362042.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Welspun Specialty Solutions Ltd receives remibursement of power subsidy of Rs. 9.09 crore

Indian Bank board to consider fund raising on Jan 22, 2021

ICICI Lombard General Insurance Company Limited reports Q3FY21 earnings

JSW Ispat Special Products Ltd Q3FY21 consolidated net profit at Rs. 29.93 crore

Tata Steel BSL Ltd Q3FY21 consolidated net profit at Rs. 913.19 crore

Larsen & Toubro Infotech Ltd Q3FY21 consolidated PAT at Rs. 518.7 crore

Skipper Ltd reports consolidated net profit of Rs. 11.45 crore in Q3FY21

TV18 Broadcast Ltd reports consolidated PAT of Rs. 213.65 crore in Q3FY21

First tranche of Rs. 26.10 crore received by Prince Pipes from Prince Marketing

Infosys Builds applied AI Cloud, part of Infosys Cobalt

Tata Consumer Products recognized for its sourcing practices at CII Food Future Foundation (FFF) for Sustainable Sourcing 2020

NMDC Receives Platinum Award in Metal & Mining for Shiksha Sahayog Yojana

Adani and TOTAL deepen their strategic alliance in Sustainable Energy

Tata Communications Ltd Q3FY21 consolidated net profit at Rs. 309.15 crore

Medicamen Biotech Ltd to upgrade Bhiwadi plant as per CGMP norms

DCM Shriram Ltd board declares interim dividend of Rs. 5.50

Hatsun Agro Product Ltd updates on status of CAPEX projects

Vardhman Special Steels Ltd Q3FY21 net profit soars to Rs. 21.66 crore

CEAT Ltd Q3FY21 consolidated net profit at Rs. 132.14 crores

TATA Metaliks Ltd Q3FY21 net profit at Rs. 75.18 crore

DCM Shriram Ltd posts jump in Q3FY21 consolidated PAT to Rs. 252.55 crore

Alembic Pharmaceuticals Ltd Q3FY21 consolidated PAT of Rs. 292.57 crore

Hatsun Agro Product Ltd posts net profit of Rs. 67.31 crore in Q3FY21

Wardwizard Innovations & Mobility Limited Q3 net profit at Rs. 0.74 crore

Mold-Tek Packaging Ltd Q3 consolidated PAT higher at Rs. 14.93 crore

Gateway Distriparks Ltd Q3FY21 consolidated net profit surges to Rs. 32.74 crore

Nibe Limited enters into MOU with BEL Optronic Devices Ltd

HT Media Ltd posts consolidated PAT of Rs. 3.26 crore in Q3

Bank of Maharashtra Q3 consolidated PAT at Rs. 154.48 crore

Adani signs concession agreement with AAI for three airports

Thomas Cook India opens franchise - Gold Circle Partner - outlet in Gandhinagar

Eurocor Tech GmbH launches innovative long-length sizes further optimizing its peripheral Drug coated balloon system Freeway™ 035

BHEL wins Institute of Chartered Accountants of India's National Award 2019-20 for Excellence in Financial Reporting

Steel Strips Wheels Ltd bags export order for over 37,000 wheels

Escorts Ltd becomes first company to get Budni Certification in India for Electric Tractor

Man Industries India Limited receives news orders of Rs. 250 crores

CSB Bank Q3FY21 PAT at Rs. 53.05 crore

Dhruv Consultancy Services Limited receives LOA for consultancy services

L&T Finance Holdings Limited board approves 17:74 rights issue at Rs. 65 per share

'VISION 2025' Unveiled: Trident Limited announces Strategic Steps for Future Growth

Indiabulls Real Estate Ltd Q3FY21 consolidated net profit at Rs. 80.58 crore

ALOK Industries Ltd Q3 consolidated loss at Rs. 35.12 crore

Hindustan Media Ventures Ltd Q3FY21 consolidated net profit at Rs. 35.19 crore

Max Superspeciality Hospital Patparganj inaugurates its first neurosciences OPD in Rudrapur.

Kamdhenu Group Launched its Premium Product 'Kamdhenu Nxt' in Delhi and Haryana

Newgen Launches OmniDocs ActiveScript to Rapidly Automate Document-centric Processes

Aditya Vision Limited opens two new showrooms

Maruti Suzuki India Ltd to increase price of select models from Jan 18, 2021

JMT Auto Ltd to sell assets

Sagarsoft India Ltd Q3FY21 net profit at Rs. 1.37 crore



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020