Max Estates, a subsidiary of Max Ventures & Industries Ltd. (MaxVIL), today announced leasing of approximately 62,500 sq ft. at its Iconic Max Towers in Noida to Yes Bank, which plans to relocate its offices from the Central Business District to the new location as part of its exercise to rationalize cost. Yes Bank has taken 62,500 sq. ft. spread across 2.5 floors of the Max Towers.
In the last six months, Max Estates has also leased ~25,000 sq. ft. at Max Towers to Indian Energy Exchange (IEX) Limited, India's first and largest power trading platform. Max Estates has so far leased ~3,90,000 sq. ft. at Max Towers, which is located on the Delhi Noida Directway (DND), a few minutes' drive from South Delhi business hubs such as Okhla, Nehru Place, Bhikaji Kama Place etc. Some of the renowned names which have taken spaces at Max Towers includes the premium co-working brand Spaces, owned by International Workplace Group, one of the worlds largest co-working companies. Other marquee office tenants include Khaitan & Co., Emerson, Spaces, Veolia, ESRI, Udacity, Grass Valley, Kama Aryuveda and Castus Legal.
Built with an investment of about Rs 600 Cr, with a net leasable area of over 5.5 lakh sq ft, Max Towers is a 21 storey Grade A+ commercial office tower.
Constructed in a brisk 24 months, Max Towers is a blend of thoughtful design and superior hospitality which helps integrate work and life through its philosophy of "WorkWell".
Commenting on the leasing of spaces of Yes Bank, Mr. Sahil Vachani, Managing Director, MaxVIL, said, "The demand for Grade A office spaces has been growing in Noida mainly due to relatively high rentals in Delhi and Gurugram's established office space locations and emerging supply of better quality assets."
"With location advantage and excellent connectivity with Central and South Delhi, world-class amenities and above all a well curated experience focusing on all aspects of tenant's well being under its 'WorkWell philosophy, Max Towers has emerged as the destination for top corporate occupiers looking for superior quality assets at a competitive rentals. Yes Bank taking close to 62,500 sq. ft. of area at Max Towers to consolidate its office space across several locations in Delhi is a testimony of the same," Mr Vachani added.
MaxVIL is also in talks with some other reputed corporates and some of them are likely to fructify soon.
It is pertinent to mention here that as per a recent Knight Frank report Noida has overtaken Gurugram in terms of new office leasing for the first time mainly driven by competitive pricing and rapid infrastructure development in the Noida - Greater Noida region.
As Noida's first Grade A+ office building, with the philosophy of "WorkWell", Max Towers will provide its occupants an energy-efficient and green work environment, a technology-enabled smart workspace designed to boost their productivity while they are working and a vibrant food & recreation hub when they want to socialize or take a break. It is the only office building in Delhi-NCR to provide an indoor swimming pool and a comprehensive fitness centre to aid the wellness of employees.
MaxVIL's other commercial real estate projects include Max House, Okhla, Delhi. Phase 1 of the Max House, Okhla comprising ~1,05,000 Sq. Ft. leasable area has been launched for leasing recently. Phase 2 of the project; of similar size as the first phase is targeted to start construction in Q4 FY21. Max Estates recently commenced construction of its third commercial realty project in Noida to be built at a cost of Rs 400 crore, having New York Life Insurance Company as financial partner. As a part of its strategy to emerge as a leading commercial real estate office player in NCR, Max Estates is evaluating development opportunities in Gurgaon as its next destination to fill the deficit in Delhi-NCR of developer owned and developer managed office space providing top notch experience to its occupiers.
Besides real estate, MaxVIL is also into specialty packaging films.
Shares of Max Ventures and Industries Ltd was last trading in BSE at Rs.44.2 as compared to the previous close of Rs. 43.65. The total number of shares traded during the day was 5041 in over 86 trades.
The stock hit an intraday high of Rs. 44.55 and intraday low of 43.15. The net turnover during the day was Rs. 220439.