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Max Estates buys 5.5-acre land in Noida for ₹272 crore
Max Estates buys 5.5-acre land in Noida for ₹272 crore to develop a mixed-use project
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New Delhi, Nov 6 (PTI) Realty firm Max Estates Ltd has bought a 5.5-acre plot in Noida for 272 crore through an e-auction to develop a mixed-use project, as part of its expansion plan.
In a regulatory filing on Friday, Max Estates informed that the company, along with other minority consortium partners, has received allotment of a 5.5-acre plot in Sector 132, Noida, in an e-auction conducted by the local development authority.
"The bid value for the land parcel is approximately ₹272 crore, of which 40 per cent is payable within 60 days of allotment and the balance amount payable in instalments over 4 years," the filing said.
The company will build a mixed-use project comprising residential, commercial, retail and amenities, with a developable area of 5 lakh sq ft.
The project is estimated to generate revenue of ₹1,500-2,000 crore and lease income from the commercial and retail components.
Sahil Vachani, Vice Chairman & Managing Director, Max Estates, said, "This is a strategic addition to our Noida portfolio and reflects the disciplined, opportunistic approach we bring to land acquisition".
"This win is consistent with our strategy of continuously replenishing a phased, multi-year development pipeline, and we expect it to further strengthen our growth trajectory in the NCR residential and mixed-use market. This is consistent with our growth strategy of building a high-quality portfolio across residential and commercial real estate in Delhi NCR," he said.
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Vachani said this land acquisition increases the company's overall future revenue potential to nearly ₹32,000 crore.
Max Estates Ltd is the real estate arm of Max Group. It has developed some commercial projects in Delhi-NCR and launched many housing projects.
