Max Estates, a subsidiary of Max Ventures and Industries, has successfully acquired approximately 10 acres of residential land in Noida for a total of Rs 306 crore. The acquisition was made by Max Estates Limited, the real estate arm of the company, which will now hold 100% equity in Accord Hotels and Resorts Private Limited, making it a fully-owned subsidiary.
The purchased land parcel, located in Sector 128, Noida, offers great potential for the development of a mixed-use residential community. The estimated saleable area of the project is around 1 million square feet, catering to the premium segment of the residential market. Max Estates plans to develop the project in multiple phases, with a total sales potential exceeding approximately Rs 1,300 crore.
The first phase of the project is expected to be launched in the first half of the next calendar year and will be completed within three years from its launch. This strategic move marks Max Estates’ entry into the residential segment, following its successful track record in the commercial real estate sector.
Sahil Vachani, the Managing Director and CEO of MaxVIL, expressed his enthusiasm about the venture, stating, “After establishing a strong presence in the commercial real estate segment, we are delighted to announce our entry into the residential segment through this transaction. The location of this project, situated on the Noida Expressway in Sector 128, offers excellent connectivity to Delhi and the rest of Noida.”
Vachani further emphasized the project’s significance, saying, “This endeavor presents a fantastic opportunity to realize our vision and implement our ‘LiveWell’ philosophy in the residential segment. Our focus will be on curating an ecosystem of spaces and amenities that significantly enhance the living experience for our customers. The prime location, shape, and land use of this opportunity will allow us to create an unparalleled flagship destination within the Delhi-NCR region.”
Max Estates’ acquisition of the land in Noida demonstrates its commitment to expanding its presence in the real estate market and providing exceptional residential offerings that meet the evolving needs and aspirations of homebuyers.