Max Ventures kicks off real estate foray with three projects
Analjit Singh-controlled Max Ventures and Industries Ltd (MVIL) has taken up three projects—one residential and two for office spaces — as part of its plan to enter the real estate sector.
Under Max Estates, MVIL is taking bookings for a boutique residential development in Dehradun that will house as many as 40 high-end villas at an asking price of ₹13,000 per sq ft. Max Estates will also develop two sites in Delhi-NCR, adding up to around 1 million sq ft, into commercial and office space complexes. The first one to be ready will be Max Tower in Sector 16, Noida followed by redevelopment of Max headquarters’ in Okhla, a person in the direct knowledge of the matter said.
“MVIL is not selling these office space buildings. They are going to build them and rent them out,” this person said.
These office spaces will comprise food and beverage spaces, spa, wellness and collaborative workplaces, co-working spaces, swimming pools, auditorium, etc.
A Max Group spokesperson declined to comment citing silent period ahead of MVIL’s financial results, which are expected on Wednesday.
Max Tower has a total developable area of 600,000 sq. ft. on 3,352 sq. mts. of land parcel that has been acquired by Max Estate through the special purpose vehicle route. Other Max group companies such as Max Life, Max India along with Max Ventures, which is run by Analjit Singh’s son-in-law Sahil Vachani, will also have offices in the building.
Work on the Okhla property will start during the next quarter of 2017-18 and will be completed in 36 months.
“MVIL is coming into this business when the market is not at its peak. We are in this business for long-term,” the person added.
MVIL will invest ₹300 crore in these three projects.
Separately, under Max I. Ltd, its investment unit, MVIL has invested in Azure Hospitality Pvt Ltd, which owns and operates Mamagoto, a mid-scale casual dining restaurant chain and Speedy Chow/Roll Maal, a quick service restaurant format for Indian & Chinese street food and a catering service. Azure Hospitality has also acquired Dhaba brand which is a fine dining north Indian cuisine restaurant.