Max Ventures up 5% after real estate arm notches Rs 18,000-crore pre-launch sales
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The project titled Estate 128 is built across 10 acres, with 3 high-rise towers having 201 units and encompasses indoor and outdoor amenities including a swimming pool, spa, sports facilities, multipurpose hall, and dining among others.
Max Ventures and Industries Limited shares rose more than 5 percent in the early trade on July 10 after its real estate arm, Max Estates, achieved pre-formal launch sales of over Rs 1,800 crore for its first luxury residential project in Noida.
The luxury project, Estate 128, is coming up in Sector 128 and is spread across 10 acres, with three high-rise towers having 201 units. It includes indoor and outdoor amenities such as a swimming pool, spa, sports facilities and multipurpose hall.
“Our stated aspiration is to scale the portfolio by at least 1 million square feet each in residential and commercial asset classes every year across Delhi-NCR and become the most preferred developer in the region,” managing director (MD) and chief executive officer (CEO) Sahil Vachani said in a press statement on July 9.
The real estate company expects to start the construction by the third quarter of CY2023 and completed in 48-60 months, well within the committed RERA timelines, the company told stock exchanges.
“Our portfolio is now well diversified across Delhi-NCR in terms of geographical footprint, residential and commercial asset classes, and risk spectrum including delivered, nearing completion, and under design”, Rishi Raj, chief operating officer, Max Estates, said in a statement.
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In March, the National Company Law Tribunal (NCLT) approved a resolution plan submitted by Max Estates for the development of a commercial plot in Noida.
The 34,697-square-metre plot is under the “Delhi One” project and its acquisition has the potential to add 2.5-3 million square feet of additional development footprint to the portfolio of Max Estates, the company said in a filing.
At 9.30 am, Max Ventures was quoting at Rs 214 apiece, up 2.5 percent from the previous day’s close on the National Stock Exchange. Since the start of the year, the stock has given a 46 percent return.
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