Shares of Max Estates Limited gained on Friday, January 24, after the real estate firm announced the acquisition of a 10.33-acre land parcel in Noida, Uttar Pradesh, for a mixed-use project. The prime land was acquired at a cost of ₹711 crore, the company said.
Share Market View All Nifty Gainers View All Company Value Change %Change In a filing to the stock exchanges, Max Estates revealed the land is located in Sector 105 on the Noida-Greater Noida Expressway. The project is expected to generate a gross development value (GDV) of over ₹3,000 crore and an annuity rental income potential exceeding ₹140 crore. The acquisition has been structured with a deferred payment plan, with ₹284 crore paid upfront and the balance payable in eight half-yearly instalments.
“Secured through allotment from NOIDA, this acquisition presents an opportunity to develop 2.6 million square feet with 40% residential (Group Housing) and 60% commercial (including office, retail, and service apartments),” the company said. Also read: Emaar eyes ₹3400 crore sales from its new luxury realty project at Gurugram Max Estates’ real estate portfolio has now expanded to over 17 million square feet across Delhi-NCR, covering residential and commercial properties in Delhi, Noida, and Gurugram.
Chief Operating Officer Rishi Raj stated, “The combination of location attractiveness, our familiarity with both commercial and residential micro markets in the vicinity, and our track record of delivering.
