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Max Estates Limited, the real estate arm of Max Group, has announced plans to develop an intergenerational housing project spread over 18.23 acres in Gurugram. The project will have a gross development value of over INR 9,000 crore and a developable area of 4 million square feet. It will be developed as an intergenerational community with senior living facilities operated by Antara Senior Living. This consolidation of over 30 acres in sector 36A will allow Max Estates to capitalize on infrastructure upgrades on Dwarka Expressway, a prime luxury residential market. The two projects in Gurugram together imply a combined GDV potential of over INR 13,000 crore from developing an area exceeding 6.4 million square feet.
Max Estates Limited, the real estate arm of Max Group, has announced an agreement to potentially develop a group housing residential project spread over 18.23 acres in Gurugram. With an estimated gross development value (GDV) of over INR 9,000 crore, the project will have a developable area of around 4 million square feet. Advertisement
The Gurugram project will be developed as an intergenerational community, with towers specifically designed for senior living. Antara Senior Living, a Max Group subsidiary focused on life insurance, healthcare, hospitality and real estate, will operate the senior living facilities.
The binding agreement involves securing development rights in three phases under the Transit Oriented Development (TOD) policy's framework, in collaboration with the landowner and subject to necessary regulatory approvals.
This land parcel is contiguous to Max Estates' existing 11.80-acre plot in sector 36A, Gurugram, where the company had signed a joint development agreement (JDA) last year. This consolidation of around 30 acres in sector 36A helps Max Estates take advantage of the infrastructure upgrades on Dwarka Expressway, which has emerged as a prime luxury residential market in Gurugram. The two projects together imply a combined GDV potential of over INR 13,000 crore from developing an area exceeding 6.4 million square feet in Gurugram.
The location is well-suited for premium residential projects within Gurugram given its proximity to the planned Global City as well as excellent connectivity to the international airport, different parts of Delhi, and key commercial and residential hubs in Gurugram. Through joint development agreements, Max Estates has demonstrated success in expanding with relatively low capital expenditure.
Post-closure of this deal, Max Estates' portfolio will grow by 50% from 8 to 12 million square feet of development potential, well-diversified across asset classes (commercial office and residential), geographic footprint (Noida, Delhi and Gurugram) and risk spectrum (delivered and under construction).
Expressing enthusiasm for the recent transaction, Rishi Raj, COO of Max Estates, said the deal allows them to tap into a prime residential market in Delhi NCR within Gurugram. This aligns with their strategy of securing at least 2 million square feet of development opportunity in Delhi NCR annually to establish Max Estates as a leading real estate brand focused on enhancing quality of life.
Max Estates aims to generate INR 4,000 crore in pre-sales in fiscal 2025, more than double compared with INR 1,800 crore in FY24 ended March 31, as it scales up its residential portfolio
In the residential sector, the company launched, and fully sold, its first project, Estate 128, in Noida in 2023. It plans to launch its second project in Gurugram, while another one is expected to be launched in 2025-26.
This year, the company will also add two rent-generating commercial buildings to its portfolio: one in Noida and the other in Okhla, Delhi.
Established in 2016, Max Estates Limited is the real estate arm of the Max Group. A few days ago, New York Life Insurance Co announced that it would invest INR 388 crore to acquire a 49% stake in two commercial projects of Max Estates - one each in Delhi and Noida. New York Life currently owns 22.67% of publicly listed Max Estates.
Its marquee projects include a one-of-its-kind commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House - a re-development of office campus, Max Square, located on a primary office vector - Noida Expressway and, 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.
It has two under construction commercial office projects - Max Square Two, adjacent to Max Square and a project located on main Golf Course Extension Road marking its entry in the commercial office segment in Gurugram. On the residential front, the company has successfully launched and sold its first project in Delhi NCR in CY 2023, Estate 128, which is being developed in Noida and second project is to be launched in first half of CY 2024 in Gurugram. Max Estates also has a real estate services & management company - Max Asset Services. Max Estates Limited is listed on NSE and BSE.
The Gurugram project establishes Max Estates' presence in a key residential market and is expected to contribute significantly to their target of doubling pre-sales to INR 4,000 crore by fiscal 2025. This major development strengthens Max Estates' position as a leading real estate brand focused on enhancing quality of life.
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