Max Estates is launching a luxury housing project, 'Estates 360,' along the Dwarka Expressway in Gurugram. The project, covering 2.4 million square feet, features Delhi-NCR's first "intergenerational living community," blending senior and non-senior residences. With an estimated gross development value of INR 4,000 crore, it includes 864 units, with one-third dedicated to senior living. The project, awaiting RERA approval, will launch soon, with apartment prices of around INR 5 crore. Supported by New York Life Insurance's equity investment, Max Estates maintains a strong financial position, emphasising innovative real estate solutions and community-focused living.
Max Estates, the real estate arm of the Delhi NCR-based Max Group, is set to develop a luxury housing project named 'Estates 360' along the Dwarka Expressway in Gurugram. The project, described as Delhi-NCR's first intergenerational living community, will include both senior living residences and non-senior luxury homes. This development is expected to have a gross development value of INR 4,000 crore and will cover approximately 2.4 million square feet.
The 'Estates 360' project will be built on an 11.8-acre land parcel at the intersection of Dwarka Expressway, Central Peripheral Road, and NH-8. According to Rishi Raj, the Chief Operating Officer of Max Estates, the project is a joint development venture. He stated that the project has a development potential of 2.4 million square feet, and the tentative top line is around INR 4,000 crore, in an interview with Moneycontrol. Raj stated in an interview with Moneycontrol. The project is awaiting approval from the Real Estate Regulatory Authority (RERA) and is expected to launch in the next two to three weeks in Gurugram. The tentative price for the apartments in this luxury housing project is projected to be around INR 5 crore.
Sahil Vachani, Vice Chairman and Managing Director of Max Estates explained that the Gurugram project would feature a unique concept of intergenerational living, where senior and non-senior living will coexist in a single ecosystem with dedicated facilities for both groups. According to Rishi Vachani, the intergenerational living community will have a separate footprint for senior living under the company's sister firm Antara, while the remaining part will be under Max Estates. Vachani elaborated that the senior living section will include dedicated infrastructure, such as healthcare facilities. The project will comprise 864 units, with approximately one-third designated for senior living.
Max Estates has a powerful financial position, with a strong balance sheet and minimal debt. Vachani highlighted that New York Life Insurance, a former partner in the life insurance segment, has invested equity into the company, further strengthening its financial standing. According to Rishi Vachani, Max Estates is one of the few developers with a very strong balance sheet and very little debt, emphasising the company's stability.
The total portfolio of Max Estates spans 12 million square feet, including both delivered and under-construction projects. The portfolio comprises approximately 4 to 4.5 million square feet of commercial space and 7.5 million square feet of residential development. The company's commercial projects are projected to generate an annual rental income of INR 400 to 500 crore, while the total gross development value of its residential projects stands at INR 15,000 crore.
In May 2024, Max Estates disclosed in a regulatory filing that New York Life Insurance Company had invested INR 388 crore to acquire a 49 per cent stake in two operational office complexes of Max Estates. Additionally, New York Life holds a 22.67 per cent share in Max Estates and a 49 per cent stake in the company's new commercial projects in Delhi-NCR.
As Max Estates embarks on the 'Estates 360' project, it underscores the company's commitment to innovative real estate solutions that cater to diverse demographics. The project not only aims to provide luxury living spaces but also seeks to create a joined community for both senior and non-senior residents. This approach is expected to set a new standard in the real estate market, offering a blend of luxury, comfort, and community living. As the project progresses, it will likely become a benchmark for future developments in the region.
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