New Delhi, November 11, 2023 : Max Estates Limited, the real estate arm of the Max Group announced its Q2 & H1 FY24 results on November 7 2023.
The Company has achieved the conclusion of the reverse merger of Max Ventures and Industries Limited (MVIL) into Max Estates Limited (MEL) – a historical milestone in the Company’s timeline. This entails that MVIL will be amalgamated, and all the assets and liabilities of MVIL will vest with MEL.
The new listed entity, named Max Estates Limited truly reflects our vision, the nature of our business and aspirations to scale the Real Estate (RE) footprint in Delhi-NCR.
Alongside the successful launch of Estate 128 in Q2 FY 24, Max Estates’ first luxury residential development in Delhi NCR with Booking Value worth ~INR 1800 Cr already locked in and sales collections of ~Rs 330 Cr, the company has also witnessed very positive traction for commercial office leasing for both of its new assets – Max Square on Noida Expressway and Max House – Phase II in South Delhi.
NDTV has leased ~1,28,000 square feet at Max Square in Noida. This is a clear reflection of Noida Expressway and particularly Max Square, is fast emerging as new centre for corporate office beyond a back-office hub.
With this, Max Square, within 6-9 months of receiving its completion, has transacted (LOI Included) ~50 percent of the office space including 100 percent of the retail/F&B is committed. The office space will also be housing Skootr, a leading manage office player who has leased ~103,000 square feet of super built up area as well as several other leading MNCs and domestic companies.
In parallel, the company has pre-leased 54% of the office space at Max House – Phase II even before receiving completion, which is expected in Q3 FY 24.
The choice of Max Square by NDTV and pre-leasing traction of Max House Phase II are clearly an illustration of ‘flight to quality’, a phenomenon that got accelerated post COVID with focus on experience, well-being and sustainability in an office ecosystem.
Key Highlights of the Portfolio:
WorkWell Experiences:
Max Towers, Noida
Max House, Okhla, New Delhi
Max Square, Noida
Max House Phase 2, Okhla, New Delhi
Max Square Two, Noida
Max 65, Golf Course Extension, Gurugram
The company is on track to finalize the design and receive all approvals to start the construction at the start of Q4 FY 24.
On 100% occupancy basis the total annual rental income from the portfolio is expected to be INR 3,950-4,710 Mn. Max Estates’ projects commands premium to prevailing rentals in the micro market. This is a clear testimony of the organisation’s WorkWell philosophy, which ensures holistic wellbeing of its users, enabled by a unique ecosystem of spaces including F&B and several amenities, as well as acceptance and appreciation of its impeccable service standards and design led sustainable developments.
LiveWell Experiences:
Estate 128, Noida
Sector 36A, Gurugram
· JDA signed for Sector 36A, Gurugram with a development potential of ~2.4 Mn. Sq. Ft. and a gross development value of ~INR 3,200 crores
· The land parcel admeasures ~11.8 acres with direct access from the Dwarka Expressway. The site is also strategically located at the confluence of the expressway, Central Peripheral Road (CPR) and planned Metro Corridor, by virtue of which, this site has excellent connectivity to central and secondary business districts of Gurugram such as Cyber City, Golf Course Road and Southern Peripheral Road (SPR) as well as to the Airport via Dwaraka Expressway.
· The company is working with Gensler to design region’s first intergenerational community at scale. The launch is estimated to be in Mid CY 2024
MEL H1 FY24 Financial Highlights:
· Consolidated Revenue stood at INR 388 Mn in H1 FY24
· Consolidated EBITDA stood at INR 37 Mn in H1 FY24
· Consolidated PBT stood at INR (532) Mn and PAT stood at INR (429) Mn in H1 FY24. This is on account of following:
· Total Lease Rental Income (Max Towers + Max House + Max Square) up by 13% YoY to INR 268 Mn in H1 FY24
· Max Asset Services Revenue stood at INR 135 Mn in H1 FY24
· Company’s first luxury residential project in NCR has been fully sold and had garnered a pre-formal launch sale of Rs. 1,800+ crores. Over the last three months, the Company has collected ~Rs. 330 crores for the project
Commenting on the same, Sahil Vachani, MD & CEO of Max Estates said, “We are delighted to have NDTV set-up its corporate office at Max Square. We at Max Estates are committed to our purpose of ‘Enhancing Quality of Life through Spaces we Create’ and Max Square is designed on the theme of ‘Nature and Nurture’, where its users will not just work but also flourish, enabled by sustainable and health and well-being attributes of the office development.
Over the past few years, Max Estates has strategically curated a development portfolio encompassing 8 million square feet, aligning with its strategy of “One region, multiple asset” classes. Our portfolio represents a well-rounded diversity within the Delhi-NCR region, encompassing various geographical locations, asset categories and risk profiles, which encompass completed projects, those nearing completion, and those in the design phase.
We stay true to our commitment of creating spaces that truly enable ‘LiveWell’ and ‘WorkWell’ as we continue the journey of scaling the portfolio beyond 8 million square feet by adding at least 1 mn square feet per year on an average to each of residential and commercial asset classes. With tailwinds in residential segment and return to office phenomenon gaining traction driving demand for Grade A+ institutionally owned office space, we look forward to the journey ahead with great degree of excitement as well as high sense of responsibility.”
Corporate Comm India (CCI Newswire)
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