Max Group firm Max Ventures and Industries Ltd (MaxVIL) is looking to expand its commercial real estate portfolio and foray into the residential segment. The company plans to acquire at least two land parcels in Delhi-NCR this fiscal year – either directly or through joint ventures.
Outlining the company’s future growth plans, MaxVIL MD and CEO Sahil Vachani said that they are looking to develop around a million sq. ft. each in both commercial and residential sector from 2025. He added that ‘Max Towers’ in Noida, which is MaxVIL’s first office building is now 97 per cent occupied. The project is said to be comprising around 6 lakh sq. ft. The second office building – ‘Max House’, which has almost 1 lakh sq. ft. leasable area located in Okhla, Delhi is expected to get fully leased by December. So far, only 20 per cent of the project is occupied.
Meanwhile, construction works for the new office complex ‘Max Square’ that comprises seven lakh sq. ft. of leasable area, are underway at Noida Expressway. The building is being jointly developed by MaxVIL and New York Life Insurance Company, with the latter owning around 49 per cent stake in the project. Furthermore, the construction for the second phase at Okhla project of similar size is also progress as well.
As far as MaxVIL’s residential portfolio is concerned, Vachani said that they aim to focus on the Delhi-NCR market. “We will be in multiple asset classes, commercial, office, residential – in all the micro markets of NCR Delhi, Gurugram and Noida,” he added. The company will be entering the premium housing segment, though not ultra-luxury and within the price range of Rs 2-5 crore.
With a presence in real estate and packaging film businesses, MaxVIL has posted a total income of almost Rs 1,190 crore during the last fiscal year. The Max Towers in Noida and Max House at Okhla are expected to generate around Rs 60 crore rental income annually once both of them are leased entirely.
“We don’t look at ourselves as merely a real estate infrastructure builder. We look at ourselves as an experience provider. The experience that you get in our building, you will perhaps not get anywhere else,” Vachani said.