Max Estates, the real estate subsidiary of the Max Group, has reported a significant milestone with the leasing of 128,000 square feet at Max Square in Noida by NDTV. Skootr has also secured a notable 103,000 square feet in the same location. The total leasable area for the project now stands at an impressive 0.7 million square feet, positioning Max Square as a prominent player in the Noida commercial real estate market.
Strategic Partnerships Drive Growth
New York Life Insurance Company holds a substantial 49% partnership stake in this project, highlighting the strategic collaboration that contributes to the financial robustness of Max Square.
Transactional Progress and Leasing Projections
Max Square, including a Letter of Intent (LOI), has successfully transacted 50% of its office space, with a complete commitment of 100% in the retail/food and beverage segment. The company aims to achieve full leasing saturation within the next 6-12 months.
Expansion Plans with Max House – Phase II
Concurrently, Max Estates has made significant strides with the pre-leasing of 54% of the office space at Max House – Phase II, expected to conclude in Q3 FY24. This phase, an extension of Max House Phase I, boasts a larger leasable area of approximately 0.15 million square feet, diversifying Max Estates’ commercial real estate portfolio.
Financial Performance Highlights
In H1 FY24, Max Estates demonstrated robust financial performance. Lease rental income from key properties, including Max Towers, Max Square, and Max House Phase 1, stood at Rs 18.2 crore, Rs 1.6 crore, and Rs 7 crore, respectively. The reverse merger of Max Ventures and Industries into Max Estates has streamlined operations, with consolidated revenue reaching Rs 38.8 crore, EBITDA at Rs 3.7 crore, and a loss after tax at Rs 42.9 crore.
Outlook and Future Plans
The successful amalgamation of Max Ventures and Industries into Max Estates positions the company for sustained growth. The leasing milestones at Max Square and developments at Max House Phase II underscore Max Estates’ commitment to creating dynamic, high-quality commercial spaces.
So, Max Square stands out as a key commercial hub in Noida, driven by strategic partnerships, leasing successes, and a solid financial foundation. Ongoing expansion, particularly with Max House Phase II, reinforces Max Estates’ position in the dynamic Noida real estate market.