Max Estates Expands Luxury Residential Portfolio in Gurugram Through Strategic Joint Development Agreement
Max Estates Limited, the real estate arm of the Max Group, has recently announced a strategic joint development agreement to expand its luxury residential portfolio in Gurugram. Through its wholly owned subsidiary, Max Estates Gurugram Two Limited, the company has secured a binding agreement for a residential development opportunity spanning 18.23 acres of land. With an estimated Gross Development Value (GDV) exceeding INR 9,000 Crore, this endeavor marks a significant milestone in Max Estates' growth trajectory.
Situated in Gurugram's sector 36 A, the land parcel adjoins Max Estates' existing 11.80 acres of land on Dwarka Expressway, where the company had previously entered into a Joint Development Agreement (JDA) last year. Leveraging this strategic consolidation, Max Estates is poised to launch Delhi NCR's first intergenerational residential community in Q3 of CY 2024, re-rating the GDV potential to INR 4,000 Crore.
By consolidating its position in sector 36 A, Gurugram, Max Estates has reaffirmed its commitment to establishing a prominent presence in this prime luxury residential destination. The location's appeal lies in its proximity to the planned Global City, seamless connectivity to the International airport, and accessibility to various parts of Delhi and key commercial hubs within Gurugram.
Expressing enthusiasm about this significant transaction, Rishi Raj, COO of Max Estates, highlighted the company's strategic vision to secure substantial development opportunities in Delhi NCR annually. This latest agreement underscores Max Estates' commitment to enhancing the quality of life through the spaces it creates, aligning with its purpose-driven growth strategy.
Post-closure of the transaction, Max Estates' portfolio is set to expand by 50 percent, reaching 12 million square feet of development potential. This diversified portfolio spans commercial office and residential segments across Noida, Delhi, and Gurugram, reflecting the company's strategic approach to risk management and market diversification.
The binding agreement outlines a phased approach to securing development opportunities through Joint Development Agreements (JDAs) and navigating the regulatory landscape, particularly under the Transit Orient Development (TOD) policy. As with any regulatory process, Max Estates emphasizes that developments are subject to necessary approvals.
As Max Estates continues its journey of growth and expansion, this strategic joint development agreement marks a significant step forward in its mission to create iconic spaces that redefine luxury living in Delhi NCR.
