India’s leading multi-business conglomerate, Max Group has marked its entry into the commercial real estate market on Noida with an investment of Rs 600 crores to develop ‘Grade-A’ premium office space in an area of 6 lakh sq. ft.
The office space will be known as ‘Max Towers’ and will be located on Delhi-Noida Border. The work has already started and the company’s aim is to complete it by December end. With this project, the company will create a large portfolio of rental assets. The current rent of the office space in the building is over Rs 100 per sq ft.
Giving more information on the development, MaxVIL’s MD and CEO Sahil Vachani said, “We have two large upcoming commercial real estate projects in Delhi-NCR, especially focussed on providing workspaces that cater to the evolving needs of the modern workforce,”
He further added that the company is hoping that the Max Towers will establish Noida as a viable corporate office destination. Till now, top-notch MNCs preferred South-Central Delhi or Gurgaon to seat their senior management.
COO Arjunjit Singh gave more elaborated details on the project and said that the Max Tower will be a LEED platinum certified building and will be developed by Max Estates Ltd which was formed by Max Group in 2016 in order to undertake real estate projects. The Tower has been constructed by L&T, while Gensler, UK was the principal architect.
“About 70,000 sq ft area has been provided for food and beverages and other amenities in this building like swimming pool, library bar and a 150-seater auditorium that will host some of the best cultural events in town,” Singh added.
He also said that the company has roped in property consultants to give on lease large spaces in this building. The negotiations with potential customers are at an advanced stage and will be finalized soon.
Apart from this, Max Group is also planning to redevelop a commercial project in Okhla, Delhi.