Max Estates, the real estate arm of Max Group based in Delhi NCR, will develop a luxury housing project along the Dwarka Expressway in Gurugram. The project is expected to have a tentative gross development value of Rs. 4,000 crore, according to the company's top executives.
They added that the 'Estates 360' project in Gurugram will be Delhi-NCR’s first ‘intergenerational living community,’ featuring both senior living residences and luxury homes for non-seniors.
The realty firm plans to develop approximately 2.4 million square feet of space for the project.
The joint development project will be situated on an 11.8-acre land parcel at the intersection of Dwarka Expressway, Central Peripheral Road, and NH-8. It has a development potential of 2.4 million square feet, with a tentative top line value of approximately Rs. 4,000 crore.
Rishi also told that, the project is currently awaiting for RERA approval and it is all set to be launched in next two-three weeks in Gurugram. The tentative ticket price of the apartments is likely to be around Rs. 5 crore.
Vice Chairman and MD, Max Estates, Sahil Vachani said that, in and around Gurugram the few projects of senior and non-senior living will be developed in one ecosystem with dedicated facilities.
Sahil further added, “In intergenerational living community we are going to have a senior living as a separate footprint with our own sister company Antara and the remaining part of it is going to be under Max Estates. Senior living part will have dedicated infrastructure including health care facilities.”
He informed that, out of total 864 units of the project one –third will cater for senior living facilities.
Sahil added, “We are a listed company and our balance sheet is strong. New York Life Insurance, who was our old partner in life insurance segment, also gave us equity so we are one of the few developers who have very strong balance sheet and a very little debt.”
The total portfolio of Max Estates includes 12 million square feet alonwith few projects which are under construction. Out of this, around 4 to 4.5 msf is commercial while 7.5 msf is residential development.
The company estates showed that Max Estates’ commercial projects can potentially generate annual rental income of Rs. 400-Rs. 500 crore while its residential projects have a total gross development value of Rs.15,000 crore.
In a regulatory filing from May 2024, Max Estates announced that New York Life Insurance Company invested Rs.388 crore to acquire a 49% stake in two operational office complexes owned by Max Estates.
New York Life holds a 22.67% share in Max Estates and also owns a 49% stake in the company's new commercial projects in Delhi-NCR.
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