Max Estates leases 80,000 sq ft to Cyril Amarchand Mangaldas – ET RealEstate

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NEW DELHI: Max Estates, a subsidiary of Max Group‘s listed entity, Max Ventures & Industries (MaxVIL), has leased 79,933 sq ft to Cyril AmarchandMangaldas (CAM) in Max Towers, Noida. The company has also leased about 7,300 sq ft to DBS.

It had recently leased about 62,500 sq ft to Yes Bank. This takes the total leased area at Max Towers to nearly 90% of the total about 5.3 lakh sq ft.

Cyril Shroff, managing partner, Cyril AmarchandMangaldas, said “Cyril AmarchandMangaldas Delhi will be shifting to Max Towers Noida in June.”

Besides CAM, DBS and Yes Bank, occupiers at Max Towers include Kama Ayurveda, Indian Energy Exchange, Khaitan& Co., Delphix, co-working firm Spaces, and French multinational Veolia, among others.

The company claims that Max Towers, a 21 storey commercial office tower, is built with an investment of about Rs 600 crore.

MaxVIL recently launched Max House, Okhla. Phase-I of Max House, comprises of about 1,05,000 sq ft leasable area, the company said in a media release. Phase 2 of the project of similar size as the first phase is targeted to start construction in H1 FY22.

Max Estates said that it recently commenced construction of its third commercial realty project in Noida to be built at a cost of Rs 400 crore, having New York Life Insurance Company as financial partner.

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Microsoft leases about 1.5 lakh sq ft office space at KP Tower in Noida – ET RealEstate

Tech giant Microsoft has signed a lease deal for nearly 150,000 sq ft of premium office space at KP Tower in Noida through co-working operator WeWork, two persons aware of the deal said.

KP Tower is part of the 12.5 acres Delhi One project, which was launched by the 3C group and later went into insolvency.

Max Estates, the property arm of Max Group, is in the process of acquiring this prime commercial complex at the Delhi-Noida border through the National Company Law Tribunal (NCLT) resolution process for Rs 550 crore, which will be paid to the debtors in tranches over four years.

There are already four operational towers in the complex; one serviced apartment tower and four commercial towers are under construction.

“Because of its location, which is close to Delhi and Noida Expressway, the rentals here are almost at par with grade A assets in Gurgaon. The remaining part of the project has been taken over by Max Group,” said one person aware of the deal.

Earlier this year, Microsoft had announced the launch of the India Development Centre (IDC) in Noida and had signed an agreement with the UttarPradesh government.

WeWork and Microsoft declined to comment on the deal.

“The deal has been signed at Rs 111 per sq ft, although the rental in Noida ranges between Rs 60-80 per sq ft,” said another person.

Microsoft is also in talks to lease over 1.2 million sq ft office space in Bengaluru.

The company currently occupies 550,000 sq ft in Outer Ring Road, Bengaluru.

Microsoft India has been on an expansion spree and leasing more office space in the last two years to house its growing employee population.

The software giant has operations in 11 cities in India and employs about 8,000 people across the country.

According to property consultants, demand for office spaces in Noida has been on a high growth trajectory after availability dwindled in the national capital.

“Commercial realty market is witnessing an upward trend and more and more buyers and investors are showing their interest in it because the commercial asset class has performed much better than the residential sector over the last few years,” said AjayRakheja, national head, 360 Realtors-Commercial.

Lower rent, new supply and infrastructure development have boosted demand in Noida’s key sectors such as sectors 16 and 62 and NoidaExpressway.

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Max Estates lease out 62,500 sq ft office space to Yes Bank – ET RealEstate

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NEW DELHI: Max Estates, a subsidiary of Max Ventures & Industries (MaxVIL), has leased out approximately 62,500 sq ft office space at Max Towers in Noida to Yes Bank, the company said in a media release.

Yes Bank plans to relocate its offices from the Central Business District to the new location as part of its exercise to rationalize cost, the release said.

Sahil Vachani, managing director, MaxVIL, said, “The demand for Grade A office spaces has been growing in Noida mainly due to relatively high rentals in Delhi and Gurugram’s established office space locations and emerging supply of better quality assets.”

With this, Max Estates has so far leased about 3.9 lakh sq ft at Max Towers to companies like Indian Energy Exchange (IEX), Spaces, owned by International Workplace Group, Khaitan& Co., Emerson, Veolia, ESRI, Udacity, Grass Valley, Kama Ayurveda and Castus Legal.

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Max Estates to invest Rs 400 crore in new commercial project in Noida – ET RealEstate

NEW DELHI: Max group’s realty arm Max Estates on Monday said it has started construction of its new commercial project, comprising mainly office space, in Noida with an investment of Rs 400 crore. The company has roped in New York Life Insurance Company as financial partner to develop this project Max Square, which will have 7 lakh sq ft of office and retail spaces.

This is the third commercial project of Max Estates, which is part of Max group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

Max Estates will develop the project ‘Max Square’ with New York Life Insurance Company as the financial partner.

It will have 51 per cent and the New York Life Insurance Company will have 49 per cent stake in the special purpose vehicle (SPV) Max Square Ltd, which has been formed to develop this project, MaxVIL said in a statement.

This is the first real estate project by New York Life Insurance Company in India as a financial partner.

“The project will be built at a cost of approximately Rs 400 crore with an equity infusion of Rs 175 crore and a debt funding of Rs 225 crore,” the statement said.

All statutory approvals have been received. The project construction has commenced and the company targets to deliver the same by March 2023.

Sahil Vachani, MD and CEO, Max Ventures and Industries, said the success of our recent commercial real estate projects has enabled us to achieve financial closure for Max Square in a fairly quick period.

“Max Square has been conceptualised as an eco-friendly complex. It has been designed in line with our differentiated philosophy of WorkWell which enables higher productivity, a vibrant workplace community combined with wellness and recreation measures,” he said.

Max Estate has so far delivered two commercial real estate projects in NCR; one is Max Towers, Noida and second is Max House, Okhla, Delhi.

Total leasable area in Max Towers (owned directly and leasable rights for area owned by Investors) stands at around 6 lakh sq ft of this 74 per cent has been leased out so far.

The first phase of the Max House, Okhla, comprising of 1,05,000 sq ft leasable area has been launched for leasing recently. Construction of the second phase of the project, comprising around 1,00,000 sq ft will start in the fourth quarter of this fiscal.

MaxVIL owns and operates a real estate business through its 100 per cent subsidiary Max Estates. It also runs a packaging films business through Max Speciality Films, a 51:49 strategic partnership with Toppan, Japan.

MaxVIL also has a real estate services and management company Max Asset Services and an investment subsidiary, Max I., which supports real estate entrepreneurial ventures. MaxVIL is listed on NSE and BSE.

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