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

File photo

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.

Source link

NMRC asks Noida authority to sell commercial land to generate over Rs 700 crore – ET RealEstate

File photo

NOIDA: In dire need of funds, Noida Metro Rail Corporation has decided to monetise one of its prime assets in order to raise capital required for future expansion. The joint venture company formed to operate the Aqua Line (Noida–Greater Noida metro) has asked the Noida Authority to auction a commercial plot in Sector 94 and is hopeful of generating more than Rs 700 crore through the transaction.

Situated close to the Okhla Bird Sanctuary metro station in Sector 94, the commercial plot has remained on the block for 18 months. However, not many companies have shown interest in inking deals due to the terms and conditions and the lease-deed model.

NMRC has now decided to auction the entire land through an online bidding process. Land measuring 10.9 acres, NMRC will develop a metro station next to the land in the future (as Sector 94 metro station) as a part of the second arm of the Aqua Line metro network to enable direct connectivity to the Botanical Garden metro station, officials said.

Noida Metro, officials said, has sought the help of the Authority to initiate the auction process. “The permission to auction the land will be taken from the board at its meeting slated for Thursday. The Noida Authority will auction the NMRC’s land and pass on the benefits to the corporation accordingly,” Noida Authority CEO and NMRC managing director, Ritu Maheshwari, said.

Officials involved with the process revealed that the land will be auctioned through the Noida Authority since the same belongs to it. “A memorandum of understanding will be signed between NMRC and Noida Authority before the auctioning process is initiated,” he added.

However, the prevailing rates of commercial plots fixed by the Noida Authority could pose a hurdle during the bidding. The Authority commands a premium of Rs 1.59 lakh for a sqm in Sector 94. The 44,151 sqm wide plot will have the minimum reserve value of Rs 702 crore.

Officials said that since the commercial land comes with a FAR (floor area ratio) of 4.5, construction companies or consortiums will be interested in taking up the land. With a FAR of 4.5, about 2 lakh sqm of commercial space could be exploited through the transaction.
NMRC asks Noida authority to sell commercial land to generate over Rs 700 croreExperts are, however, apprehensive about the timing. “For the next two to three years, demand in the commercial real estate segment will be subdued. A lot of companies will continue work from home arrangement and a significant number of corporate employees will not be back to their offices. In such a scenario, demand for office space will shrink,” said Pankaj Kapoor of Liases Foras, a real estate analytics company.

Authority officials said that the land could be developed anyhow and besides office, retail, mall, recreational and hospitality services could be offered.

Reeling under poor ridership, NMRC was saddled with additional burden owing to the pandemic and has been struggling to raise funds.

Source link

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.

Source link

Extend construction deadline by two years, RWAs write to Uttar Pradesh CM – ET RealEstate

NOIDA: The Federation of Noida Residents’ Welfare Associations (FONRWA) has written to chief minister Yogi Adityanath requesting him to grant an extension of two years on the construction deadline of private plotted houses.

The deadline set by the state government was July 31, 2021, and now the federation has asked for it to be extended to July 31, 2023.

The residents’ body has cited job loss and unavailability of adequate labourers as the reasons for seeking the extension.

“Construction activities for government as well as private housing projects were stopped during the lockdown. Several workers had gone back to their hometowns/villages and that brought everything to a standstill,” Yogendra Sharma, the president, FONRWA.

He added, “We are getting requests from residents of various sectors in Noida seeking an extension for the completion of projects on plots allotted by the Noida Authority. Hence we have written to the chief minister requesting for an extension till July 31, 2020.”

The federation has said that is it not possible to construct the houses within such a short time period now.

“The pandemic has affected us in a big way, especially the lockdowns, which have brought social and economic lives to a standstill. Thus, we have requested the CM to kindly provide some to those owners of plots who wish to construct their houses by extending the deadline,” said KK Jain, secretary general, FONRWA.

Source link