Max Ventures and Industries rose 2.17% to Rs 136.40 after the company said it entered Gurugram residential real estate market with development potential of about 2.4 million square feet.
Max Ventures & Industries' (MaxVIL) real estate arm, Max Estates, has entered the residential real estate market in Gurugram through a joint development agreement, with development potential of about 2.4 million square feet and gross development value in excess of Rs 3,200 crore.The land parcel admeasures about 11.8 acres and is located in Sector 36A, Gurugram, with direct access from the Dwarka Expressway. The 150m-wide Dwarka expressway connects Gurugram to Delhi and in the last 5 years, both sides of this expressway have witnessed rapid growth in terms of residential and commercial development, the company said in a statement.
Furthermore, the site is located in proximity to the Global City plan proposed by Haryana Government, envisioned as a futuristic Central Business District of Delhi-NCR.
Commenting on the milestone, Sahil Vachani, MD & CEO of Max Ventures & Industries, said, "With this acquisition, we will be ending FY2023 with a real estate portfolio of ~8 mn. sq. ft., which is well diversified in terms of geographical footprint across Delhi, Noida and Gurugram as well as between residential & commercial assets."
Established in 2016, Max Estates is the real estate arm of the Max Group and a wholly owned subsidiary of MaxVIL.
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MaxVIL, a part of the leading Indian multi-business conglomerate Max Group, owns and operates its real estate business through its 100% subsidiary, Max Estates. MaxVIL also has a real estate services & management company - Max Asset Services.
On a consolidated basis, net profit of MaxVIL declined 87.70% to Rs 4.02 crore on 23.39% decline in net sales to Rs 29.28 crore in Q3 December 2022 over Q3 December 2021.
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