Max Estates Makes Strategic Moves with Acquisition in Max Towers and Major Investment in Gurugram Project

In a landmark decision, Max Estates has received board approval for the acquisition of three prime floors in the prestigious Max Towers, Noida. The deal, executed through its subsidiary Max Towers Pvt. Ltd. (MTPL), includes floors L19, L20, and L20M, acquired from Max India under the right of first refusal (ROFR) agreement.

This acquisition, valued at INR 105.08 crore, is a strategic step towards consolidating Max Estates’ ownership in the commercial property, enhancing its position in the high-demand real estate market of Noida.

Investment Boost for Acreage Builders Project in Gurugram

Max Estates' board has also greenlit a material-related party transaction to inject additional funds into its subsidiary, Acreage Builders (ABPL). The incremental investment, executed in partnership with New York Life Insurance Company (NYL), will be carried out in a 51:49 shareholding ratio through equity shares and compulsory convertible debentures (CCDs).

The total project investment will now rise from INR 585 crore to approximately INR 670 crore, reflecting the costs of acquiring an additional land parcel and its subsequent development.

Enhanced Connectivity and Development Potential for Gurugram Project

The Gurugram project, located in Sector-65 on the Golf Course Extension Road, stands to gain significantly from this additional investment. The newly acquired land parcel will bolster connectivity to the main Golf Course Extension Road, improving accessibility and enhancing the development potential of the area.

This move underscores Max Estates' commitment to creating integrated, high-value developments that align with modern urban needs.

Highlights of the Announcement

• Acquisition in Max Towers:
  • Three floors (L19, L20, and L20M) in Max Towers, Noida.
  • Transaction valued at INR 105.08 crore.
• Investment in Gurugram Project:
  • Additional investment of INR 85 crore.
  • Total project investment revised to INR 670 crore.
• Strategic Advantages:
  • Improved connectivity to Golf Course Extension Road.
  • Enhanced development potential of the Gurugram project.

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