Business News | Max Estates' First Residential Development at Gurugram- Estate 360, Achieves Pre-sales Booking Value of Approx. INR 4,100 Cr. in 30 Days Within Launch

NewsVoir

Noida (Uttar Pradesh) [India], September 30: Max Estates Limited (Max Estates), a leading real estate developer in Delhi NCR, launched its first Residential development in Gurugram - Estate 360 on 27th August 2024 after receiving its RERA registration (RC/REP/HARERA/GGM/860/592/2024/87) on 16th August 2024.

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Within 30 days of the launch, Estate 360 has garnered a pre-sales booking value of ~INR 4,100 Crore surpassing the guidance of ~INR 4,000 Crore provided by the company for FY 25. It has already received a collection of ~INR 400 Crore. With this successful launch, Max Estates revises the guidance for the total Gross Development Value potential of Estate 360 from INR 4,000 Crore to ~INR 4,800 Crore in FY 25.

Commenting on this development, Sahil Vachani, MD & Vice Chairman of Max Estates said, "We are overwhelmed by the response to our first inter generational offering in Gurugram. The two successful launches - Estate 128 (Noida) in FY 24 and Estate 360 (Gurugram) in FY 25 at market leading price points and velocity, clearly establishes Max Estates' ability to seamlessly curate Location, Product Quality and End User experience to enable holistic well-being through the LiveWell philosophy."

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"As we look forward to introducing new LiveWell experiences, our primary focus remains on the execution of multiple projects and to scale the portfolio by adding ~3 mn square feet every year," he said.

Commenting on this development, Rishi Raj, COO of Max Estates said, "The successful launch of Estate 360, located in Sector 36A, Dwarka Expressway, Gurugram, has further reinforced Max Estates' decision to consolidate its presence in this sector by acquiring additional 18.23 acres of land contiguous to current development, earlier this year, through a Joint Development Model (JDA) model. The project is under design and will be launched in phases starting next financial year, with overall development potential of ~4 mn square feet and Gross Development Value potential of ~INR 9,000 Crore."

Estate 360 is Delhi NCR's first intergenerational residential community at scale designed by Gensler, a leading global design and architecture firm. It is designed with a deep understanding of generational needs, and endeavours to bring people together through intentional design, natural landscape and shared spaces covering more than 60 amenities catering to different age groups, cultures and lifestyles.

Two of the six residences are dedicated to senior living managed by Antara Senior Living with a dedicated healthcare centre open to all residents of the community. The entire development is an IGBC Platinum Pre-certified incorporating sustainability best practices.

Situated at the confluence of Dwarka Expressway, Central Peripheral Road and NH-8, the location has emerged as a hub for premium residential projects within Gurugram having seamless connectivity to the International Airport, different parts of Delhi as well key commercial and residential hubs within Gurugram.

Max Estates Limited

Established in 2016, Max Estates Limited is the real estate arm of the Max Group. With the purpose of 'Enhancing Quality of Life through spaces it creates', it has chosen to create premium commercial and residential spaces in Delhi NCR. The company has developed a very well diversified portfolio of real estate across the two asset classes in Delhi NCR and in this pursuit has partnered with New York Life Insurance Company (NYL) particularly for commercial office platform.

Its marquee projects include a one-of-its-kind commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House - a re-development of office campus, Max Square, located on a primary office vector - Noida Expressway and, 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.

It has two under construction commercial office projects - Max Square Two, adjacent to Max Square and a project located on main Golf Course Extension Road marking its entry in commercial office segment in Gurugram. On the residential front, the company has successfully launched and sold its first project in Delhi NCR in CY 2023, Estate 128, which is being developed in Noida and its second project, Estate 360, was launched in second half of CY 2024 in Gurugram. Max Estates also has a real estate services & management company - Max Asset Services. Max Estates Limited is listed on NSE and BSE.

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.

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