Leading Indian multi-business conglomerate, Max Group has announced its entry into the commercial real estate market on Noida wherein they will develop a premium office space in an area of 6 lakh sq. ft.. The company will invest Rs 600 crores in the development.
Max Group which is known for its reputed health and life insurance services has forayed in this segment as a part of its strategy to create a large portfolio of rental assets. The group will develop ‘Max Towers’, a ‘Grade A’ office complex on Delhi-Noida border. The company has already started work on the land and is projecting to complete the construction and other services by this year-end. However, the current rent of the office space in the building is over Rs 100 per sq ft.
Giving more information on the development, MaxVIL’s MD and CEO Sahil Vachani said, “We have two large upcoming commercial real estate projects in Delhi-NCR, especially focussed on providing workspaces that cater to the evolving needs of the modern workforce,”
He further added that the company hoping that the Max Towers will establish Noida as a viable corporate office destination. Till now, top-notch MNCs preferred South-Central Delhi or Gurgaon to seat their senior management.
Max Tower will be LEED platinum certified building and will be developed by Max Estates Ltd which was formed by Max Group in 2016 in order to undertake real estate projects. The Tower has been constructed by L&T, while Gensler, UK was the principal architect.
“About 70,000 sq ft area has been provided for food and beverages and other amenities in this building like swimming pool, library bar and a 150-seater auditorium that will host some of the best cultural events in town,” COO Arjunjit Singh added.
Apart from this, Max Group is also planning to redevelop a commercial project in Okhla, Delhi. Also, a residential project at Dehradun comprising of 22 super luxury villas has already been completed by the group.