New Delhi: Max Estates has entered into a Joint Development Agreement (JDA) with Namo Realtech Private Ltd
to develop a group housing project on Dwarka Expressway in Gurgaon.
The land is next to Krisumi Waterfall Residences by Krisumi Corporation, a joint venture between Japanese conglomerate.
Sumitomo Corporation and Indian auto components major Krishna Group.
This project will be part of a separate SPV formed by Max Estates and Namo Realtech. Mohit Jain, director at Namo Realtech, Is also the Managing Director of Krisumi Corporation. Max Estates will develop around 2.5 million sq ft on a 11.8 acre land parcel in sector 36A Gurgaon.
The developer will make an upfront payment of Rs75 crore and will get one third of the saleable area. The company expects Rs3,200 crore revenue from the project.”FY 2023 has been a defining year for the company’s real estate business in its growth journey…,”” said Sahil Vachani, MD & CEO of Max Ventures & Industries Limited. With this acquisition, we will be ending FY2023 with a real estate portfolio of 8mn sqft. which Is well diversified in terms of gegraphical footprint across Delhi, Noida and Gurugram as well as between residential & commercial assets,” said Sahil Vachani, MD & CEO of Max Ventures & Industries Limited.
This will be Max Estates’ first residential project in Gurgaon while its first residential project in Noida is expected to be launched in the first half of 2023.
CBRE Is the transaction advisor for the deal. Both Max Estates and CBRE did not respond to ET’s mailed query.
“Sector 36A is poised to be the best realestate destination owing to its location being connected with the three most prominent highways of NCR. Max and Krisumi will together develop this location as the most prominent one in Gurugram,” said Mohit Jain, Managing Director, Krisumi Corporation.
Recently. New York Life Insurance Co, a mutual life insurance firm based in the United States, had proposed to invest Rs290 crore for a 49% equity stake in a commercial project in Gurgaon developed by Max Estates SPY. Acre age Builders Private Limited. In September 2022, Max announced that it had started the process to acquire 100% equity in
the SPV for 322.50 crore. On February 2 this year, it completed the acquisition and onboarded New York Life, Both firms will have a 51:49 stake in the new SPY, which has a license to develop a commercial property on 7.15 acres on Golf Course Extension Road in ‘Gurugram.

Source : https://economictimes.indiatimes.com/industry/services/property-/-cstruction/max-estates-to-develop-a-residential-project-in-gurgaon/articleshow/979975