Max Estates Limited announced execution of binding agreements for a potential Group Housing Residential development on 18.23 acres of land with Gross Development Value (GDV) estimated at over INR 90,000 million in Gurugram at the back of 4 mn square feet of development area. This land parcel is contiguous to its existing 11.80 acres of land on Dwarka Expressway in sector 36 A, Gurugram on which Max Estates had done a Joint Development Agreement (JDA) last year. The company is on track to launch Delhi NCR's first Intergenerational residential community in Third Quarter of current year 2024 with GDV Potential now re-rated to INR 40,000 million.

This helps Max Estates consolidate its position (30 acres) in sector 36 A on Dwarka Expressway, which with massive infrastructure upgrade has emerged as a prime luxury residential destination in Gurugram. Both opportunities imply a combined GDV potential over time of INR 130,000+ million in Gurugram by developing and selling an area over 6.4 mn square feet. The location stands tall as the perfect hub for premium residential projects within Gurugram owing to its vicinity to the planned Global City as well as having seamless connectivity to the International airport, different parts of Delhi as well as key commercial and residential hubs within Gurugram.

With both acquisitions through the Joint Development route, Max Estates has demonstrated tremendous success in expanding through relatively light capital deployment strategies. With both acquisitions through the joint Development route, Max Estates have demonstrated tremendous success in expanding through few light capital deployment strategies. The binding agreement envisages securing development opportunity through JDAs over three tranches and undergoing the process of securing license under Transit Orient Development (TOD) policy in collaboration with the landowner.

Given the regulatory nature of such transactions, Max Estates advises that the developments are subject to the necessary regulatory approvals. The company looks forward to navigating through the regulatory process efficiently and building out near to midterm launch pipeline.