Max Ventures & Industries Ltd (MaxVIL) has won a bid to acquire about 4 acres of land in Noida for Rs 220 crore for development of a commercial project.
In a statement, MaxVIL said its real estate arm Max Estates through its special purpose vehicle (SPV) had bid for the two land parcels being auctioned by Axis
Bank.
“Axis Bank has sent a confirmation letter ascertaining the company as the successful bidder for both the land parcels,” MaxVIL said.
The two land parcels are located in Sector 129, Noida and next to Max Estates’ under-construction grade A+ commercial office project ‘Max Square’.
The acquisition of the two land parcels contiguous to the Max Square project will enable the company to create a 6.6 acre office led multi-use campus, MaxVIL said.
The construction work in Max Square project is on track and expected to be completed by the fourth quarter of this fiscal.
“The company will acquire both these land parcels at a total cost of Rs 220 crore subject to customary statutory approvals,” MaxVIL said.
The total development size including Max Square (0.7 million square feet) for this campus will be 1.5-2 million square feet.
Under its strategy of ‘One region and multiple asset classes’, Max Estates plans to acquire and develop 1 million square feet of premium residential and commercial office spaces each year.