Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
NDTV has leased 1,28,000 square feet at Max Square. Managed workspace firm Skootr had earlier leased 100,000 sq ft spread across two floors in the same building.
Total leasable area for Max Square is 700,000 sq ft and New York Life Insurance Company is a 49% partner in the project.
With this, Max Square has transacted (LOI Included) 50% of the office space including 100% of the retail/F&B is committed within just 6 months of its completion. The company expects to achieve 100% leasing over next 6-12 months. Rental at this project is at a premium of 25%-30% over the prevailing market rate in the micro market.
Max Square is a subsidiary of Max Estates Limited (MEL). MEL has also witnessed positive traction for commercial office leasing for both of its new assets – Max Square on Noida Expressway and Max House – Phase II in South Delhi. The company has pre-leased 54% of the office space at Max House– Phase II. It is expected to be complete in Q3 FY24. Max House Phase2 is an extension of Max House Phase 1, with a larger leasable area of ~1.5 lakh sq.ft.
Lease rental income from Max Towers stood at Rs 18.2 crore, from Max Square stood at Rs 1.6 crore and from Max House Phase 1 stood at Rs 7 crore in H1 FY24.
The company had recently concluded the reverse merger of Max Ventures and and Industries (MVIL) into Max Estates (MEL). MVIL will be amalgamated and all the assets and liabilities of MVIL will vest with MEL. In terms of acquisitions and developments, MEL made notable moves during this quarter by acquiring two land parcels located at Sector 129 in Noida. The transaction amounted to a total consideration of Rs 219.26 crore, excluding additional expenses such as stamp duty and incidental costs.
Over the past few years, Max Estates has developed a portfolio of 80 lakh square feet within the Delhi-NCR region.
But, Max Estates faced a challenging quarter in the fiscal year 2023-24, recording a net consolidated loss after tax of Rs 4.51 crore. This is in stark contrast from the previous year's corresponding quarter when the company had reported a net consolidated profit after tax of Rs 3.64 crore.
The decline in financial performance was evident in the company's net consolidated total income for the second quarter of FY24, which stood at Rs 27.78 crore, reflecting a decrease of 16.75% compared to the Rs 33.37 crore reported in the similar period of the previous fiscal year.
During H1 FY23, the company continued its employee stock option scheme, specifically the Max Estates Employees Stock Option Scheme-2016. As part of this initiative, 30,918 equity shares, valued at Rs 10 each, were issued and allotted.
In a broader context, the real estate sector is highly sensitive to market fluctuations, economic conditions, and regulatory changes. Market conditions and operational challenges might have contributed to this downturn, leading to the company's revised financial status. The acquisition of land parcels by its subsidiary, Max Square, might signal the company's strategic focus on expanding its real estate portfolio, potentially aiming for future development projects or market positioning. And with the NDTV lease, it's evident that Max Square is fast becoming a go-to destination for businesses in search of prime office spaces.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy