Max Estates Acquires a 10-acre Land For Mixed-use Residential Property Development in Noida

Max Ventures & Industries (MaxVIL), one of the three holding companies comprising the $4 billion Max Group, has announced that Max Estates would purchase 100 percent of Accord Hotels and Resorts' shares for Rs 306 crore. Following the purchase, the aforementioned business will become a wholly-owned subsidiary of Max Estates.

Accord Hotels and Resorts has a 10 acre block of land in Sector 128, Noida that would allow Max Estates to construct a mixed-use residential development.

This mixed-use residential development will have a saleable area of about one million square feet. The project is intended to be constructed in various stages with a total sales potential of more than Rs 1,300 crore and would serve the upscale residential market. The first phase is anticipated to be released in the first half of the next calendar year and completed within three years.

Sahil Vachani, Managing Director and Chief Executive Officer of MaxVIL, said, "After a great track record in the commercial real estate industry, we are excited to announce our entry into the residential segment via this deal. This site in Sector 128 on the Noida Expressway would provide great access to and from Delhi and the rest of Noida."

This is a chance for them to realise their vision and apply the 'LiveWell' concept for the residential sector, which will emphasise the curation of an ecosystem of places and facilities that will dramatically improve consumers' living experiences.