Max Ventures enters realty sector with three projects in NCR, Dehradun
Analjit Singh-controlled Max Ventures and Industries Ltd (MVIL) has taken up three projects—one residential and two for office spaces—as part of its plan to enter the real estate sector.
Under Max Estates, MVIL is taking bookings for a boutique residential development in Dehradun that will house as many as 40 high-end villas at an asking price of Rs13,000 per sq. ft.
Max Estates will also develop two sites in Delhi-NCR, adding up to around 1 million sq. ft, into commercial and office space complexes.
The first one to be ready will be Max Tower in Sector 16, Noida followed by redevelopment of Max headquarters in Okhla, a person in the direct knowledge of the matter said.
“MVIL is not selling these office space buildings. They are going to build them and rent them out,” the person cited above said.
These office spaces will comprise food and beverage spaces, spa, wellness and collaborative workplaces, co-working spaces, swimming pools, auditorium, etc.
A Max Group spokesperson declined to comment citing silent period ahead of MVIL’s financial results, which are expected on Wednesday.
Max Tower has a total developable area of 600,000 sq. ft on 3,352 sq. m of land parcel that has been acquired by Max Estate through a special purpose vehicle. Other Max group companies such as Max Life, Max India along with Max Ventures, which is run by Analjit Singh’s son-in-law Sahil Vachani, will also have offices in the building.
Work on the Okhla property will start during the September quarter and will be completed in 36 months.
“MVIL is coming into this business when the market is not at its peak. We are in this business for the long term. We believe that in the next decade, if we deliver the right product with customers in mind, we can emerge as the most preferred real estate brand in this part of the world,” the person added.
Max Ventures will invest Rs300 crore in these three projects.
Separately, under Max I. Ltd, its investment unit, MVIL has invested in Azure Hospitality Pvt. Ltd, which owns and operates Mamagoto, a mid-scale casual dining restaurant chain and Speedy Chow/Roll Maal, a quick service restaurant (QSR) format for Indian & Chinese street food and a catering service. Azure Hospitality has also acquired Dhaba By Claridges, a fine dining north Indian cuisine restaurant.
“Azure wants to go international in hospitality and Mr. Singh has an international business, which he runs himself—Leeu. So, it is about how do we explore more synergies,” the person cited above said.
In its manufacturing business, Max Speciality Films Ltd (MSFL), MVIL has hired Ramneek Jain as chief executive officer. Jain joins Max from New Delhi-based auto component maker Anand Group, where he served as senior vice-president and chief operating officer.
MSFL has undertaken a capacity expansion by setting up an additional line for manufacturing of biaxial-oriented polypropylene (BOPP) films with a capital investment of Rs250 crore to increase production capacity from 40,000 tonnes per annum to 75,000 tonnes per annum.
“We are expanding capacity. We are working with Topan. They are the consumers of BOPP. Our synergies discussions with them are going very strong. We are working with Topan to start offering products for their captive requirements. We are working with them to get some of their captive technology into Indian market to manufacture and then export,” the person cited above said.