Analjit Singh's Max Estates has ambitious growth planned in residential, office realty
Max Estates has a ₹17,000 crore residential and commercial pipeline in NCR, targeting long-term rental and luxury housing growth.
BENGALURU: Max Estates Ltd, part of the finance-to-real estate Max group of companies, is planning to sharply grow its residential and commercial office business in the National Capital Region (NCR) in a buoyant residential market, said a top company executive.
The Noida-based real estate developer that has been operational since 2016, is preparing to launch housing projects with an estimated gross development value (GDV) of ₹17,000 crore over the next couple of years, starting this fiscal.
Publicly listed Max Estates clocked around ₹5,000 crore of pre-sales in FY25 and aims to sell around ₹6,000-6,500 crore worth of residential units in the current year.
The company, which also acquires land and develops premium office assets, plans to grow its annuity or rental income from ₹150-200 crore to ₹750-850 crore in five years.
"I think that the opportunity for us to scale and grow is immense. We have a clear direction of where we are going in our office business. We will also grow our residential business and likewise we will be growing both the senior living footprint. Our focus will continue to remain on NCR, particularly Noida and Gurugram," Max Estates' vice-chairman and managing director Sahil Vachani said in an interview.
Vachani is Max Group chairman Analjit Singh's son-in-law. Max competes with the likes of DLF Ltd, Signature Global, M3M, and Godrej Properties, among others, in the NCR market.
Shares of Max Estates were at around ₹485 on Friday morning trades. The scrip has lost 13.55% in value since 1 January while the sectoral index, Nifty Realty, has shed 10.5%.
The plans for this fiscal come on the back of robust growth. In FY25, the company’s total income rose to ₹249.6 crore more than doubling from ₹120.2 crore in the preceding year. It posted a profit of ₹26.43 crore compared to a loss of ₹55.12 crore during the period.
Three launches
In FY26, there are three residential project launches lined up. The first is in Gurugram, which will offer an inter-generational living concept in collaboration between Max Estates and Antara Senior Living, another Max group venture. The Max group's luxury housing and senior living projects are housed under its Antara brand.
The second is an ultra-luxury project named Delhi One in south Delhi which was acquired through the insolvency route. The project will have just 58 residences that will be sold by invitation.
The third is a 10-acre parcel in Noida’s Sector 105, acquired through an auction from the Noida Authority, where Max Estates will develop luxury residential units.
Max Estates has also been acquiring land or development rights for future projects, meanwhile. In September, it said it has acquired development rights for a 7.25 acre land parcel in Gurugram's Golf Course Extension Road. The project with 1.3 million sq ft development potential is expected to generate some ₹3,000 crore of booking value. This project is part of the company's ₹17,000 crore launch pipeline this fiscal.
On the commercial office front, Max Estates has a partnership with New York Life Insurance, where Max Estates holds 51% stake and New York Life 49%.
The latter has committed a ₹1,800 crore to the office portfolio.
“We’ve already acquired land worth ₹750 crore, achieved financial closure, and begun development. The projects which will take our annualized lease rentals to ₹750-850 crore. The broader strategy is to strengthen our commercial portfolio and then evaluate various opportunities that emerge," Vachani said.
Trust is a factor
Vachani said that while the company has grown substantially in recent years, the scale of growth will be bigger in the years to come.
“When we started, we had no projects and no land bank, and today, we have scaled to around 18.5 million sq ft across 11 projects in Noida and Gurugram. In the last 6-7 years, we also divested our packaging business completely and focused entirely on real estate. We have also grown from a team of 30 to over 300 people," he added.
In a property market such as NCR, which has been a hotspot of excesses and violations by many developers in the past, a developer's brand is critical. So, the trust and confidence of home buyers in a developer are key to success, said Santhosh Kumar, vice-chairman of Anarock Property Consultants.
Max Estates is well positioned on that front, Kumar said. “Max as a corporate brand, as well the senior living brand Antara, has gained that trust over the years. Max's focus on project execution and delivery along with the brand value gives them confidence. Home buyers also know the company has the financial bandwidth and will deliver," he added.
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