Max Estates announces Q2 & H1 FY24 results: Key developments in real estate portfolio
Max Estates Limited, the real estate division of the Max Group, has announced significant developments in its Q2 and H1 FY24 results, marking substantial growth in its portfolio.
Successful Reverse Merger and Expansion
A key milestone for the company was the completion of the reverse merger of Max Ventures and Industries Limited (MVIL) into Max Estates Limited (MEL). This historic move has led to the amalgamation of all assets and liabilities of MVIL with MEL, reflecting the company’s vision and aspirations to scale in the Delhi-NCR real estate market.
Notable Developments in Luxury Residential and Commercial Leasing
Max Estates’ Estate 128, its first luxury residential development in Delhi NCR, has achieved significant success, locking in a booking value of approximately INR 1800 Cr with sales collections of around Rs 330 Cr. Additionally, the company has seen positive traction in commercial office leasing for Max Square on Noida Expressway and Max House – Phase II in South Delhi.
NDTV has leased approximately 1,28,000 square feet at Max Square in Noida, signifying the area’s growing importance as a corporate office hub. Max Square has successfully leased about 50 percent of its office space, including full commitment for its retail/F&B section, within 6-9 months of completion.
Similarly, Max House – Phase II has pre-leased 54% of its office space even before completion, which is expected in Q3 FY 24.
Max Estates Limited Reports Growth and Expansion in Q2 & H1 FY24
Portfolio Highlights: WorkWell and LiveWell Experiences
The company’s portfolio includes Max Towers, Max House, and Max Square, all of which showcase high occupancy rates and substantial lease rental income. Additionally, Max Estates has made strategic land acquisitions for future developments, including Max Square Two in Noida and Max 65 in Gurugram.
Financial Performance: A Comprehensive Overview
Max Estates reported a consolidated revenue of INR 388 Mn and a consolidated EBITDA of INR 37 Mn in H1 FY24. Despite a consolidated PBT of INR (532) Mn and PAT of INR (429) Mn, the company remains optimistic, attributing these figures to strategic advertising expenses and a conservative provision on investments in Azure Hospitality.
MD & CEO Sahil Vachani’s Vision for Max Estates
Sahil Vachani, MD & CEO of Max Estates, highlighted the company’s commitment to enhancing quality of life through the spaces they create. Emphasizing the ‘Nature and Nurture’ theme at Max Square, he elaborated on the company’s strategy of diversifying its portfolio across various asset classes within the Delhi-NCR region.
Conclusion
Max Estates’ developments in H1 FY24 reflect a dynamic growth strategy and a commitment to creating sustainable, high-quality living and working environments. The company’s strategic approach positions it well for continued expansion and success in the real estate sector.