Shares of Max Ventures and Industries Ltd. advanced on Monday after its real estate arm, Max Estates, achieved pre-launch sales of over Rs 1,800 crore for its first luxury residential project in the National Capital Region.
The sales were for its project, Estate 128, which is being built in Noida's Sector-128, the company said in an exchange filing. The project is set across 10 acres, with three high rise towers, housing 201 units, Max Ventures said in an exchange filing. Max Estates is a 100%-owned subsidiary of Max Ventures.
"Our stated aspiration is to scale the portfolio by at least 10 lakh square feet each in residential and commercial asset classes every year, across Delhi-NCR ... With approval of amalgamation of MaxVil and Max Estates Ltd., Max Estates will get listed as pure play real estate company," said Sahil Vachani, chief executive officer, MaxVIL.
Construction for the project is slated to start by third quarter of the calendar year and "achieve completion in 48-60 months, well within committed RERA timelines", according to Rishi Raj, chief operating officer of Max Estates.
Shares of Max Ventures and Industries Ltd. gained as much as 5% on Monday to Rs 219.7 apiece.
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