Max Estates lease out 1.05 lakh sq ft space in Delhi at around Rs 16 crore annual rent

NEW DELHI: Max group firm Max Ventures & Industries Ltd (MaxVIL) has completely leased 1.05 lakh square feet space in its office complex at Okhla in the national capital and will earn a rental income of around Rs 16 crore annually.

MaxVIL, which is one of the three listed companies of the USD 4-billion Max Group, said in a statement that the first phase of its commercial project ‘Max House‘, comprising 1.05 lakh square feet, is now 100 per cent leased out to big domestic and international clients.

Max House is the company’s second commercial real estate offering by Max Estates, which is a subsidiary of MaxVIL.

“Average rental rate for Max House Phase 1 now stands at around Rs 125 per square feet per month,” the statement said.

Samsung India Electronics, Nykaa Fashion, Religare Enterprises, DSK Legal and Dhampur Sugar Mills are some of the key occupiers.

US-based retail firm Target Sourcing Services India Pvt Ltd has taken on lease 26,608 square feet at Max House.

The lease with Target Sourcing has been registered on Tuesday.

MaxVil MD and CEO Sahil Vachani said, “There is an increasing trend of flight to quality, with top-notch companies upgrading to Grade A+ spaces post the pandemic.”

The company’s first commercial project ‘Max Towers’ in Noida is also 98 per cent leased, Vachani added.

MaxVIL said the work on the second phase of Max House, comprising 1.45 lakh square feet, is on track and the project is expected to be delivered by Q3 of FY23.

Max Estates has entered into a partnership with New York Life Insurance Company for its third commercial project in Delhi-NCR named Max Square.