Max Estates listed at Rs 298, stock hit 5% lower circuit
Max Estates hit a 5% lower circuit at Rs 283 in Monday's trade on the National Stock Exchange, soon after the stock listed at Rs 298 on the NSE.
Max Estates is a wholly-owned subsidiary of Max Ventures and Industries. Earlier in April, the Max Ventures and Industries board approved the amalgamation of the company with its wholly-owned subsidiary Max Estates as a part of the group's restructuring exercise and to focus completely on the real estate business.
Max Ventures and Industries was also into manufacturing of specialty packaging films in a joint venture with Japanese firm Toppan Printing.
The firm sold its entire 51% stake to Japanese joint venture partner Toppan Printing for Rs 600-650 crore as part of the company's decision to fully focus on the real estate segment.
Earlier in July, the company had acquired 10 acres in Noida through the acquisition of 100% equity in Accord Hotels and Resorts Private Limited, which holds the land as its only asset.
Max Estates had sold properties worth Rs 1,800 crore in its luxury housing project at Noida, Uttar Pradesh. With around one million sq ft of saleable area, Max Estates sold the project, Estate 128, at Rs 18,000 per sq ft, making it the costliest project in Noida.
«Our stated aspiration is to scale the portfolio by at least one million square feet each in residential and commercial asset classes every year across Delhi-NCR (National Capital Region) and become the most preferred developer in the region,» Sahil Vachani, Managing Director, MaxVIL said ET earlier.
«We expect to start construction of the project by the third quarter of 2023 and achieve completion in 48-60 months, well within committed RERA (Real Estate Regulatory Authority timelines,» Rishi Raj, Chief
