Max Estates projects FY25 pre-sale proceeds to more than double
Max Estates aims to generate Rs 4,000 crore in pre-sales in fiscal 2025, more than double compared with Rs 1,800 crore in FY24 ended March 31, as the real estate arm of the Max Group scales up its residential portfolio, its vice chairman and managing director said.
Max Estates has entered into a joint development agreement for an 18.23-acre plot in Gurgaon with a potential to generate revenue of Rs 9,000 crore, Sahil Vachani told ET.
This land parcel is contiguous to its existing 11.80 acres on the Dwarka Expressway in Sector 36A, Gurugram, on which Max Estates has a joint development agreement.
“In total, this micro market has the revenue potential of Rs 13,000 crore for us, and the way it is planned, we should have Rs 5,000 crore pre-sale in a year. With two commercial projects under construction, our office portfolio is also expected to generate Rs 500 crore in annual rental income by 2027–28,” said Vachani.
Pre-sale refers to the sale of properties before they are constructed, a common practice in the real estate sector.
The company is on track to launch the National Capital Region’s first intergenerational residential community in the July-September quarter of 2024, with a revenue potential of Rs 4,000 crore.
“This acquisition is a big opportunity for us and gives us a sustainable pipeline over the next two years. With this, our total portfolio will now be 12 million square feet, both commercial and residential,” Vachani said.
A few days ago, New York Life Insurance Co announced that it would invest Rs
