Max Group completes Rs 600 cr office building in Noida, eyes Rs 70 cr rental a year

Business conglomerate Max Group has completed its first commercial real estate project in Noida with an investment of Rs 600 crore and will earn an annual rental income of around Rs 70 crore from this prime office building.

The company has already leased 30 per cent area of this around 6 lakh sq ft office complex 'Max Towers', Max Ventures and Industries Ltd (MaxVIL) Managing Director Sahil Vachani told PTI.

Max Group, which has a major presence in life insurance, health and allied businesses as well as packaging sectors, entered the commercial real estate by taking up this stuck project two years ago from debt-ridden developer The 3C Company.

It has developed 'Max Towers' project in Noida, Uttar Pradesh, on nearly one acre located on the Delhi-Noida border. "This project is an example of our capability in real estate space of taking a distressed project two years ago and constructing a 6 lakh sq ft state-of-the-art building," Vachani said.

Asked about leasing status, he said: "We have got 30 per cent of the building pre-leased from MNCs (multinational corporations) and Indian entities."