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

Press Trust of India  |  New Delhi 

has completed its first commercial project in 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', and Industries Ltd (MaxVIL) told

Max Group, which has a major presence in life insurance, health and allied businesses as well as packaging sectors, entered the commercial by taking up this stuck project two years ago from The

It has developed 'Max Towers' project in Noida, Uttar Pradesh, on nearly one acre located on the Delhi-border. "This project is an example of our capability in 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."

Global flexible has taken on lease 50,000 sq ft office space for its premium brand 'Spaces'.

The company is expecting around Rs 100 per sq ft rental per month from this LEED platinum certified building, he said adding that discussions are undergoing to lease the remaining space.

"We took a calibrated risk when we chose a stressed asset to mark Max Group's presence as a serious real estate player," Vachani said.

The group's listed entity has formed a separate subsidiary to undertake

A residential project at Dehradun comprising 22 super luxury villas with a price tag of Rs 4.5 crore each has already been completed. The has three holding companies -- Max Financial Services, Max and

is one of the three listed flagship companies of the USD 3-billion

MaxVIL's shares stood at Rs 46.40 apiece on the BSE on Friday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, April 14 2019. 15:20 IST