Max Estates to acquire Accord Hotels & Resorts for Rs 306 crore; to enter the housing section
Max Ventures and Industries Ltd (MaxVIL) on Monday said it will acquire Accord Hotels and Resorts Pvt Ltd, which owns 10 acres of land in Noida, for Rs 306 crore.
Maxville said in a statement that its arm Max Estates Ltd will acquire 100 per cent equity in Accord Hotels & Resorts.
After the Rs 306 crore acquisition, Accord Hotels & Resorts will become a 100 per cent subsidiary of Max Estates.
Accord Hotels & Resorts owns a fully paid-for 10-acre land parcel located in Sector 128, Noida.
This acquisition will enable Max Estates to develop a mixed-use residential project with an estimated salable area of around 1 million square feet.
The project is planned to be developed in several phases with a total sales potential of over Rs 1,300 crores.
The first phase is planned to be launched in the first half of the next calendar year and is expected to be delivered within 3 years of launch.
Sahil Vachani, MD & CEO, Maxville, said, “After a successful track record in the commercial real estate segment, we are very pleased to announce our foray into the residential segment through this transaction. Max Ventures & Industries Limited, part of the business conglomerate Max Group, owns and operates a real estate business through its 100% subsidiary Max Estates.
Established in 2016, Max Estates has developed two commercial projects ‘Max Towers’ and ‘Max House’ in Delhi-NCR.
The company has partnered with New York Life Insurance Company (NYL) for its third commercial project in Delhi-NCR named Max Square.