Max Group Builds Rs 140 crore Office Complex In Delhi
Max Estates, the subsidiary of Max Ventures and Industries Ltd (MaxVIL), has developed a new office complex at Okhla in the national capital with an investment of Rs 140 crore, as part of a strategy to grow its commercial real estate business.
Max Estates has almost completed the first phase of commercial project named Max House at Okhla. The tower has 1.05 lakh sq ft of Grade A office space, which will be leased to corporates.
The second phase of this project, having similar size in terms of area, will get completed by 2022. The company expectes the first phase to be leased within a year of its opening. The rentals per month is likely to be around Rs 120 per sq ft. This is the second commercial real estate project of the group, with one already completed in Noida last year at an investment of Rs 600 crore.
The demand for quality office space in Delhi-NCR is expected to be least impacted due to coronavirus pandemic, in view of limited supply of Grade A workspace in this region that be further curtailed due to overstretched balance sheets of some developers.