Managed work space firm Skootr had earlier leased 100,000 sq ft spread across two floors in the same building.
“This is a clear reflection of Noida Expressway and particularly Max Square, is fast emerging as new centre for corporate office beyond a back-office hub. With this, Max Square, within 6-9 months of receiving its completion, has transacted (LOI Included) 50% of the office space including 100 percent of the retail/F&B is committed,” the company said in a statement.
Max Estates Limited has concluded the reverse merger of Max Ventures and Industries Limited (MVIL) into Max Estates Limited (MEL).
The company had launched Estate 128 in Q2 FY 24, Max Estates’ first luxury residential development in Delhi NCR with booking value worth Rs 1800 crore.
The company has also witnessed positive traction for commercial office leasing for both of its new assets – Max Square on Noida Expressway and Max House – Phase II in South Delhi.It has pre-leased 54% of the office space at Max House – Phase II even before receiving completion, which is expected in Q3 FY 24.Total leasable area for Max Square is 700,000 sq ft and New York Life Insurance Company is a 49% partner in the project.
Rental at this project is at a premium of 25%-30% over the prevailing market rate in the micro market.
On 100% occupancy basis the total annual rental income from the portfolio is expected to be Rs 3,950- 4,710 million.
It has signed a JDA for Sector 36A, Gurugram with a development potential of 2.4 million sq ft and a gross development value of Rs 3,200 crore.
Over the past few years, Max Estates has developed a portfolio of 8 million square feet within the Delhi-NCR region.