MaxVIL Q3 results: Company reports strong business recovery in commercial real estate business
New Delhi: Max Ventures & Industries Limited (MaxVIL) of Max Group, which operates in two real estate businesses in NCR and Specialty Packaging Films, announced that its commercial real estate business had closed in the third quarter of FY21 with the Signing of heavily rebounded leases with reputable companies.
The company said that Max Towers’ rental income increased 19% to Rs 50 million.
MaxVIL’s consolidated sales increased 10% to Rs 2,961 million for the third quarter ended December 31, 2020.
“The third quarter of fiscal 21 was a strong quarter for our commercial real estate business, while the packaging film business continues its robust performance. As the lockdown restrictions were relaxed in the third quarter, companies are actively assessing their office space requirements. We are seeing improved changes from inquiries to actual leasing. The rapid pick-up in leasing interest gives us the confidence to also rent our second class A + office project, Max Housesoon, due to its strategic location in South Delhi, ”said Sahil Vachani, MD & CEO of MaxVIL.
At Max Towers, the company recently signed a lease for 80,000 square meters with Cyril Amarchand Mangaldas (CAM) – a leading Indian law firm.
The company has also signed a lease with DBS Bank for 7,300 square meters. Ft. At the beginning of the third quarter of fiscal year 21, the company had rented 62,500 square meters. Ft. to Yes Bank.
The total rented area at Max Towers is now 4.7 Lk Sq. Ft. of the total available net rental area of 5.3 Lk Sq. Ft, which means 90% utilization. Max Estates’ rental space in Max Towers is now 94% let.
MaxVIL also launched its managed office space business through its subsidiary Max Asset Services (MAS). The first managed office space under the brand name ‘Work Well Suites’ with an area of 14,000 square meters. Ft. was introduced in Max House Okhla Phase 1. MAS will offer potential tenants complete managed office solutions and assisted office space.
The second ready-to-move-in Max Estates commercial complex, Max House, was also in high demand. The company expects to be able to rent the building in fiscal year 22. Work on Max House Okhla Phase 2 of the project is expected to begin in the first half of 22nd.
Work on Max Estates’ third commercial offering – Max Square; Class A + office space development with New York Life Insurance Company as a financial partner has also begun. The company is expected to complete the project in the fourth quarter of fiscal 23rd.
The distressed project – Delhi One, strategically located on DND Flyway on the border between South Delhi and Noida, for which the company applied as part of the bankruptcy and bankruptcy code process, will be presented to the National Company according to the committee Law Tribunal negotiates the creditors’ votes for Max Estates.
“The success of REITs for trading offices in India clearly reflects the confidence institutional investors have in the appeal of commercial real estate as it continues to be a path for growth. It is also reaffirmed that “Work from Office” will be an integral part of the workplace ecosystem on a sustainable basis, including for IT / ITES companies which make up the majority of the underlying rental portfolio of the three listed CRE REITS in India “, the company said in a statement.