Max Estates set to invest Rs 1,500 crore to build portfolio of office spaces

Max Estates Ltd., the real estate arm of Max Venture & Industries Ltd., is set to invest about Rs 1,500 crore over the next three years to build a portfolio of office spaces, two people familiar with the plan told ET. The company is completing its first project of 5 lakh square feet known as Max Tower in Delhi One, a commercial and residential property in Sector 16 of Noida. It is redeveloping Max India’s headquarters in the capital’s Okhla area into 1lakh square feet of office space. Max Estates, which has raised about Rs 770 crore through equity, plans to borrow an equivalent amount over three years, one person said. The developer is in advanced talks to buy an additional 6,000 square metres of land in Delhi One from 3C, a Noida-based real estate developer, to build an office-cum-commercial complex, said the second person. The land is expected to be valued at aboutRs 250-300 crore, he added.