Max Ventures Rides High on New Acquisitions

Max Ventures Industries Limited (MaxVIL), riding high on the new acquisitions, has recorded 62 percent YoY growth in consolidated revenue  to Rs 548 million and 48 percent  increase in rental income to Rs 238 million ..

The major highlights  for MaxVIL this year has been its entry into the residential space with the acquisition of one million sq ft of residential development opportunity  , foray into Gurugram CRE market with the acquisition of 1.6 million sq ft of development opportunity and expansion of CRE footprint in Noida by winning bid for one million sq ft of development potential in H1 . 

Max Estates’ completed Grade A+ office projects – Max Towers and Phase 1 of Max House are 100% leased at a 25-30% premium to the micro market.. Work on both Max Square and Max House Phase 2  projects is on track and is expected to be completed by Q4FY23 and Q2FY24 respectively. The Company has got a robust pipeline of leasing for Max Square and is confident to fully lease the development by the end of CY24. Max House Phase 2 will be built on similar lines to Phase 1 with a larger leasable area of ~0.15 Mn sq. ft.

The NCR’s leading developer has built a strong portfolio of projects . It entered Gurugram with 1.6 million sq ft commercial development opportunity. The company acquired 100% of equity of Acreage Builders Private Limited, at an enterprise value of  Rs 322.50 crores, subject to seller obtaining requisite approvals. The Company will develop a best‐in‐class Grade A+ commercial space on this land and as part of the capital light philosophy, will explore co-investment opportunities with multiple financial institutions/real estate funds.It acquired 10 acres of mixed use residential land parcel in Noida with total sales potential in excess of Rs 1300 crores.  The Company got 100% of equity in Accord Hotels and Resorts Private Limited for Rs 306 Crores. This mixed-use residential project will have an estimated saleable area of 1 million  sq. ft. The project is planned to be developed in 2 phases and will cater to the premium end of the residential market. The first phase is likely to be launched in the first half of next calendar year and expected to be delivered within 3 years of its  launch. The acquisition of two land parcels in Noida at a cost of Rs 220 crores , will help the company to create a 6.6 acre office led multi-use campus with a total development size of 1.5-2.0 million sq ft..

This strong portfolio of projects is set to  fuel the next level of growth for Max Ventures and according to Sahil Vachani, MD &CEO, MaxVIL,the company is fully geared in terms of people and talent to achieve tne next phase of  growth..

Keystone Realtors Launching Rs 635 Crore IPO

Mumbai-based Keystone Realtors with a brand name,”Rustomjee’ is set to launch its Rs 635 crore IPO on November 14. The issue with 50 percent reservation for qualified institutional investors , has been reduced from its planned offering of Rs  850 crore. The company  has developed 2 townships and over 280 buildings in more than 26 years of its inception. It has delivered 20 million sq ft of real estate space and another 34 million sq ft is in the pipeline.

Out of its IPO proceeds, the company would be utilising Rs 341.6 crore towards funding the repayment/prepayment of borrowings and funding the acquisition of future real estate projects, besides general corporate purposes.

L&T Realty to Develop Office Space Worth USD 1 Billion

L&T Realty, the real estate arm of the Larsen & Toubro and Singapore-listed Capital Land India Trust (CLINT, formerly known as Ascendas India Trust, have launched a commercial platform to develop 6 million sq ft of  prime office space worth $1 billion across Bengaluru, Chennai and Mumbai.

L&T will develop the three  properties while CLINT will be marketing and leasing the space and will eventually acquire it frm L&T.  All these projects are expected to be completed  between 2024 and 2026 .

HDFC Cap’s Rs 1550 Crore  Investment in SP Real Estate Projects

HDFC Capital  Advisors has invested Rs 1550 Crore  in half a dozen  housing projects of Shapoorji Pallonji , spread over 7 million sq ft in Mumbai and Pune. The funding will be utilised for repayment of high-cost debt  and  meeting working capital requirement.

HDFC Capital whose endeavour is to boost the supply of affordable housing in India in line with Modi government’s mission of ‘Affordable Housing for All’ , has invested in greenfield projects in the affordable and mid-segment categories and partly in premium segment. One of these projects involves redevelopment of a large housing society in central Mumbai. The other projects include three plotted developments on the outskirts of Pune , in addition to a villa project in Pune’s well known locality of Hadspar. Prior to this HDFC Capital had joined hands with Arvind Smart spaces to set up a Rs 900 Crore investment platform  to undertake residential developments.

Moti Lal Oswal Alternates Eyes Rs 2000 Crore Realty Fund

Moti Lal Oswal Alternates, the alternative investments  arm of Motilal Oswal Group firmed up its plans to raise Rs 2000 crore  through  a real estate fund.

The India Realty Excellence Fund VI  to be set up as an Alternate Investment Fund  (AIF) Category 2 will focus on structured  mezzanine and equity investments with established developers with good execution and delivery track record, undertaking over 25 transactions  of Rs 75 crore each. The fund has chalked out plans to deploy the capital in affordable and mid-income  housing projects across key residential markets of Mumbai, Delhi-NCR, Pune, Bangalore, , Chennai, Hyderabad and Ahmedabad. These projects will be a mix of villa and apartment projects.  A part of the fund will be invested in commercial projects as well.

Currently, MO Alternates manages 5 real estate funds and its cumulative  assets under management (AUM) for real estate are to the tune of Rs 5500 crore. It has made more than 100 investments across 135 real estate  projects and fully exited 50 projects. In the first half of 2022-23 , MO alternate has cumulatively invested over Rs 1150 crore  through its platform across residential and commercial projects in Mumbai, Bangalore, Chennai, Hyderabad and Delhi-NCR. In 2022, the fund has invested in projects of M3M and Smartworld Group in Delhi-NCR, Marathon Group in Mumbai, Casagrand Group and Arihant Group in Chennai, Puravankara, Alliance Group, Pacifica Group and Casagrand in Bangalore  and Alliance Group and Honer Homes in Hyderabad.MO Alternate plans to make an additional investment of Rs 1200-1400 crore in the current financial year.