One of the three holding companies of the Max group, Max Estates decided to acquire accord hotels and resorts private ltd for Rs 306 crore Accord Hotels and Resorts are the sole owners of the land parcel of around 10 acres in sector 128 in Noida
This acquisition will allow Max Estates to develop a mixed-use residential community. After the purchase, accord hotels and resorts will become the subsidiary of Max Estates ltd and part of the Max group.
The decision was made on the 6th of June and this mixed-use residential project is likely to have a saleable area of around 1 mn sq.ft.
The sales potential of the project is over Rs 1300 crore and the project is planned to develop in numerous phases. The launch of the first phase is planned for the first few months of the next calendar year. The whole launch is expected to be done in three years.
Sahil Vachani, MD&CEO, Maxville commented that “This transaction marks our foray into the residential segment. Located right on the Noida Expressway in Sector 128, this location would offer excellent connectivity to and from Delhi, and the rest of Noida. The current opportunity due to a multitude of factors including prime location, shape, and land use will enable us to create an unparalleled flagship destination within Delhi-NCR.”