Max Ventures & Industries Ltd (MaxVIL) on Monday said it will acquire Accord Hotels and Resorts Pvt Ltd, which owns a 10-acre land parcel in Noida, for Rs 306 crore.
In a statement, MaxVIL said its arm Max Estates Ltd will acquire 100 per cent of equity in Accord Hotels and Resorts.
Post-the acquisition for Rs 306 crore, Accord Hotels and Resorts will become a 100 per cent subsidiary of Max Estates, it added.
Accord Hotels and Resorts holds a fully paid up 10-acre land parcel located in Sector 128, Noida.
This acquisition will enable Max Estates to develop a mixed-use residential project, which will have an estimated saleable area of around 1 million square feet.
The project is planned to be developed in multiple phases with total sales potential in excess of around Rs 1,300 crore.
The first phase is planned to be launched in the first half of next calendar year and expected to be delivered within 3 years of launch.
Sahil Vachani, MD and CEO, MaxVIL said, ''After successful track record in commercial real estate segment, we are very pleased to announce our foray into the residential segment through this transaction.'' Max Ventures & Industries Ltd, part of the business conglomerate Max Group, owns and operates a real estate business through its 100 per cent subsidiary Max Estates.
Established in 2016, Max Estates has developed two commercial projects 'Max Towers' and 'Max House' in Delhi-NCR.
The company has entered into a partnership with New York Life Insurance Company (NYL) for its third commercial project in Delhi-NCR named Max Square.
(With PTI inputs)