The company said that revenue from lease rental income of Max Towers up 19% to Rs 50 million.
MaxVIL, consolidated revenue is up 10% to Rs 2,961 million for the third quarter ended 31stDecember 2020.
“Q3FY21 has been a strong quarter for our commercial real estate business while the packaging films business continues its robust performance. As the lockdown restrictions were eased during Q3, corporates are actively assessing their office space requirements. We are witnessing improved conversions from enquiries to actual leasing. The rapid pickup in leasing interest gives us the confidence to also lease out our second Grade A+ office project Max Housesoon, given 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 Sq Ft with Cyril Amarchand Mangaldas (CAM) – a leading Indian legal firm.
The company has also signed lease with DBS Bank for 7,300 Sq. Ft. Earlier in the third quarter of FY21, the company had leased 62,500Sq. Ft. to Yes Bank.
The total leased area at Max Towers now stands at 4.7 Lk Sq. Ft. of the total net available leasable area of 5.3 Lk Sq. Ft, implying an occupancy of 90%. The leasable area attributable to Max Estates in Max Towers is now 94% leased.
MaxVIL also launched its Managed Office space business through its subsidiary Max Asset Services (MAS). The first Managed Office space offering, under the brand name ‘Work
Well Suites’, spanning 14,000 Sq. Ft. was launched at Max House Okhla Phase 1. MAS will provide complete managed office solutions and serviced office space to prospective tenants.
Max Estates’ second commercial complex Max House, which is ready for occupation also witnessed strong inquiries. The company anticipates being able to lease the building out within FY22. Work on Max House Okhla Phase 2 of the project is expected to be commenced in H1FY22.
Work on Max Estates’ third commercial offering – Max Square; a Grade A+ office space development with New York Life Insurance Company as a financial partner has also started. The company is expected to complete the project by Q4FY23.
The distressed project – Delhi One, located strategically on the DND Flyway at South-Delhi – Noida border, which the company has bid for, as a part of the Insolvency and Bankruptcy Codeprocess, is undergoing hearings at the National Company Law Tribunal after the Committee of Creditors vote in favour of Max Estates.
“The success of commercial office REITs in India clearly reflects confidence of institutional investors in attractiveness of commercial real estate as it continues to be an avenue for growth. It also reinforces that ‘Work from Office’ will be an integral part of workplace ecosystem on a sustainable basis including for IT/ITES companies who account for majority of underlying rental portfolio of the three listed CRE REITS in India,” the company said in a statement.