Real estate business

I intend to expand our commercial real estate business: Max Ventures

Max Ventures is booming in the business. The stock has jumped over 30% in the past three months and is currently trading at around Rs 75.55 on the NSE. The company’s EBITDA doubled year-over-year in fiscal year 21. Apart from that, on June 17, its promoter sold 10 percent of the company’s equity to Siva Enterprises. Sahil Vachani, Managing Director and CEO of Max Ventures & Industries, discussed recent developments with CNBC-TV18.

Regarding the sales of shares, Vachani said: “There has been a change of the 10 percent stake in Max Ventures from the promoter group to an entity owned by my wife Tara and myself. This is part of Mr. Analjit Singh’s clear succession plan.

Regarding real estate, he said, “We have completed three projects in the commercial real estate space through Max Towers, Max House Okhla and the third project, under development, is Max Square. The three in total are around 1.2 million square feet, split between Delhi and Noida. “

He added: “Our first development – Max Towers is fully ready. The second project has also been completed and we are now in the process of renting it out. The third project is in Noida which is under construction. Our intention is to continue to develop the commercial real estate portfolio and, in addition to this, also to start the residential activity. “

Regarding the new expansion, Vachani said: “We are planning to increase our commercial footprint and we hope to sign an agreement with Gurugram to be able to build an office development in fiscal year 22.”

Regarding the financing of new residential projects, he said, “the financing will be done through internal provisions, a combination of equity that we have and also some debt.”

For a full management commentary, watch the video.

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