Max Ventures Emerges Top Bidder for Axis Bank's Land

Max Ventures and Industries (MaxVIL), one of the three holding companies of the $4 billion Max Group, has emerged the highest bidder to acquire a 4-acre land parcel from Axis Bank in an auction in Noida's Sector 129 for ₹220 crore, three persons aware of the deal said. The auction received five expressions of interest (EoIs) from developers and Max had the winning bid.

The move comes days after the company acquired a 10-acre land parcel in Sector 128, Noida for ₹306 crore for a luxury residential development. The current land parcel is for commercial use and is next to the 7,00,000 square feet under-construction office and retail spaces of the company with New York Life Insurance Company as a financial partner.

"These are two different plots of 1.96-acre each with direct access to the Noida expressway. It is surrounded by a residential township and other commercial developments," said one of the persons aware of the deal.

CBRE has the mandate for the auction of this parcel in addition to four other mixed-use township land parcels along the Yamuna expressway. CBRE, Max Estates and Axis Bank did not respond to the email query. Max Estates is the real estate arm of the group.

In February, MaxVIL closed the first tranche of the divestment of the balance 51% stake in its packaging business for ₹628 crore and has now emerged as a pure-play real estate business entity with a focus on premium residential and commercial real estate in the National Capital Region.

The proceeds from the sale of the packaging business will be for development of the real estate business and help MaxVIL become a top multi-asset real estate developer in NCR.