Max Estates Ltd has bought a 7.25-acre plot in Gurugram to build a housing project that is expected to bring in about Rs 3,000 crore. The company wants to grow its business because there is a high demand for such projects.
The company shared in a regulatory filing on Saturday that the board has approved the acquisition of Base Buildwell Private Limited (BBPL). Base Buildwell is a special company that has the permission to use and develop the 7.25-acre land located at Sector 59, Golf Course Extension Road in Gurugram.
The company said the cost for this transaction is expected to be around Rs 534 crore. This includes buying 100pc of the shares in BBPL, which involves 10,000 equity shares worth Rs 10 each and 24,17,256 compulsory convertible debentures worth Rs 100 each.
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It also includes payments for security deposits, purchasing Transferable Development Rights, and getting related approvals. The land has an estimated development potential of 1.3 million square feet, and the sales booking value is expected to be over Rs 3,000 crore.
Max Estates stated that the acquisition fits with their plan to focus on high-quality homes in the Delhi-NCR area. After this transaction is finished, BBPL will be completely owned by the company. Max Estates is one of the top real estate companies in the country. It has a presence in Delhi-NCR. The company is building homes and office buildings.
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