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Max Estates Ltd has finalised the acquisition of a 7.25-acre land parcel in Gurugram through its takeover of Base Buildwell Private Limited (BBPL). The land, located at Sector 59, Golf Course Extension Road, is expected to generate more than INR 3,000 crore in sales. With an estimated development potential of 1.3 million square feet, the project strengthens the company's residential strategy in Delhi-NCR.
Max Estates Ltd announced earlier this week that it had acquired Base Buildwell Private Limited (BBPL) in order to secure a 7.25-acre land parcel in Gurugram for the development of a new housing project. In its regulatory filing, the company said the board had approved the acquisition as part of its strategy to expand amid robust housing demand. Advertisement
BBPL, which serves as a special purpose vehicle, holds the licence and development rights for the land at Sector 59, Golf Course Extension Road in Gurugram. The outlay for this transaction has been estimated at around INR 534 crore. This includes the purchase of 100 per cent share capital of BBPL on a fully diluted basis, consisting of 10,000 equity shares of INR 10 each and 24,17,256 compulsorily convertible debentures of INR 100 each. Additional project-level commitments will go towards the security deposit, purchase of Transferable Development Rights, and securing related approvals.
The company highlighted that the land offers a development potential of 1.3 million square feet, with a sales booking value projected to exceed INR 3,000 crore. Max Estates said the acquisition was in line with its focus on premium residential developments in the Delhi-NCR region.
Following the completion of the transaction, BBPL will become a wholly-owned subsidiary of Max Estates. The company already holds a strong presence in Delhi-NCR, where it is actively engaged in developing residential and office complexes.
By securing prime land in Gurugram's Golf Course Extension Road, the company has positioned itself for significant sales revenue while advancing its long-term strategy. With the integration of BBPL as a wholly-owned subsidiary, Max Estates continues to consolidate its standing as a leading player in the real estate sector.
Source - PTI
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