New Delhi, Dec 3 (PTI) Max group''s realty arm Max Estates on Thursday said it has leased 62,500 sq ft of office space to Yes Bank in its commercial project in Noida, Uttar Pradesh.
Max Estates is a subsidiary of Max Ventures & Industries Ltd (MaxVIL).
In a statement, the company said it has leased about 62,500 sq ft at its commercial project ''Max Towers'' in Noida to Yes Bank, which plans to relocate its offices from the Central Business District (CBD) to the new location to rationalize cost.
During the last six months, Max Estates has also leased around 25,000 sq ft to Indian Energy Exchange (IEX) Ltd.
"The demand for Grade A office spaces has been growing in Noida mainly due to relatively high rentals in Delhi and Gurugram''s established office space locations and emerging supply of better quality assets," MaxVIL Managing Director Sahil Vachani said.
Max Estates has so far leased around 3,90,000 sq ft at Max Towers, which is located on the Delhi Noida Directway (DND). The company did not share the per sq ft rental it charges from tenants, but industry experts said the monthly rent is more than Rs 100 per sq ft.
Premium co-working brand Spaces, Khaitan & Co, Emerson, Veolia, ESRI, Udacity, Grass Valley, Kama Ayurveda and Castus Legal are some of the tenants.
Built with an investment of about Rs 600 crore, with a net leasable area of over 5.5 lakh sq ft, Max Towers is a 21 storey premium commercial office project.
Max Estates is in talks with some other reputed corporates to lease the remaining office space.
The company has so far delivered two commercial real estate projects in the National Capital Region (NCR); one is Max Towers, Noida and second is Max House, Okhla, Delhi.
The first phase of the Max House, Okhla, comprising 1,05,000 sq ft leasable area has been launched for leasing recently. The construction work of the second phase of the project, comprising around 1,00,000 sq ft will start in the fourth quarter of this fiscal.
Max Estates recently commenced construction of its third commercial realty project in Noida to be built at a cost of Rs 400 crore, having New York Life Insurance Company as financial partner.
MaxVIL, which is listed on NSE and BSE, owns and operates a real estate business through its 100 per cent subsidiary Max Estates. It also runs a packaging films business through Max Speciality Films, a 51:49 strategic partnership with Toppan, Japan.
It has a real estate services and management company Max Asset Services and an investment subsidiary Max I., which supports real estate entrepreneurial ventures.