Work on Max House Okhla Phase-2 and Max Square to begin in Q2/FY21
Construction was earlier expected to commence in Q1/FY21
Max Estates (MEL) upcoming commercial projects, Max House Okhla Phase-2 and Max Square in Noida, Uttar Pradesh is expected to commence construction in early Q2/FY21.
Construction of the projects was earlier expected to commence in Q1/FY21, but due to the lockdown, commencement of construction has been delayed.
However, the company does not expect a major delay in the eventual completion timelines of the projects at this point of time since it can accelerate the construction during the development stage.
Also, the construction work of Max House Okhla Phase-1 has been halted till the lockdown is lifted. The project was in the final stages of completion and was scheduled to be launched for leasing in Q1/FY21.
The company now expects a minor delay in completion of the project to early Q2/FY21 subject to government directives on resumption on construction. The company is developing product and pricing innovations for the project.
In March 2020, the company had received funding from New York Life (NYL) for its new commercial project, Max Square at Noida where the former has already invested Rs 686.2 million out of the total commitment of Rs 857 million and holds 49 percent equity stake with balance stake held by Max Estates.