MaxVIL sees strong business recovery

MaxVIL witnessed a strong business recovery in Q3FY21 in its commercial real estate business with the signing of leases with reputed companies.

At Max Towers, the company recently signed a lease for 80,000 Sq. Ft with Cyril Amarchand Mangaldas (CAM), a leading legal firm. The company also signed lease with DBS Bank for 7,300 Sq. Ft.

Earlier in the third quarter of FY21, the company had leased 62,500 Sq. Ft. to Yes Bank. The total leased area at Max Towers now stands at 4.7 lakh Sq. Ft. of the total net available leasable area of 5.3 lakh Sq. Ft, implying occupancy of 90 per cent. The leasable area attributable to Max Estates in Max Towers is now 94 per cent leased.

MaxVIL also launched managed office space business through its subsidiary Max Asset Services (MAS). The first managed office space offering, under the brand name ‘WorkWell Suites’, spanning 14,000 Sq. Ft, was launched at Max House Okhla Phase 1.

Max Estates’ second commercial complex Max House, which is ready for occupation, also witnessed strong inquiries. The company anticipates being able to lease the building out within FY22.

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Sahil Vachani, MD & CEO of MaxVIL, said, “Q3FY21 has been a strong quarter for our commercial real estate business while the packaging films business continues its robust performance. As the lockdown restrictions were eased during Q3, corporates are actively assessing their office space requirements. We are witnessing improved conversions from enquiries to actual leasing.”