Max Estates leases 62,500 sq ft to Yes Bank at Noida tower

Max Estates, a subsidiary of Max Ventures & Industries Ltd. (MaxVIL) has leased 62,500 sq ft office space at Max Towers, Noida to Yes Bank, three persons aware with the development said.

Yes Bank plans to relocate its offices from the Central Business District to the new location as part of its exercise to rationalize cost. Yes Bank has taken 62,500 sq ft spread across 2.5 floors of the Max Towers.

The rentals in max tower ranges between Rs 110-120 per sq ft against Rs 60-70 per sq ft average rental in Noida.

“The demand for Garde 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,” said Sahil Vachani, Managing Director, MaxVIL.

Max towers has been built with an investment of nearly Rs 600 crore with over 5.5 lakh sq ft of leasable area, which include 21 floors.

In the last six months, Max Estates has also leased 25,000 sq ft at Max Towers to Indian Energy Exchnage (IEX) Limited, India’s first and largest power trading platform.

Max Estates has so far leased 3,90,000 sq ft at Max Towers, which is located on the Delhi Noida Directway (DND), a few minutes’ drive from South Delhi business hubs such as Okhla, Nehru Place, Bhikaji Kama Place.

Yes Bank did not respond to email query.

According to a recent report by property consultant Knight Frank, Noida has overtaken Gurugram in terms of new office leasing for the first time mainly driven by competitive pricing and rapid infrastructure development in the Noida-Greater Noida region.

“Post lockdown, Noida has emerged as a preferred destinations for corporates and a lot of leasing has happened recently. With more grade A assets in the pipeline, the trend is likely to continue,” said Vibhor Jain, Head - North India, Cushman & Wakefield.

MaxVIL’s other commercial real estate projects include Max House, Okhla, Delhi. Phase 1 of the Max House, Okhla comprising 1,05,000 sq ft leasable area has been launched for leasing recently.

Max Estate recently commenced construction of its third commercial realty project in Noida at Rs 400 crore cost, having New York Life Insurance Company as financial partner.

As a part of its strategy to emerge as a leading commercial real estate office player in NCR, Max Estates is evaluating development opportunities in Gurgaon as its next destination to fill the deficit in Delhi-NCR of developer owned and developer managed office space providing top notch experience to its occupiers.