YES Bank has leased 62,500 sq ft of office space in Max Towers, Noida as the private sector lender plans to relocate its offices from the central business district in New Delhi as part of its exercise to rationalise cost, Max Estates said on Thursday.
Besides the premium office space in Noida, Max Estates, a subsidiary of Max Ventures & Industries (MaxVIL), has also constructed a luxury residential villa project in Dehradun. Commenting on the leasing, MaxVIL’s managing director, Sahil Vachani told Financial Express, “Demand for grade-A office spaces has been growing in Noida mainly due to relatively high rentals in Delhi and Gurgaon’s established office space locations and emerging supply of better-quality assets”.
Built with an investment of about `600 crore and a net leasable area of more than 5.5 lakh sq ft, Max Towers is a 21-storey commercial office tower located on the Delhi Noida Direct way (DND). Having location advantage and excellent connectivity with central and south Delhi, besides world-class amenities, Max Towers has emerged as a preferred destination for top corporate occupiers looking for superior quality assets at competitive rentals. YES Bank leasing area at Max Towers to consolidate its office space across several locations in Delhi is a testimony of the same, Vachani added.
In the last six months, Max Estates has leased around 25,000 sq ft at Max Towers to Indian Energy Exchange (IEX). It has so far leased around 3.90 lakh sq ft of space. Other marquee office tenants include Khaitan & Co, Emerson, Spaces, Veolia, ESRI, Udacity, Grass Valley, Kama Ayurveda and Castus Legal.
MaxVIL is also in talks with other corporates and some of them are likely to fructify soon. Max Estates also aims to create, build and operate premium office spaces in Delhi-NCR. The company has so far delivered two commercial projects in NCR — Max Towers, Noida and Max House in Okhla, New Delhi.
Recently, Max Estates started construction of its third commercial realty project in Noida to be built at a cost of Rs 400 crore with New York Life Insurance Company as the 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 a top-notch experience to its occupiers.
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