Max Square Exposé

Max Square www.infralive.com 22 Infra LIVE June 15, 2022 as per schedule and is expected to be delivered by Q4 FY 2023 despite the COVID led lockdowns. Amongst its many unique features and amenities, Max Square houses 10,000 sq ft of urban forest right at its center - a first for any building in Delhi NCR. The Business Development team is in the process of getting ready full digital toolkit for building awareness, marketing and lead generation. The team plans to actively initiate pre- leasing efforts from Q2 FY 2022 onwards.” Loan from IndusInd Bank MSL also secured a loan facility of Rs 240 crore from IndusInd th Bank, branch at 7 floor, Hyatt Regency Complex, New Tower Block A, Bhikaji Cama Place, New Delhi. The relevant part of the same its filing in FY21 is repro- duced below: - “ii) IndusInd Bank Term Loan (Secured) The Company has taken secured term loan facility for Rs 24,000 lakhs loan from IndusInd Bank Ltd. Out of this facility the company has drawn Rs 3,050 lakhs till March 31, 2021. i) Primary and collateral security: a. Exclusive charge on by way of equitable mort- gage on project land of 2.6 acre land and building with complete available leasable area of 7 lacs sqft in Max square project, being developed in Sector 129, Noida. b. First charge by way of assignment / hypotheca- tion over all present and future current assets including lease rental receivables, parking rent- als, CAM income, security deposit, sales receivables, any other income gener- ated pertaining to the project. c. First charge on DSRA, Escrow account main- tained with IBL pertaining to rental receivables of the project, wherever main- tained, present & future. d. 30 per cent share pledge of Borrower. e. Minimum security cover claims to develop 7 lakh sq ft of area. The relevant part of the same is reproduced below: - “Your company was incorpo- rated on June 24, 2019 and is engaged in the business of Real Estates development. Your Company will house its first project Max Square, Noida, designed to be a IGBC Green Gold and IGBC Health & Wellbeing Gold rated commer- cial office development (0.7 million square feet) located right on Noida Expressway, Sector 129, Noida. The land (2.6 acre) for this development was pur- chased by your Com- pany from a private sector bank at an attractive valuation. Your Com- pany has partnered with New York Life Insurance Company ('New York Life'), a cor- poration established under the laws of New York by entering into a Shareholders' Agree- ment for investment into the securities of the Company to undertake the construction and development of the land parcel situated at Sector 129, Noida. New York Life has invested INR 68.62 crores into the Company by way of sub- scription of equity shares and compulsory convertible deben- tures. The Company has applied and obtained various regula- tory approvals for the afore- said land parcel and has started construction in FY 2021. The construction is going