Management guidance:
Max Towers - Revenue of 35-40 cr per annum once ~3 lakh sft which belongs to Max Estates is leased completely. Lease revenue of CAM/DBS/Yes Bank will accrue from Q1 FY22.
Max House Phase-I - Revenue of 15-18 cr per annum on 100% lease. (35-40k sft of lease in advance stages of dialogue as per investor presentation)
Max House Phase-II guidance is similar to Phase-I.
Max Square - Based on prevailing lease rate in micro-market, around 70-75 Rs per sft… ball park of 65 cr per annum. Again, for the 51% share, roughly half of it is attributable to Maxvil.
On a side note, I share the same pain as Mr. Shah being invested in Maxvil for 3+ years 
Below was the management commentary on the same topic in AR 2018-2019
My doubt: Do they plan to sell MSFL few years down the line in addition to Azure at an opportune time and deploy the money into Max Estates for future growth? If this is the plan, then conglomerate structure right now might make sense. Any view from others?