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After 7-yr delay, Max Estates takes over and revives Delhi One in Noida
What is Delhi One?
The Delhi One project was originally launched in January 2014 by Boulevard Projects Private Limited (BPPL), a Special Purpose Vehicle (SPV) owned by the promoters of the 3C Group. Situated in Sector 16B, Noida, adjacent to the Delhi-Noida-Direct (DND) Flyway, the project was envisioned as a premium mixed-use development. However, the project encountered significant delays due to financial challenges faced by the developers, leading to its stalling and subsequent insolvency proceedings.
In February 2023, the National Company Law Tribunal (NCLT) approved Max Estates' resolution plan to acquire the Delhi One project through insolvency proceedings. This decision came after a Committee of Creditors (CoC) had approved Max's plan in 2019. The resolution plan was aimed at reviving the stalled project and addressing the concerns of approximately 288 allottees who had invested in the project .
Upon acquiring the project, Max Estates engaged with the Noida Authority to settle outstanding dues associated with the land. Initially, the Authority had claimed dues amounting to Rs 932 crore. Through negotiations, Max Estates proposed a settlement of Rs 542 crore, which the Authority accepted. Including interest, the total amount to be paid over three years was Rs 613 crore, with a 25% upfront payment .
Project Scope and Development Potential
The Delhi One project spans approximately 12.5 acres and offers Max Estates the opportunity to develop 2.5–3 million square feet of new space.
Once completed, the project will feature:
Ultra-luxury serviced residences
Premium office spaces
High-street retail
An exclusive members-only club
It's not just a residential complex—Delhi One aims to be a mini urban city where people can live, work, shop, and socialize in one connected ecosystem.
The Numbers Behind the Project
Development potential: 2.5 million square feet (includes previously sold inventory)
Total sales potential: Over Rs 2,000 crore
Estimated annual rental income (annuity): Rs 120+ crore
Regulatory Green Lights
Max Estates received:
Final approval from the National Company Law Tribunal (NCLT) in February 2023
Clearance from the National Company Law Appellate Tribunal (NCLAT) in October 2024
These approvals allowed Max Estates to legally and officially take control of the project and proceed with the revival plan.
'This is more than just a real estate project. It's about creating a downtown lifestyle where people can live, work, play, and thrive,' said Sahil Vachani, Vice Chairman and Managing Director of Max Estates. 'We are excited to bring our LiveWell, WorkWell, PlayWell, and EatWell philosophy to life through this integrated development.'
The new vision for Delhi One centers around wellbeing and sustainability. With green building techniques, energy-efficient systems, and biophilic design, the project will foster a deeper connection between people and their environment. Every space, from residential to commercial, will be designed to offer natural light, customizable layouts, and high-performance infrastructure.
What's Coming at Delhi One
Ultra-Luxury Residences: Spacious, light-filled, and customizable homes designed for modern living.
Premium Office Spaces: Flexible layouts with cutting-edge tech and collaborative work zones.
Curated Retail Street: Handpicked boutique experiences and dining options.
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