Max Estates takes over stalled Delhi One project in Noida; to invest ₹1,400 crore for completion of the project
Max Estates has taken over the stalled 'Delhi One' project in Noida through the insolvency route and is expected to invest close to ₹1400 crore to revive the project after seven years, the company said in a regulatory filing.
The company said in a regulatory filing that it has taken over 'Boulevard Projects Private Limited (BPPL)' to revive Delhi One project in Noida, after a seven years of wait.
'The company is acquiring the Delhi One Project pursuant to a Resolution Plan, and the total capital commitment, including settlement of outstanding liabilities, is estimated to be ₹1,400 crores," the company said.
This strategic acquisition offers a significant development potential of approximately 2.5 million square feet, inclusive of already sold units. The project is expected to generate a total sales potential of approximately ₹2,000 crores, along with an annuity rental income potential of around ₹120 crores, it said.
The acquisition is in line with the company's strategy to expand its real estate portfolio, specifically for the development of the Delhi One mixed land use project under BPPL in Sector 16B, Noida . The business is within the main line of business of the company, it said.
Max Estates said it has successfully completed the acquisition of 100 per cent equity share capital of Boulevard Projects Pvt Ltd by way of allotment of 34,000 fresh equity shares to the company and its nominees, effective April 23, 2025, it said.
Max Estates had received final approval from NCLT and NCLAT on February 2023 and October 2024, respectively, it said.
Delhi One is an integrated mixed-use development that will host ultra-luxury serviced residences, premium office spaces, curated retail and an exclusive club.
Max Estates Limited (Max Estates), a real estate developer in the NCR, has received the final approval from the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) in February 2023 and October 2024 and now with the successful closure, Max Estates has taken over the Delhi One Project, the company said in a statement
The project is located at the edge of South Delhi and directly connected via the Delhi-Noida-Direct (DND) Flyway, the development is just steps from key metro stations, benefitting from unparalleled connectivity across Delhi NCR. The project spans approximately 2.5 mn sq. ft. of development, part of around 10-acre land parcel constituting around 34,696 sq m area.
'We are delighted to announce that Max Estates has taken over Delhi One. We believe that we will provide a world class real estate experience to the residents and office goers of the NCR. We look forward to bringing to life our first integrated campus, weaving Max Estates' philosophy of LiveWell, WorkWell, PlayWell, and EatWell into a holistic downtown experience,' said Sahil Vachani, vice chairman and managing director, Max Estates.
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