Work on Delhi One to start after 7 yrs as Max takes over
Noida:
Max Estates Ltd
has officially acquired the dormant Delhi One in Sector 16B after receiving approvals from National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), ending a seven-year stalemate and paving the way for construction to begin on the project off DND Flyway.
To come up on 10 acres, Delhi One is set to offer a development potential of around 2.5 million square feet. Officials said the mixed-use complex would feature ultra-luxury serviced apartments, premium office spaces, retail outlets, and an exclusive club. The project is likely to earn a total revenue of over Rs 2,000 crore — with Rs 500 crore from existing customers and Rs 1,500 crore from new sales. It is also estimated to generate an annual rental income of more than Rs 120 crore.
Before taking the project over, Max has had to make some tweaks to the design. Under a resolution plan approved by tribunals, around 240 existing residential buyers will be shifted to a dedicated serviced apartment tower. The remaining two housing towers will be reused for commercial purposes, while a proposed hotel will be replaced by an office.
Existing retail buyers will receive accommodation in commercial spaces, with a 1.4-time increase in super area, according to the resolution plan. The project is likely to be ready in about five years.
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Sahil Vachani — vice-chairperson and managing director of Max Estates — suggested that the company intended to deliver a world-class real estate experience to those living and working in NCR. He described Delhi One as Max Estates' first integrated campus.
"We are excited to bring it to life," he added.
Launched initially by Boulevard Projects Pvt Ltd — a special purpose vehicle of Three C Group — the project faced prolonged delays because of financial and legal challenges. Max acquired the company through insolvency proceedings in Feb 2023 and secured a final clearance from NCLAT in Oct last year.
But this was not before the project surpassed several funds hurdles.
Although Noida Authority raised dues worth Rs 932 crore, Max proposed Rs 325 crore under the tribunal-approved plan. The Authority disagreed with this arrangement and took the matter up with NCLAT. Max, meanwhile, filed a revision application before the state govt, which allowed the company in June 2024 to present its proposal to the Authority board. Max requested a waiver of interest, rent, and compounding charges, and sought a zero-period waiver for the period between Aug 2013 and Aug 2015, when construction of the project was halted because of an NGT ban. This request would have reduced dues to Rs 542 crore.
The Authority, eventually, approved a settlement at Rs 613 crore, with interest linked to SBIs MCLR. Max, in keeping with the agreement, needed to pay 25% of the recalculated amount upfront.
The Authority granted a three-year extension for completing the
Delhi One project
, but clarified it would impose penalties for delays beyond this term. Lease rent remained under standard norms, which means there would be no additional fees for time extension.
Max Estates, its officials said, intends to develop Delhi One into a "modern integrated facility", leveraging its expertise in luxury and commercial real estate. There are four towers in the complex that are currently functional. Construction has resumed on one serviced apartment tower, four commercial towers, and a retail block.
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