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Max Estates acquires stalled 'Delhi One' project, to invest ₹1,400 crore
Realty firm Max Estates Ltd on Thursday announced it has taken over the stalled 'Delhi One' project in Noida through the insolvency process and will invest ₹1,400 crore to develop this mixed-use property.In a regulatory filing on Thursday, Max Estates said it has taken over Boulevard Projects Pvt Ltd to revive Delhi One project in Noida, after 7 long years of wait.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. ALSO READ: Focused on becoming clear number 2 brand in NCR: Max Estates' Sahil VachaniThe project is an integrated mixed-use development that will have ultra-luxury serviced residences, premium office spaces, and retail spaces.Max Estates had received final approval from NCLT and NCLAT on February 2023 and October 2024, respectively."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 crore," Max Estates said.This strategic acquisition offers a significant development potential of about 2.5 million square feet, inclusive of already sold units."The project is expected to generate a total sales potential of approximately Rs 2,000 crore, along with an annuity rental income potential of around ₹120 crore," Max Estates said.The company said the acquisition of this stalled project is in line with its strategy to expand real estate business.Max Estates has developed a few office complexes in Delhi-NCR and has entered the residential segment as well.
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