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Hindustan Times
24-04-2025
- Business
- Hindustan Times
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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Business Standard
24-04-2025
- Business
- Business Standard
After 7-yr delay, Max Estates takes over and revives Delhi One in Noida
After seven long years of uncertainty, homebuyers can finally breathe a sigh of relief. Max Estates Limited has officially taken over Boulevard Projects Private Limited (BPPL)—the entity behind the stalled Delhi One project in Noida. This move marks a major turning point in NCR's real estate recovery, especially for those who invested in what was once seen as a dream address. 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.
Time of India
24-04-2025
- Business
- Time of India
Max Estates takes over Delhi One project in Noida
NEW DELHI: Max Estates has taken over the Delhi One Project in Noida . This is expected to bring relief to homebuyers of Boulevard Projects (BPPL) as the company looks to revive Delhi One project in Noida, after seven long years of wait. The project spans approximately 2.5 million sq ft of development part of around 10-acre land parcel constituting 34,696 sq meters of area. The total sales and annuity rental income potential of the project is estimated to be over ₹2,000 crore and over ₹120 crore respectively. The company had received final approval from the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) on February 2023 and October 2024 respectively. Delhi One is an integrated mixed-use development that will host serviced residences, office spaces, retail spaces and a club.
