Max Estates Revives Delhi One Project with Noida Approval
Max Estates, the real estate division of Max Group, has secured approval from the Noida Authority to take over a commercial project in Sector 16B, Noida. This move involves settling Rs 613 crore in dues to the authority. In February 2023, the National Company Law Tribunal (NCLT) sanctioned Max’s resolution plan for developing a 34,697 square meter commercial plot in Noida, known as the Delhi One project. The NCLT required Max Estates to obtain the Noida Authority’s approval for the plan’s execution.
Initially, the Noida Authority’s dues on the project amounted to approximately Rs 932 crore. Max Estates, however, offered to pay Rs 542 crore over three years, covering 58% of the total dues. With interest, the payment totals Rs 613 crore, with 25% to be paid upfront. This proposal has been approved by the authority.
The Delhi One project, spanning 12.5 acres, was originally initiated by the 3C Group but went into insolvency. Experts estimate that securing the necessary approvals could take six months to a year. Max Estates intends to invest Rs 2,000 crore to develop 2.8 million square feet of Grade A office space and serviced apartments. The project already includes four operational towers, with one serviced apartment tower and four commercial towers under construction. A retail block is also under construction, with nearly 50% of the civil work completed.
Of the planned 2.8 million square feet, approximately 1.3 million square feet have been pre-sold, while the remaining 1.5 million square feet will be available for lease or sale. The Delhi One project has the potential to significantly expand Max Estates’ development portfolio, adding 2.5–3 million square feet of additional space. Given the rising construction costs since the project’s initial approval in 2019, Max Estates may implement changes to the original plan.
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