Max Estates Takes Over Delhi One Project in Noida - pay Rs 6.13 billion

Max Estates has secured a significant development opportunity with the Delhi One project, taking over the stalled commercial venture in Sector 16B, Noida.

Approval and Settlement:

Max Estates received the Noida authority's approval to take over the project. They will settle Rs 6.13 billion in dues, which includes both principal and interest payments. Originally, the dues were Rs 9.32 billion, but Max Estates negotiated this down to Rs 5.42 billion, with the total settlement amounting to Rs 6.13 billion.

Payment Plan:

The company has agreed to make a 25% upfront payment, with the remainder to be paid over the next three years.

Project Scope and Investment:

The Delhi One project spans 12.5 acres and offers Max Estates the opportunity to expand their portfolio by 2.5–3 million square feet of new development. The investment for developing 2.8 million square feet of Grade A office space and serviced apartments is expected to be around Rs 20 billion.

Current Status:

The project includes four operational towers, and additional commercial and serviced apartment towers are under construction. A retail block is also being developed, with nearly 50% of the civil work on the new towers completed. The remaining approvals are anticipated within the next six months to a year.

Originally initiated by the 3C Group, the project had faced delays due to insolvency before Max Estates stepped in to drive its completion.