Max Estates Acquires Stalled 'Delhi One' Project in Noida, Commits ₹1,400 Crore for Revival

Max Estates Ltd has taken a decisive step toward expanding its presence in the real estate sector by acquiring the long-stalled ‘Delhi One’ project in Noida. The company has completed the acquisition of 100 percent equity in Boulevard Projects Pvt Ltd through a resolution plan approved by the insolvency authorities, marking the formal takeover of this mixed-use development.

The acquisition follows a prolonged delay of seven years in the project’s development. Max Estates has confirmed that it will invest ₹1,400 crore to complete the project. This investment includes both the development cost and the settlement of outstanding liabilities.

The ‘Delhi One’ project is strategically located in Noida and was originally envisioned as an integrated development. The project will now be revived to include a combination of ultra-luxury serviced residences, premium office spaces, and retail spaces. With this mix, Max Estates aims to create a high-end urban hub catering to a variety of occupants and users.

In its regulatory filing, Max Estates noted that it had received final approvals for the resolution plan from the National Company Law Tribunal (NCLT) in February 2023, followed by approval from the National Company Law Appellate Tribunal (NCLAT) in October 2024. The acquisition was formalized on April 23, 2025, through the allotment of 34,000 fresh equity shares to the company and its nominees.

The project has a development potential of approximately 2.5 million square feet. This includes units that had already been sold before the project was stalled. Max Estates estimates that the revived project could generate sales of around ₹2,000 crore. Additionally, the project has the potential to generate an annuity rental income of nearly ₹120 crore annually once operational.

According to Max Estates, this acquisition aligns with its broader strategy of expanding and diversifying its real estate portfolio. Until now, the company has primarily developed commercial office complexes across the Delhi-NCR region and has recently ventured into residential development. The revival of the Delhi One project marks a significant milestone in this expansion, particularly in the context of high-value mixed-use projects.

The move also reflects a broader trend within the real estate sector, where established developers are increasingly taking over stalled or delayed projects through structured resolution mechanisms. This not only helps unlock the potential of prime land parcels but also provides relief to homebuyers and investors who had earlier committed funds to such developments.

The company has not disclosed specific timelines for the delivery of various components of the Delhi One project. However, it is expected that the residential and commercial segments will be developed in phases, allowing for a structured rollout of sales and leasing activities.

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