Max Estates Secures Noida Authority Approval for Delhi One Project Takeover

Project Overview and Approval

Max Estates, the real estate arm of the Max Group, has successfully obtained approval from the Noida Authority to take over the 'Delhi One' commercial project in Sector 16B, Noida. This comes after the company agreed to settle dues totaling ₹613 crore.

Background and NCLT Approval

In February 2023, the National Company Law Tribunal (NCLT) approved a resolution plan for Max Estates to develop a 34,697 sq meter commercial plot under the 'Delhi One' project. The NCLT required Max Estates to secure the Noida Authority’s approval for this plan.

Financials: Dues and Payment Plan

• Total Project Dues: ₹932 crore
• Initial Offer by Max Estates: ₹325 crore
• Revised Offer: ₹542 crore over three years (58% of total dues)
• Final Payment (Including Interest): ₹613 crore
• Upfront Payment: 25% of the total amount

The Noida Authority has confirmed the approval of Max Estates' revised payment proposal.

Potential Development and Future Plans

The 'Delhi One' project, originally initiated by the 3C group, is spread across 12.5 acres and has the potential to add 2.5-3 million square feet to Max Estates' development portfolio.

Due to significant increases in construction costs since the project’s initial approval in 2019, Max Estates may consider revising the original development plans. Experts anticipate that the necessary approvals could take between six months to a year.