Max Estates Limited, the real estate arm of the Max Group, has officially taken over the long-stalled ‘Delhi One’ project in Noida’s Sector 16B. After receiving approvals from the National Company Law Tribunal (NCLT) and the Appellate Tribunal (NCLAT), the company is set to restart construction, bringing relief to numerous homebuyers affected by the project’s seven-year delay .
Background and Acquisition
Originally launched in January 2014 by the 3C Group, the ‘Delhi One’ project was envisioned as a mixed-use development featuring luxury serviced apartments, a five-star hotel, and commercial office spaces. However, financial difficulties led to the project’s stagnation. In February 2023, Max Estates acquired the project through insolvency proceedings, aiming to rejuvenate the development.
Financial Settlement and Project Plan
The Noida Authority had initially claimed dues amounting to ₹932 crore from the previous developer. After extensive negotiations, Max Estates agreed to a settlement of ₹613 crore, which includes both principal and interest payments. The company will make a 25% upfront payment, with the remaining amount to be paid over the next three years.
The revised resolution plan includes significant changes to the original project design.
- The planned five-star hotel will be converted into a commercial office tower.
- Two residential towers will also be repurposed for office use.
- The 240 existing homebuyers will be accommodated in one serviced-apartment tower.
- Retail spaces will be redesigned, offering buyers commercial spaces approximately 1.4 times larger than their original bookings .
Development Timeline and Expectations
Max Estates plans to complete different components of the project in phases over the next two to four years. The development spans 12.5 acres and is expected to add approximately 2.8 million square feet of Grade A office space and serviced apartments to Max Estates’ portfolio. The company anticipates generating over ₹2,000 crore in sales revenue and an annual rental income exceeding ₹120 crore.
Currently, four towers are operational within the ‘Delhi One’ complex. Construction is underway for one serviced apartment tower, four commercial towers, and a retail block, with nearly 50% of the civil work completed.
Stakeholder Perspectives
Sahil Vachani, Vice Chairman and Managing Director of Max Estates, expressed optimism about the project’s revival.
“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 National Capital Region. 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.”
The Noida Authority has granted Max Estates a three-year extension to complete the project without incurring time-extension fees. Beyond this period, penalties will apply for any delays.
