Max Estates, the real estate arm of the Max Group, will enter the Delhi residential market by acquiring an 84.71-acre land parcel in West Delhi through a non-cash share swap to take control of nine promoter-owned companies. The company will issue up to seven million (mn) equity shares at Rs597.50 per share to those shareholders, removing the need for a cash payment and preserving liquidity for other opportunities. The structure transfers ownership of the land-holding companies to Max Estates without an upfront cash outlay and remains subject to shareholder approval. The transaction could be valued at up to Rs4.202 billion (bn), subject to shareholder approval and in-principle clearances from the BSE and the National Stock Exchange. The acquired land is expected to unlock a gross development value of Rs100 billion (bn) to Rs120 billion (bn) over the next few years, according to the company, providing a substantial multi-year pipeline for residential development. Max Estates indicated that the scale and location of the parcel are intended to be accretive for shareholders while allowing phased delivery. The parcel is served by the Urban Extension Road-II and is within reach of the Delhi Metro Grey Line, the Dwarka Expressway, the Gurugram border and Indira Gandhi International Airport, offering strong transit connectivity. The company reported the acquisition value at about Rs49.5 mn per acre, which it said is significantly lower than prevailing prices for licensed land and amounts to less than five per cent of the expected GDV. The location was described by the company as aligned with westward urban expansion under the city master plan and supported by land-pooling momentum. Planned development over several years could include residential projects alongside retail and social and community infrastructure, allowing phased delivery and long-term visibility on supply. The deal will mark Max Estates' entry into Delhi as its third core National Capital Region market after Noida and Gurugram and will augment a residential development pipeline with a GDV of Rs161.5 bn as of the second quarter of FY27. The company characterised the acquisition as a strategic means to secure a substantial land bank without immediate cash expenditure.