+
Max Estates to take over Delhi One project; will pay Rs 6.13 billion
Real Estate

Max Estates to take over Delhi One project; will pay Rs 6.13 billion

Max Estates, the real estate division of Max Group, has secured approval from the Noida authority to take over the stalled 'Delhi One' commercial project in Sector 16B, Noida. The company will settle Rs 6.13 billion in dues owed to the authority as part of the resolution plan. In February 2023, the National Company Law Tribunal (NCLT) approved Max Estates? plan to develop the 34,697 square meter commercial plot. The NCLT required Max to obtain the Noida authority's approval for the project. Originally, the Noida authority had Rs 9.32 billion in dues associated with the project. Max Estates, under the resolution plan, proposed paying approximately Rs 3.25 billion. However, Max Estates has now agreed to increase this amount, offering to pay Rs 5.42 billion over three years, totalling Rs 6.13 billion including interest. The company will make a 25% upfront payment.

The 'Delhi One' project, which spans 12.5 acres, has the potential to expand Max Estates? portfolio by adding 2.5?3 million square feet of new development. Originally initiated by the 3C Group, the project had stalled due to insolvency.

Max Estates is expected to invest around Rs 20 billion to develop 2.8 million square feet of Grade A office space and serviced apartments. Currently, the project includes four operational towers, with additional commercial and serviced apartment towers under construction. A retail block is also being developed, with nearly 50% of the civil work on the new towers completed. The project?s remaining approvals are anticipated to take between six months to a year. (ET)

Max Estates, the real estate division of Max Group, has secured approval from the Noida authority to take over the stalled 'Delhi One' commercial project in Sector 16B, Noida. The company will settle Rs 6.13 billion in dues owed to the authority as part of the resolution plan. In February 2023, the National Company Law Tribunal (NCLT) approved Max Estates? plan to develop the 34,697 square meter commercial plot. The NCLT required Max to obtain the Noida authority's approval for the project. Originally, the Noida authority had Rs 9.32 billion in dues associated with the project. Max Estates, under the resolution plan, proposed paying approximately Rs 3.25 billion. However, Max Estates has now agreed to increase this amount, offering to pay Rs 5.42 billion over three years, totalling Rs 6.13 billion including interest. The company will make a 25% upfront payment. The 'Delhi One' project, which spans 12.5 acres, has the potential to expand Max Estates? portfolio by adding 2.5?3 million square feet of new development. Originally initiated by the 3C Group, the project had stalled due to insolvency. Max Estates is expected to invest around Rs 20 billion to develop 2.8 million square feet of Grade A office space and serviced apartments. Currently, the project includes four operational towers, with additional commercial and serviced apartment towers under construction. A retail block is also being developed, with nearly 50% of the civil work on the new towers completed. The project?s remaining approvals are anticipated to take between six months to a year. (ET)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code