Max Estates Ltd has acquired the stalled ‘Delhi One’ project in Noida through the insolvency process, investing ₹1,400 crore to complete the development.
The project, initiated by Boulevard Projects Pvt Ltd, a Special Purpose Vehicle owned by the promoters of the 3C Group, had been delayed for several years due to financial challenges. Max Estates’ acquisition aims to bring the project to fruition, benefiting both investors and the local community.The ‘Delhi One’ project is located in Sector 16B of Noida and spans approximately 34,697 square meters. It is planned as a mixed-use development comprising luxury serviced residences, premium office spaces, and retail areas, with a total development potential of around 2.8 million square feet. The project is expected to generate a total sales potential of approximately ₹2,000 crore, along with an annuity rental income potential of around ₹120 crore.
Max Estates received approval from the National Company Law Tribunal (NCLT) in February 2023 and the National Company Law Appellate Tribunal (NCLAT) in October 2024 for the acquisition. The company has successfully completed the acquisition of 100% equity share capital of Boulevard Projects Pvt Ltd by allotting 34,000 fresh equity shares to the company and its nominees, effective April 23, 2025.The acquisition includes the settlement of outstanding liabilities, with Max Estates agreeing to pay ₹613 crore to the Noida Authority, reducing the original dues from ₹932 crore. The company has also committed to completing the development of the project, which includes four operational towers, additional commercial and serviced apartment towers under construction, and a retail block.
Nearly 50% of the civil work on the new towers has been completed.
This acquisition aligns with Max Estates’ strategy to expand its real estate business and enhance its portfolio in the Delhi-NCR region. The company has previously developed office complexes in Delhi-NCR and has now entered the residential segment as well. The completion of the ‘Delhi One’ project is expected to contribute significantly to the company’s growth and provide a high-quality mixed-use development in Noida.
Max Estates Takes Over Delhi One Project
