In a landmark development for the National Capital Region’s real estate sector, Max Estates, the real estate arm of the Max Group, has officially taken over the long-stalled Delhi One project in Noida. The acquisition, conducted under the Insolvency and Bankruptcy Code (IBC), marks a significant step forward for both the homebuyers left in limbo for over seven years and the evolving urban landscape of Noida.
The once-ambitious Delhi One project—now set to be reborn as a mixed-use real estate ecosystem—has the potential to generate over INR 2,000 crore in sales and an estimated INR 120 crore annually in rental income upon completion.
A Revived Dream After a Seven-Year Delay
Originally launched in January 2014 by Boulevard Project (BPPL), a special purpose vehicle promoted by the 3C Group, the Delhi One project came to a halt due to severe financial distress, leaving over 240–288 homebuyers without possession for nearly a decade. The strategically located project in Sector 16B, Noida, adjacent to the Delhi-Noida-Direct (DND) Flyway, was once envisioned as a premium address blending luxury residences, high-end offices, and curated retail.
Fast-forward to 2025, Max Estates’ resolution plan—approved by the National Company Law Tribunal (NCLT) in February 2023 and upheld by the National Company Law Appellate Tribunal (NCLAT) in October 2024—has enabled a complete takeover of BPPL, breathing new life into the long-stalled development.
Financial Commitment and Settlement Plan
Under the resolution process, Max Estates will clear dues totaling INR 1,400 crore to stakeholders including the Noida Authority, lenders, and homebuyers in a staggered manner. Notably:
- Homebuyers (unsecured creditors) are allocated INR 602 crore,
- Secured financial creditors will receive INR 158 crore,
- Noida Authority dues—initially pegged at INR 932 crore—were negotiated down to INR 613 crore, to be paid over three years with 25% upfront.
An additional INR 1,500 crore investment will go toward completing the remaining construction and development work.
Scale, Vision, and Strategic Location
Spanning ~12.5 acres (or 34,696 square meters), the Delhi One project is poised to add 2.5 million square feet of prime real estate to Max Estates’ portfolio. This includes:
- 5,00,000 sq. ft. of ultra-luxury serviced residences,
- A balance of commercial and high-street retail space, and
- An exclusive members-only club facility.
Out of this development potential, 1.2 million sq. ft. remains unsold, representing a significant revenue opportunity.
The site benefits from seamless connectivity via DND Flyway and close proximity to key metro stations, reinforcing its appeal for high-end urban living and corporate offices.
A Philosophy of Integrated Urban Living
According to Sahil Vachani, Vice Chairman and Managing Director of Max Estates, the revived Delhi One will not just be a real estate project but a “downtown lifestyle experience”, incorporating the company’s LiveWell, WorkWell, PlayWell, EatWell philosophy.
The development promises to embody green building practices, energy-efficient systems, and biophilic design—an approach focused on wellness, sustainability, and human-centric design. This aligns with a broader industry shift toward integrated, experiential spaces in urban settings.
Market Impact and Investor Sentiment
Following the announcement, Max Estates’ stock saw an immediate 3.84% rise, trading at INR 432.15 per share. The market response reflects growing investor confidence in the company’s capability to execute high-value, high-visibility real estate turnarounds in NCR’s competitive landscape.
Notably, Max Estates has partnered with New York Life Insurance Company on its commercial office platform, providing robust institutional backing as it executes on this complex project.
Final Verdict
With its integrated vision, robust financial structuring, and regulatory green lights now in place, Max Estates’ acquisition and planned revival of Delhi One is likely to emerge as a defining case study in successful real estate resolution under the IBC framework.
It not only delivers long-overdue relief to hundreds of homebuyers but also sets a precedent for how legacy, stalled projects can be strategically repositioned to meet today’s demand for mixed-use urban ecosystems.
As construction resumes and the first phase of delivery is targeted within 3–5 years, Delhi One may well evolve into a benchmark development, cementing Max Estates’ position as one of NCR’s premier real estate developers. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.