Max Estates revives stalled Delhi One Project in Noida, eyes Rs 2,000-cr sales potential

In a major development for the National Capital Region’s (NCR) real estate market and offering much-needed relief to homebuyers, Max Estates Limited (Max Estates) has successfully taken over the long-stalled Delhi One project of Boulevard Projects Private Limited (BPPL) in Noida. The acquisition, finalized under the aegis of the Insolvency and Bankruptcy Code (IBC), unlocks a substantial development potential of approximately 2.5 million sq. ft. and is estimated to generate a sales potential of over ₹2,000 Crore and an annuity rental income of more than ₹120 Crore.  

The resolution amount was Rs 1,118 crore with unsecured creditors (homebuyers) receiving Rs 602 crore and secured financial creditors receiving Rs 158 crore. An amount of Rs 325 crore has been set aside for Noida Development Authority.

The Delhi One project, strategically located at the edge of South Delhi and enjoying seamless connectivity via the Delhi-Noida-Direct (DND) Flyway and proximity to key metro stations, had been stalled for seven years, leaving numerous homebuyers in limbo. Max Estates’ takeover of ‘Boulevard Projects Private Limited (BPPL)’, the entity behind Delhi One, marks a crucial turning point for the project and its stakeholders.  

The envisioned Delhi One is an ambitious integrated mixed-use development that will encompass ultra-luxury serviced residences, premium office spaces, curated high street retail, and exclusive club facilities. Max Estates, a prominent real estate developer in the NCR, secured the final approvals from the National Company Law Tribunal (NCLT) in February 2023 and the National Company Law Appellate Tribunal (NCLAT) in October 2024, paving the way for this acquisition.

Sahil Vachani, Vice Chairman and Managing Director of Max Estates, expressed his enthusiasm about the development, stating, “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 NCR. 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.”

Aligning with Max Estates’ focus on holistic wellbeing in real estate, the Delhi One project will be developed with a strong emphasis on sustainability and occupant well-being. Plans include integrating green building practices, energy-efficient systems, and biophilic design principles. The development will also seamlessly blend art and nature into the spatial experience, fostering an inspiring and mindful community.

The ultra-luxury serviced residences will be designed to maximize space, natural light, and comfort, offering residents the flexibility to personalize their living spaces. On the commercial front, the premium office spaces will feature flexible layouts, state-of-the-art technology, and collaborative zones, catering to a diverse range of businesses.

This takeover not only promises to revive a strategically important real estate project in Noida but also solidifies Max Estates’ position as a leading premium developer in the NCR, bringing its expertise in both commercial and high-end residential segments to create a landmark integrated development.  

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