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)
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