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)

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

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)

Next Story
Infrastructure Transport

Anji Khad Bridge, India's First Cable-Stayed Rail Bridge Ready in J&K

Indian Railways has completed the Anji Khad Bridge, India’s first cable-stayed rail bridge, located in the Reasi district of Jammu and Kashmir. A critical component of the ambitious Udhampur-Srinagar-Baramulla Rail Link (USBRL) Project, this engineering marvel connects Katra and Reasi, promising enhanced regional connectivity and economic growth.Spanning 725.5 metres, the bridge features a 193-metre-tall main pylon, soaring 331 metres above the riverbed. Its design allows it to withstand wind speeds of up to 213 km/h and safely support train operations at speeds of 100 km/h.Constructed in th..

Next Story
Infrastructure Urban

Exporters Raise Logistics Costs Concerns with Piyush Goyal

Exporters and freight agencies have voiced concerns over high terminal handling charges at ports and the underutilisation of dry ports, adding to India’s overall logistics costs. During a meeting with Commerce and Industry Minister Piyush Goyal, they highlighted that the fees charged by shipping terminals for container storage and positioning before loading exceed port charges by Rs 10,000-15,000 per consignment. The discussion focused on logistics and shipping challenges, with the government actively working to reduce costs across the supply chain, according to an official. India is targe..

Next Story
Infrastructure Transport

Government to Revamp UDAN Scheme with Focus on Airport Readiness

The Indian government is set to revamp its regional air connectivity scheme, UDAN (Ude Desh ka Aam Nagrik), by prioritising airport readiness before inviting airlines to bid for operating routes. Financial support for the development of unserved airports and airstrips across the country is expected to be a key focus in the upcoming budget, along with stricter assessments of route feasibility, according to sources. Launched in 2017 to boost air travel in the world’s fastest-growing aviation market, the UDAN scheme caps airfares and provides subsidies to airlines for operating on less frequen..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000