29 August,2026 01:09 PM IST | Mumbai | mid-day online correspondent
Max Estates. Picture sourced from X.
Leading real estate developer Max Estates on Saturday has said it has forayed into Delhi's housing market with the acquisition of 84.71 acre land in West Delhi from promoters' land holding entities, according to news agency PTI.
The share-swap deal worth Rs 420 crore is part of the real estate firm's expansion plans and it will develop residential and commercial projects on this land parcel. The company expects to generate a revenue of Rs 10,000-12,000 crore from upcoming projects on the site.
Max Estates has residential projects in Gurugram and Noida markets of Delhi-NCR.
In a regulatory filing on Saturday, Max Estates, the real estate arm of the Max Group, said it has entered into Share Purchase Agreement to acquire the entire ownership interest, in promoter-owned land-holding companies that together own around 84.71-acre land parcel in West Delhi.
"The acquisition is structured non cash share swap transaction wherein the consideration is discharged entirely through the issue of the company's own equity shares, is subject to shareholder approval and in-principle approval of BSE Limited and the National Stock Exchange of India Limited," it said.
The real estate firm will allot about 70 lakh equity shares at an issue price of Rs 597.50 per share, aggregating up to Rs 420.2 crore, to the identified allottees, as per the deal.
The nine land owning companies would become a wholly-owned subsidiary of Max Estates, it added.
Max Estates at present has a strong residential launch pipeline with a total revenue potential of Rs 16,150 crore.
"The company is targeting for next phase of growth in presales and pipeline, a trajectory that requires continuous replenishment of developable land...," it said.
The company is planning an integrated, mixed-format development residential, retail, social and community infrastructure and is expecting 4-6 million square feet of developable area from 85 acre land parcel and a revenue potential of Rs 10,000-12,000 crore, the statement said.
The transaction increases the company's land bank and future revenue pipeline without any release of cash.
According to Sahil Vachani, Vice Chairman and Managing Director, Max Estates, "It gives us our first foothold in Delhi, the one core NCR market we did not yet have a presence in, at a fraction of prevailing land values elsewhere in the region, and without deploying a rupee of cash."
The land parcel are located at the heart of Delhi's westward urban expansion under Master Plan 2047, with strong land-pooling momentum and improving connectivity via UER-II, Dwarka and IGI Airport, he added.
(With inputs from PTI)
