Max Estates, the property arm of the Max Group, has completed the acquisition of Boulevard Projects Private Limited, pursuant to a resolution plan approved by NCLT and NCLAT, which will help completing a stuck project in Noida.
About 240 buyers, who had invested in the project for nearly a decade, will be able to get possession of the property.
The developer will have to clear Rs 1,400 crore dues to the Noida authority, lender and buyers in a staggered manner and will have to invest another Rs 1,500 crore to complete the project.
“With this, 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,” said Sahil Vachani, Vice Chairman and managing director, Max Estates.
In February 2023, the National Company Law Tribunal (NCLT) had approved a resolution plan for Max for developing a commercial plot measuring 34,697 sq mtrs in Noida under the project name ‘Delhi One’.
The tribunal had asked the developer to seek the authority's approval for implementing the plan.
The Noida Authority needed to recover dues of about Rs 932 crore on the project, but as per the resolution plan, Max had to pay around Rs 325 crore.
In October 2024, Noida authority gave its approval and asked the developer to pay Rs 613 crore over the period of three years and the company had to deposit 25% upfront.
CBRE was the transaction advisor for the deal.
This project has the potential to add 2.5 million sq ft of additional development footprint to the portfolio of Max Estates of which about 1.2 million sq ft is unsold.
Max will develop 500,000 sq ft of residential and balance will be commercial and retail, which will add Rs 120 crore of rental income to company’s portfolio.
The company is expecting Rs 2,000 crore revenue, of which Rs 500 crore is receivable from existing customers while Rs 1,500 crore will be from fresh sale.
It will deliver the project in 3-5 years.
The Delhi One project was started by the 3C group, which later went into insolvency.
There are already four operational towers in the complex; one serviced apartment tower, and four commercial towers are under construction.
Additionally, one retail block is under construction, and nearly half of the civil work is complete in the under-construction towers.
Bulk of the superstructure for various buildings was already complete before the project stalled.
About 240 buyers, who had invested in the project for nearly a decade, will be able to get possession of the property.
The developer will have to clear Rs 1,400 crore dues to the Noida authority, lender and buyers in a staggered manner and will have to invest another Rs 1,500 crore to complete the project.
“With this, 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,” said Sahil Vachani, Vice Chairman and managing director, Max Estates.
In February 2023, the National Company Law Tribunal (NCLT) had approved a resolution plan for Max for developing a commercial plot measuring 34,697 sq mtrs in Noida under the project name ‘Delhi One’.
The tribunal had asked the developer to seek the authority's approval for implementing the plan.
The Noida Authority needed to recover dues of about Rs 932 crore on the project, but as per the resolution plan, Max had to pay around Rs 325 crore.
In October 2024, Noida authority gave its approval and asked the developer to pay Rs 613 crore over the period of three years and the company had to deposit 25% upfront.
CBRE was the transaction advisor for the deal.
This project has the potential to add 2.5 million sq ft of additional development footprint to the portfolio of Max Estates of which about 1.2 million sq ft is unsold.
Max will develop 500,000 sq ft of residential and balance will be commercial and retail, which will add Rs 120 crore of rental income to company’s portfolio.
The company is expecting Rs 2,000 crore revenue, of which Rs 500 crore is receivable from existing customers while Rs 1,500 crore will be from fresh sale.
It will deliver the project in 3-5 years.
The Delhi One project was started by the 3C group, which later went into insolvency.
There are already four operational towers in the complex; one serviced apartment tower, and four commercial towers are under construction.
Additionally, one retail block is under construction, and nearly half of the civil work is complete in the under-construction towers.
Bulk of the superstructure for various buildings was already complete before the project stalled.
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