Max Estates takes over stalled Delhi One project in Noida Sector 16

Realty firm Max Estates Limited on Thursday said it has taken over the stalled Delhi One project in Noida and is restarting construction work, after it received approvals from the National Company Law Tribunal (NCLT) and the Appellate Tribunal (NCLAT), ending a seven-year impasse for the project.

Max Estates said it will move the 240 homebuyers into one serviced-apartment tower. Two other residential towers will now be used for office spaces, and the hotel that was planned earlier will also be turned into an office building. The retail area will be redesigned, and buyers will get new commercial spaces that are 1.4 times bigger than what they originally booked.

“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 National Capital Region. 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,” said Sahil Vachani, vice chairman and managing director of the Max Estates.

Delhi One is located on a 10-acre plot in Noida Sector 16B, next to the DND Flyway. It will be developed as a high-end project with luxury serviced apartments, premium office buildings, branded retail shops, and a private club. The total income expected from selling the property is more than ₹2,000 crore: ₹500 crore from existing buyers and ₹1,500 crore from fresh sales. Rental income is estimated to cross ₹120 crore per year.

Work on different parts of the project will be completed in phases over the next two to four years.

Three C had launched Delhi One but it got stuck for years due to financial problems. Max Estates took over the company in February 2023 through the insolvency process and received final approval in October 2024.

The Noida authority had claimed ₹932 crore in dues from the earlier developer. But after several meetings and a revised offer, the authority agreed to settle at ₹613 crore. Max will pay 25% upfront and has been given a three to five year deadline to complete the project without time-extension charges.

Currently, four towers are operational in Delhi One. Construction is on for one serviced apartment tower, four commercial towers, and a retail block, where nearly half the work is done.

“This Delhi One project is going to impact the Noida and NCR market in a big way, and all our stakeholders will get the benefit. We aim to deliver it in 3-5 years’ time, and it will be a world class project offering excellent quality,” said Rishi Raj, chief operating officer of Max Estates.