Realty firm Max Estates Ltd has acquired an 84.71-acre land parcel in West Delhi from promoter-owned land-holding entities through a Rs 420 crore share-swap deal. The company plans to develop residential and commercial projects on the site and expects the upcoming developments to generate revenue of Rs 10,000-12,000 crore.
With the acquisition, Max Estates has now entered Delhi’s housing market. Meanwhile, the company already maintains a residential presence in the Gurugram and Noida markets across the Delhi-NCR region.
In a regulatory filing on Saturday, Max Estates said it had signed a share purchase agreement to acquire 100 percent stakes in nine promoter-owned land-holding companies. Together, these companies own the 84.71-acre land parcel.
Max Estates will fund the transaction by issuing equity shares instead of making a cash payment. Under the agreement, the company will allot around 70 lakh equity shares at an issue price of Rs 597.50 per share to identified allottees, taking the total consideration to approximately Rs 420.2 crore.
Following the transaction, the nine land-owning companies will become wholly owned subsidiaries of Max Estates.
The firm said the acquisition will further support its growth strategy as it continues to expand its residential development pipeline. Meanwhile, the realty firm currently has a strong residential launch pipeline with a total revenue potential of Rs 16,150 crore.
“The company is targeting the next phase of growth in presales and pipeline, a trajectory that requires continuous replenishment of developable land…,” the company said.
The real estate company plans to develop an integrated, mixed-format project on the land, combining residential, retail, social, and community infrastructure. The development will create an estimated 4-6 million sq ft of developable area and carry a revenue potential of Rs 10,000-12,000 crore.
The transaction will also expand Max Estates’ land bank and future revenue pipeline without requiring any cash outflow.
Sahil Vachani, Vice Chairman & Managing Director, Max Estates, said, “This is a landmark transaction for 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.”
Vachani added that the land parcels sit at the heart of Delhi’s westward urban expansion under Master Plan 2047. He also highlighted the area’s strong land-pooling momentum and improving connectivity through UER-II, Dwarka and IGI Airport.
“At this scale, the parcel gives us a multi-year, phase-able pipeline that directly addresses the land-bank visibility while remaining significantly accretive for all our shareholders,” Vachani said.
The acquisition strengthens Max Estates’ presence across the Delhi-NCR real estate market and provides the company with a multi-year development pipeline in Delhi. The company is one of the leading real estate developers in the country.
