News: Max Estates to Buy 84.71 Acres in West Delhi-29-08-2026
Max Estates, the real estate arm of the Max Group, will enter Delhi’s residential market by acquiring an 84.71-acre land parcel in West Delhi through a non-cash share swap. The company’s statement put the estimated gross development value (GDV) of the opportunity at Rs 10,000 crore to Rs 12,000 crore over the next few years.
The land is held by nine promoter-owned companies, which Max Estates will take over. In place of cash, it will issue up to 70 lakh equity shares at Rs 597.50 each to their shareholders. The transaction could be worth up to Rs 420.2 crore and is subject to shareholder approval and in-principle approvals from the BSE and National Stock Exchange.
According to the company, the acquisition value works out to about Rs 4.95 crore per acre, significantly below prevailing prices for licensed land. The land cost is under 5% of expected GDV, against the 20-25% typically spent in cash purchases.
The site is connected to the airport by the Urban Extension Road-II (UER-II) expressway, which links Alipur to Mahipalpur via Mundka, Bakkarwala, Najafgarh and Dwarka. The company said it also has Delhi Metro Grey Line access and is within reach of the Dwarka Expressway, the Gurugram border and IGI Airport.
Sahil Vachani, Vice Chairman and Managing Director, Max Estates, called it a "landmark transaction" that gives the company a first foothold in the one core NCR market where it was absent, without deploying any cash. He said the parcel lies at the heart of Delhi’s westward expansion under Master Plan 2047 and offers a multi-year, phase-able pipeline.
Delhi becomes the company’s third core National Capital Region (NCR) market after Noida and Gurugram. Its residential pipeline had a GDV of Rs 16,150 crore as of the second quarter of FY27. The parcel will be developed in phases and could include retail, social and community infrastructure alongside housing.
