Max Estates, the real estate arm of the Max Group, has announced its entry into the Delhi real estate market's residential segment with plans to acquire an 84.71-acre land parcel in West Delhi through a non-cash share swap deal.
The transaction is expected to unlock a development opportunity with an estimated gross development value (GDV) of ₹10,000 crore to ₹12,000 crore over the next few years, according to the company statement.
The company will acquire the land by taking over nine promoter-owned companies that hold the parcels. Instead of paying cash for the land, Max Estates will issue up to 70 lakh equity shares at ₹597.50 per share to the shareholders of these land-owning companies. The total transaction value could be up to ₹420.2 crore, subject to shareholder approval and in-principle approvals from the BSE and National Stock Exchange.
In simple terms, the landowners will receive shares in Max Estates in exchange for their ownership of the companies holding the land. This means Max Estates will not have to make a cash payment from its balance sheet for the acquisition.
The land is located in West Delhi is directly connected from airport by the Urban Extension Road-II (UER-II) expressway connecting Alipur to Mahipalpur via Mundka, Bakkarwala, Najafgarh and Dwarka. According to the company, the location also has established public-transit access via the Delhi Metro Grey Line, and lies within reach of the Dwarka Expressway, the Gurugram border and IGI Airport.
{{/usCountry}}The land is located in West Delhi is directly connected from airport by the Urban Extension Road-II (UER-II) expressway connecting Alipur to Mahipalpur via Mundka, Bakkarwala, Najafgarh and Dwarka. According to the company, the location also has established public-transit access via the Delhi Metro Grey Line, and lies within reach of the Dwarka Expressway, the Gurugram border and IGI Airport.
{{/usCountry}}According to the company, the land acquisition value works out to about ₹4.95 crore per acre, which it said is significantly lower than prevailing prices for licensed land. The estimated land cost is also less than 5% of the expected GDV, compared with the 20-25% typically spent on land in cash purchases.
“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. The land parcel sits 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. 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," said Sahil Vachani, Vice Chairman and Managing Director, Max Estates.
The transaction will mark Max Estates’ entry into Delhi as its third core National Capital Region (NCR) market, after Noida and Gurugram. The company currently has a residential development pipeline with a GDV of ₹16,150 crore as of the second quarter of FY27 and is looking to expand its future project pipeline.
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The 84.71-acre parcel will be developed in phases over several years and could include residential projects along with retail, social and community infrastructure. Max Estates said the large land parcel will provide it with a long-term pipeline while allowing the company to preserve cash for other land acquisition opportunities.