Max Estates enters Delhi’s residential market; acquires 84.7 acres via ₹420 cr share swap

Max Estates, the real estate arm of the Max Group, has entered Delhi’s residential market with the acquisition of around 84.71 acres of land in West Delhi through a non-cash share swap. The transaction is expected to unlock an estimated gross development value (GDV) of ₹10,000-12,000 crore, it said in a release today.

As per the company, it has entered into a share purchase agreement to acquire 100% ownership of nine land-holding companies that collectively own the parcel. The transaction will be funded entirely through the issue of up to 70 lakh equity shares at ₹597.50 apiece, translating into a consideration of around ₹420.2 crore. The deal is subject to shareholder approval and in-principle approvals from the BSE and NSE.

“This is a landmark transaction for Max Estates. It gives us our first foothold in Delhi — the one core NCR market where we did not yet have a presence — at a fraction of prevailing land values elsewhere in the region, and without deploying a rupee of cash,” said Sahil Vachani, Vice Chairman & Managing Director, Max Estates.

“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,” he added.

Vachani added that the size of the parcel would provide a multi-year, phase-able pipeline while improving land-bank visibility for the company.

Unlocks ₹10,000-12,000 crore GDV opportunity

The 84.71-acre parcel is expected to provide a multi-year, phase-wise development opportunity. Max Estates estimates that the land could support 4-6 million sq ft of developable area, with an overall GDV of ₹10,000-12,000 crore.

The company said the acquisition has been valued at around ₹4.95 crore per acre, significantly below prevailing licensed land values. The land cost is estimated at less than 5% of GDV, compared with around 20-25% typically associated with cash-based land purchases.

The scale of the parcel also gives the developer the flexibility to undertake successive residential launches and potentially create an integrated development incorporating retail, social and community infrastructure.

Max Estates said the transaction will add to its residential pipeline at a time when large, contiguous land parcels in Delhi are increasingly scarce. Its existing residential pipeline stood at around ₹16,150 crore of GDV as of Q2 FY27.

No cash outflow for acquisition

As per the release, Max Estates will not deploy cash from its balance sheet to acquire the land. Instead, the consideration will be discharged through a preferential allotment of around 70 lakh fully paid-up equity shares to the shareholders of the land-owning companies.

The company had cash and cash equivalents of around ₹1,727 crore as of June 2026. It said the structure will allow it to preserve liquidity for other land acquisition opportunities being evaluated across Noida, Gurugram and other strategic markets.