New Delhi, April 24 -- Real estate developer Max Estates Ltd has acquired a stalled property project in Noida after receiving final approval from the corporate dispute resolution authorities.
The NCR-based firm received the green light from both the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to take over Boulevard Projects Pvt Ltd (BPPL) for a total capital commitment of Rs 1,400 crore, according to an exchange filing. This amount includes the settlement of all outstanding liabilities. Following the acquisition, BPPL is now a wholly-owned subsidiary of Max Estates.
Max Estates will now revive the long-delayed Delhi One project, which is located adjacent to south-eastern Delhi and has been stalled for the past seven years. Specializing in premium commercial and high-end residential real estate, Max Estates plans to develop 2.5 million square feet as part of the project, which will have ultra-luxury residences, premium office spaces, etc.
The development is projected to generate over Rs 2,000 crore in total sales and has the potential to earn an annual rental income exceeding Rs 120 crore.
Founded in 2010, BPPL is involved in real estate and infrastructure development, with its registered office in Delhi. The company reported a turnover of Rs 36.57 lakh in FY23, but had no revenue in FY24 and FY25 due to suspended business operations, as per the filing.
As of March 2024, Max Estates reported consolidated revenue of Rs 92 crore and a net loss of Rs 55 crore, as per VCCEdge, the data research platform of VCCircle.
In 2021, Max Estates' MD and CEO Sahil Vachani had told VCCircle about the company's plans to enter the residential real estate segment with an initial investment of Rs 1,000 crore, focusing primarily on the Delhi-NCR region.
The company currently has a market capitalization of nearly Rs 7,000 crore, as per the BSE.
Published by HT Digital Content Services with permission from VC Circle.