Max Estates enters Delhi residential market via ₹420 crore share swap for 84.71 acres
Max Estates will acquire nine land-owning companies holding about 84.71 acres in Sector 3, Najafgarh, Delhi, through a non-cash share swap valued at up to ₹420.23 crore. The move marks the company's entry into the NCT Delhi residential market and is aligned with the Delhi Master Plan 2047.
Max Estates has approved the acquisition of nine companies that collectively hold about 84.71 acres of land in Sector 3, Najafgarh, Delhi, through a non-cash share swap valued at up to ₹420.23 crore, the company said in a regulatory filing. The transaction marks the developer's entry into the NCT Delhi residential market, which Sahil Vachani, vice chairman and managing director, called the one core NCR market where the company did not yet have a presence.
The land platform is expected to provide development potential of about four to six million sq ft and an estimated gross development value (GDV) of about ₹10,000-12,000 crore, according to the company. The proposed development will include residential, retail, social and community infrastructure components.
For the transaction, Max Estates will issue up to 70,33,162 fully paid-up equity shares of face value ₹10 each at an issue price of ₹597.50 per share on a preferential basis for consideration other than cash. The aggregate value of the equity shares proposed to be issued is up to ₹420.23 crore. Upon completion, the nine land-owning companies — Trophy Estates, TVP Investments, Hometrail Properties, TR Asset Ventures, Wegmans Business Park, Seven Heaven Buildmart, Vitasta Estates, Trophy Resorts & Guest Houses and Synergy Infracon — will become wholly-owned subsidiaries of Max Estates.
The company said the acquisition is being undertaken in view of opportunities arising from the Delhi Master Plan 2047, which was notified by the central government on 20 Aug 2026. The master plan provides a framework for planned development of Delhi up to 2047, including development of greenfield areas through land pooling. The land pooling framework enables adjoining land parcels to be brought together for integrated planning of roads, infrastructure and organised development, the company said.
The land has been valued by Cushman & Wakefield India and iVAS Partners. The share-exchange ratio was determined by KPMG Valuation Services, while Motilal Oswal Investment Advisors issued a fairness opinion. According to the company, the implied land value is about ₹4.95 crore per acre, and the estimated land cost is under 5 per cent of GDV, compared with about 20-25 per cent typically seen in cash land purchases.
Vachani said the transaction gives Max Estates its first foothold in Delhi “at a fraction of prevailing land values elsewhere in the region, and without deploying a rupee of cash.” The company said the deal will preserve cash on its balance sheet for other land acquisition opportunities. It had cash and cash equivalents of about ₹1,727 crore as of June 2026.
Max Estates currently has a residential pipeline of about ₹16,150 crore GDV and plans to continue replenishing developable land in NCR, where large contiguous parcels are increasingly scarce, the company said.
