Max Estates growth surges with record pre-sales and strategic acquisitions in Delhi NCR

Max Estates Limited has marked a significant milestone in its growth trajectory with exceptional performance in the first nine months of the financial year 2025. The company has surpassed its full-year pre-sales guidance within just nine months, achieving an impressive INR 5,200 crore in bookings. This growth reflects the company’s robust real estate development strategy, underpinned by strategic land acquisitions and a diversified portfolio across residential, commercial, and mixed-use developments. As urbanisation accelerates in the National Capital Region (NCR), Max Estates Limited is poised to capitalise on emerging opportunities through its strong pipeline of projects.

What is driving Max Estates growth in 2025?

The key driver behind Max Estates growth in 2025 is its strategic approach to land acquisitions and project diversification. The company recently acquired 10.33 acres of prime land in Sector 105 along the Noida-Greater Noida Expressway for approximately INR 711 crore. This land parcel, with a development potential of around 2.6 million square feet, will feature a mixed-use project comprising residential and commercial spaces in a 40:60 ratio. The project is expected to generate a gross development value (GDV) exceeding INR 3,000 crore, with an annuity rental income potential of over INR 140 crore.

In addition to this, Max Estates received approval from the National Company Law Appellate Tribunal (NCLAT) for its Delhi One project in Sector 16B, Noida. Spanning 34,697 square metres, this mixed-use development has a GDV potential of over INR 1,500 crore and is projected to deliver an annuity income of approximately INR 120 crore from leased spaces. The project also anticipates receivables of INR 500 crore from previously sold inventory. These strategic developments highlight the company’s focus on expanding its footprint in high-growth corridors within the Delhi NCR region.

How is Max Estates performing in the residential real estate segment?

Max Estates Limited has demonstrated strong performance in the residential real estate segment, with its projects in Noida and Gurugram witnessing high demand. The Estate 128 project in Noida, particularly Phase II, surpassed its pre-sales booking target by achieving INR 869 crore, exceeding the original guidance of INR 800 crore. Phase II also recorded a price premium of over 40% compared to Phase I, reflecting the increasing demand for premium, well-designed residential spaces. The combined phases of Estate 128 will consist of four towers with 268 units spread across 10 acres, with a total booking value of approximately INR 2,730 crore.

In Gurugram, the Estate 360 project achieved pre-sales bookings worth INR 4,325 crore, with 90% of the units already sold. This project, positioned as Delhi NCR’s first large-scale intergenerational community, has received positive market reception, underscoring Max Estates’ ability to align its offerings with evolving consumer preferences. The company’s residential launch pipeline exceeds 7 million square feet, with a GDV potential of over INR 14,000 crore scheduled for FY26 and FY27, indicating a strong growth outlook in the coming years.

What are the key highlights of Max Estates’ commercial real estate portfolio?

Max Estates growth is also evident in its commercial real estate portfolio, where the company is consolidating its presence in key markets. The company is in the process of acquiring three floors in Max Towers, Noida, from Max India Limited for INR 105.08 crore. This acquisition is part of Max Estates’ strategy to strengthen its operational control and enhance the value of its premium commercial properties.

Max Square, another flagship commercial project, has achieved an impressive 93% occupancy rate within a year of its launch. The property commands a rental premium of over 30% compared to the micro-market average, reflecting strong leasing demand. The company’s overall commercial portfolio is expected to deliver annuity rental income exceeding INR 700 crore over the next five years, supported by a mix of completed, under-construction, and newly acquired assets. This diversified commercial portfolio positions Max Estates to benefit from the growing demand for high-quality office spaces in the NCR region.

How do Max Estates’ financials reflect its real estate development strategy?

The financial performance of Max Estates Limited for the first nine months of FY25 underscores the company’s robust growth strategy. Consolidated revenue stood at INR 121 crore, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached INR 35 crore. The company reported a profit before tax (PBT) of INR 16 crore and a profit after tax (PAT) of INR 12 crore during this period.

Lease rental income from key commercial assets, including Max Towers, Max House, and Max Square, increased by 87% year-on-year to INR 83 crore. This growth highlights the strong leasing traction and the company’s focus on enhancing rental income streams. Max Asset Services, the company’s real estate management arm, contributed INR 30 crore in revenue during the same period.

Max Estates maintains a healthy balance sheet, with cash and cash equivalents of INR 1,613 crore as of December 2024. The company’s total debt stood at INR 1,125 crore, including lease rental discounting (LRD) facilities of INR 800 crore, resulting in a net cash surplus of INR 309 crore. This strong financial position provides the company with the flexibility to pursue new growth opportunities and scale its operations across the NCR region.

What are the growth prospects for Max Estates in Delhi NCR?

The growth prospects for Max Estates Limited in the Delhi NCR region remain strong, supported by favourable market dynamics and the company’s strategic initiatives. According to Sahil Vachani, Vice Chairman and Managing Director of Max Estates, the Indian residential real estate market is poised for sustained growth, driven by improved affordability, a growing upper-middle-income population, and a shift in consumer preferences towards premium living spaces.

Vachani highlighted that the Delhi NCR region is undergoing significant infrastructure development, including upgrades to airports, road networks, and mass rapid transit systems. These developments are enhancing the region’s connectivity and making it an attractive destination for residential and commercial investments. Max Estates aims to add at least 3 million square feet of new developments annually through joint development agreements (JDAs) and outright acquisitions. This growth strategy aligns with the company’s vision of creating “real well-being in the real estate space” by offering high-quality, sustainable living and working environments.