Max Estates acquires stalled 'Delhi One' project, to invest ₹1,400 crore

Realty firm Max Estates Ltd on Thursday announced it has taken over the stalled 'Delhi One' project in Noida through the insolvency process and will invest ₹1,400 crore to develop this mixed-use property.In a regulatory filing on Thursday, Max Estates said it has taken over Boulevard Projects Pvt Ltd to revive Delhi One project in Noida, after 7 long years of wait.Max Estates said it has successfully completed the acquisition of 100 per cent equity share capital of Boulevard Projects Pvt Ltd by way of allotment of 34,000 fresh equity shares to the company and its nominees, effective April 23, 2025. ALSO READ: Focused on becoming clear number 2 brand in NCR: Max Estates' Sahil VachaniThe project is an integrated mixed-use development that will have ultra-luxury serviced residences, premium office spaces, and retail spaces.Max Estates had received final approval from NCLT and NCLAT on February 2023 and October 2024, respectively."The company is acquiring the Delhi One Project pursuant to a Resolution Plan, and the total capital commitment, including settlement of outstanding liabilities, is estimated to be ₹1,400 crore," Max Estates said.This strategic acquisition offers a significant development potential of about 2.5 million square feet, inclusive of already sold units."The project is expected to generate a total sales potential of approximately Rs 2,000 crore, along with an annuity rental income potential of around ₹120 crore," Max Estates said.The company said the acquisition of this stalled project is in line with its strategy to expand real estate business.Max Estates has developed a few office complexes in Delhi-NCR and has entered the residential segment as well.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Economic Times

15 minutes ago

• Economic Times

Higher crude oil prices a net positive for upstream cos, possibly for OMCs too: Kotak Equities

The recent rise in crude oil prices may prove beneficial not only for upstream oil companies but also for oil marketing companies (OMCs), according to a report by domestic brokerage firm Kotak Institutional Equities. ADVERTISEMENT In a recent note, the brokerage highlights that the latest rally in oil prices, with Brent crude being up 15% since early June, could aid upstream companies such as ONGC and Oil India by lifting their net realizations and earnings. "Brent has moved up to US$85/bbl from US$74/bbl earlier in the month," the brokerage said, adding that every US$1/bbl increase in Brent prices adds Rs 2.4–2.5/share to ONGC's EPS and Rs 3.5–4/share to Oil India's EPS, assuming no changes in government levies. According to Kotak, ONGC's base case assumes an oil price of US$80/bbl Interestingly, the brokerage also sees the potential for OMCs to benefit from higher oil prices under current market conditions. 'Oil marketing companies (BPCL, HPCL, IOCL) may benefit too, if the government maintains current pump prices,' Kotak stated. The report notes that despite the recent increase in Brent prices, auto fuel prices have remained unchanged in India, implying potential margin expansion for OMCs. ADVERTISEMENT "OMCs are seeing marketing margins rise to Rs 5.6/liter for diesel and Rs 7/liter for petrol," the report stated, assuming average Brent at US$85/bbl and a USD/INR exchange rate of Kotak points out that HPCL's marketing EBITDA was Rs 3.5/liter in FY24, suggesting that current margin levels may offer substantial upside if they persist. The firm acknowledges that while refining margins remain modest, the improving marketing profitability may offset those concerns. ADVERTISEMENT On refining, the brokerage notes that gross refining margins (GRMs) continue to be relatively weak, with Singapore complex GRM currently at US$3.5–4/bbl, and diesel cracks at US$13–14/bbl, which are below seasonal averages. Also read: HDB Financial Services GMP at 6.3% ahead of IPO. What should investors do? ADVERTISEMENT Nevertheless, the note emphasizes that product cracks are not as weak as GRMs suggest, and that the margins are still acknowledging the volatility in the crude market, Kotak Institutional Equities underlines that higher oil is unequivocally good for upstream companies and may not hurt OMCs in the near term either. ADVERTISEMENT The brokerage firm also stated that it continues to prefer ONGC and Oil India among upstream players and maintains a 'buy' rating on both stocks. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)

Economic Times

15 minutes ago

• Economic Times

IdeaForge bags around Rs 137 crore drone order from Indian Army

Drone technology firm ideaForge Technology has secured an order worth about Rs 137 crore for hybrid mini unmanned aerial vehicles systems from the Indian Army through the emergency procurement route, the company said on Monday. ideaForge said a key requirement during the assessment for the selection of unmanned aerial vehicles (UAV) was that all critical sub-components must be sourced from non-border-sharing nations, and that the platform be substantially indigenous in capability and design. "ideaForge Technology has secured a significant win through the emergency procurement route. The order, valued at approximately Rs 137 crore, has been placed by the Indian Army for its high-performance hybrid Mini UAV systems, which are already battle-tested and inducted into the Army's inventory for ISR (Intelligence, Surveillance, and Reconnaissance) operations," the company said in the statement. The company has its research and development and manufacturing units in Navi Mumbai, Bengaluru, Delhi, and the US.

Time of India

21 minutes ago

• Time of India

IdeaForge bags around Rs 137 crore drone order from Indian Army

Drone technology firm ideaForge Technology has secured an order worth about Rs 137 crore for hybrid mini unmanned aerial vehicles systems from the Indian Army through the emergency procurement route, the company said on Monday. ideaForge said a key requirement during the assessment for the selection of unmanned aerial vehicles (UAV) was that all critical sub-components must be sourced from non-border-sharing nations, and that the platform be substantially indigenous in capability and design. "ideaForge Technology has secured a significant win through the emergency procurement route. The order, valued at approximately Rs 137 crore, has been placed by the Indian Army for its high-performance hybrid Mini UAV systems , which are already battle-tested and inducted into the Army's inventory for ISR (Intelligence, Surveillance, and Reconnaissance) operations," the company said in the statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company has its research and development and manufacturing units in Navi Mumbai, Bengaluru, Delhi, and the US.