On the announcement of the audited Q4 & FY25 financial results Sahil Vachani, Vice Chairman & MD of Max Estates said, “The Real Estate market in Delhi NCR is poised for robust and sustained growth with large-scale infrastructure enhancements accelerating urbanization and significantly boosting the region’s attractiveness as a premier hub for both residential and commercial experiences.
In FY25, we exceeded our full-year guidance, achieving pre-sales booking value of INR 5300+ Crore. We plan to deliver pre-sales bookings of INR 6,000-6,500 Crore in FY26, a 15-20% growth over FY25. Further, our commercial portfolio continues to be 100% occupied with significant premiums to micro-markets.
We are confident that both housing and office space demand will remain strong and plan to build on this momentum by steadily launching new projects from our diverse pipeline with a very deep focus our LiveWell and WorkWell ideology.”
In the company’s residential Portfolio: Estate 128, Noida (Phase 1 and Phase 2), having booked INR ~2,700 Crore pre-sales (100% sold) has collected INR 628 Crore (~23% of total booking value) till date. Phase II of Estate 128 saw a 40%+ price premium over Phase I, reflecting strong demand for design and hospitality led end-user-focused residential developments.
Estate 360, Gurugram, recorded a pre-sales booking value of INR 4,428 Crore with ~ 92% of the project sold. This project has already received a collection of INR 807 Crore (~18% of booking value achieved) as of March 2025.
Max Estates’ joint development on a land parcel of ~18.23 acres, having a development potential of ~4 mn sq. ft., adjacent to already launched Estate 360 project, has a GDV potential of INR 9,000 Crore and is planned to be launched in Q2 FY26.
Max Estates already has a launch pipeline of over ~7 mn sq. ft. with GDV potential of INR 14,000+ Crore to be delivered in FY26 and FY27. The company aspires to add at least 2 mn sq. ft. in the residential segment every year.
Max Estates has received the final approval from the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) for revival of the ‘Delhi One’ project in Sector 16B, Noida which is to be designed as a luxury mixed-use development. The project spans approximately 2.5 mn sq. ft. of development within the 10-acre land parcel (constituting ~34,696 sq. mt. area). This project, planned to be launched in Q3 FY26, has a Gross Development Value (GDV) potential of INR 2,000+ Crore as well as annuity income potential of ~INR 120 Crore.
Max Estates has acquired 10.33 acre of prime land in Sector 105 on Noida-Greater Noida Expressway for INR 711 Crore with ~2.6 mn sq. ft. with a mix of Residential and Commercial in a 40:60 ratio. The project has a Gross Development Value (GDV) potential of INR 3,000+ Crore and an annuity rental Income potential of INR 140+ Crore.
Max Estates has completed the acquisition of the three floors in Max Towers, Noida from Max India Limited at a value of INR 105.08 Crore. The said acquisition will support the company’s strategy to consolidate ownership in Max Towers and thereby strengthening operational control and unlocking higher value in future.
Max Towers, Noida and Max House – Phase I and II, Delhi continues to be leased at 100% occupancy with rental income of INR 41.4 Crore and INR 39.8 Crore respectively for FY25.
Max Square has achieved a 99% occupancy within a year of launch, commanding 30%+ premium to the micro-market showcasing strong leasing traction with rental income of INR 29.1 Crore in FY25.
Max Square Two, Noida project having leasable area of ~1 mn sq. ft. is on track and is expected to receive occupancy certificate by Q2 FY28.
Sector 65, Gurugram, having leasable area of ~1.6 mn sq. ft. is on track and is expected to receive occupancy certificate in two phases - Q2 FY28 (~40%) and Q3 FY29 (~60%) respectively.
Overall commercial portfolio is poised for an annuity rental income potential of over INR 700 Crore on a 100% basis (across delivered, under construction/design), over the next 5+ years.
