Max’s Group’s Realty Firm Max Estates said the Company the National Company Law Tribunal (NCLT) has approved its bid to acquire a stalled-mixed-use project ‘Delhi-One’ in Noida through insolvency process- a development that will bring relief to nearly 300 stuck customers. Max Estates is a subsidiary of Max Ventures and Industries Ltd.
Boulevard Projects Ltd which is a Special Purpose Vehicle (SPV) owned by the promoters of realty firm 3C had launched Delhi One Project around a decade ago on a plot of 34, 697 sq mts. The projects consist of one commercial tower, one hotel tower, retail space and three residential towers.”
The total potential in this stalled in this stalled project is 30 lakh sq ft out of which around half is still unsold. Axis Bank and Piramal Enterprises are two lenders in this project.
The company would be engaging with the Noida Authority to start construction of this stalled project. Boulevard Project has not paid the land costs to the authority.
In this resolution plan, the company has suggested some changes in the project. It will no longer develop a hotel on this land parcel and instead build a commercial tower. Max Estate already has developed one office complex Max Tower comprising 6 lakh sq ft of leased office space near Delhi One Project.
As per the resolution plan Max Estate has submitted a bid of over Rs 1,100 crore to acquire this project. Secured financial creditors Axis Bank and Piramal Enterprises claimed nearly Rs 395 crore against which the resolution plan provides nearly Rs 158 crores.
