Max Estates acquires 84.71 acres in West Delhi via share swap for ₹420.2 crore

Max Estates Limited, the real estate arm of the Max Group, has entered into share purchase agreement to acquire 84.71-acre land in West Delhi.

The acquisition is structured non cash share swap transaction wherein Max Estates will issue up to 70 lakhs equity shares at Rs 597.50 per share (aggregating up to Rs 420.2 crore) to landowning company’s shareholders, with no cash outflow from the Company's balance sheet.

The acquisition will unlock Rs 10,000-12,000 crore gross development value for the company.

Land is acquired at a value of Rs 4.95 crore per acre, materially below prevailing licensed land values, with land cost estimated at under 5% of GDV versus a typical 20-25% for cash land purchases.

“This transaction gives us our first foothold in Delhi — the one core NCR market we did not yet have a presence in — at a fraction of prevailing land values elsewhere in the region, and without deploying a rupee of cash. The land parcel sits at the heart of Delhi's westward urban expansion under Master Plan 2047, with strong land-pooling momentum and improving connectivity via UER-II, Dwarka and IGI Airport. At this scale, the parcel gives us a multi-year, phase-able pipeline that directly addresses the land-bank visibility, while remaining significantly accretive for all our shareholders,” said Sahil Vachani, Vice Chairman & Managing Director, Max Estates.

Max Estates will acquire 100% of ownership interest — comprising shares — in Trophy Estates Private Limited, TVP Investments Private Limited, Hometrail Properties Private Limited, TR Asset Ventures Private Limited, Wegmans Business Park Private Limited, Seven Heaven Buildmart Private Limited, Vitasta Estates Private Limited, Trophy Resorts & Guest Houses Private Limited and Synergy Infracon Private Limited, as one integrated transaction.

On completion, each land owning company becomes a wholly-owned subsidiary of Max Estates.

Consideration will be discharged through a preferential allotment of shares, for consideration other than cash, through the issue and allotment of 70 lakhs fully paid-up equity shares of face value Rs 10 each at an issue price of Rs 597.50 per share, aggregating up to Rs 420.2 crore, to the identified allottees in accordance with the share-exchange ratio determined by KPMG Valuation Services LLP, Independent Registered Valuer.

The land was valued separately by two leading global property consultancies — Cushman & Wakefield India and iVAS Partners — while an independent share exchange ratio valuation was undertaken by a KPMG (Registered Valuer), one of the Big Four accounting firm.

Max Estates currently have a residential pipeline of Rs 16,150 crore of GDV from Q2FY27, the company is targeting for next phase of growth in presales and pipeline, a trajectory that requires continuous replenishment of developable land in a market where large, contiguous parcels are increasingly scarce.

Delhi in particular offers among the last available sizeable land parcels in the National Capital Territory, most of Delhi's growth land having already been absorbed into the Delhi Development Authority's land-pooling framework or built out.

The transaction also extends Max Estates' residential footprint beyond its existing Noida and Gurugram portfolio into Delhi for the first time, diversifying the Company's geographic base across all three core NCR markets.

This land sits at the heart of Delhi's westward urban expansion under Master Plan 2047, an area now benefiting from the Delhi Government and DDA's land-pooling policy and improving physical connectivity via Dwarka, the Gurugram border and IGI Airport.