Sahil Vachani, Vice Chairman & Managing Director, Max Estates, said, “This is a landmark transaction for Max Estates. It 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.”
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 (collectively, the “Land Owning Companies”), 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 INR 10 each at an issue price of INR 597.50 per share, aggregating up to ~INR 420.2 crore, to the identified allottees in accordance with the share-exchange ratio determined by KPMG Valuation Services LLP, Independent Registered Valuer. One of the few instance of promoter-owned land being acquired by the Company through a share-swap mechanism, directly aligning promoter economics with the value-creation potential of the underlying project and with those of public shareholders. The subject land is subject to land development under the aegis of the Delhi Master Plan 2047.
To ensure independent, arm’s-length price discovery, 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. The relative fair values and resulting share- exchange ratio were determined by KPMG Valuation Services LLP, and a fairness opinion on the transaction was issued by Motilal Oswal Investment Advisors Limited, a SEBI-registered Category I Merchant Banker. The transaction has been reviewed by the Audit Committee and approved by the Board of Directors, and remains subject to the approval of Members at an Extraordinary General Meeting and in-principle approvals from BSE Limited and the National Stock Exchange of India Limited.
Max Estates currently have a residential pipeline of INR 16,150 Cr 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 Delhi parcel, one of the few remaining assemblies of this scale within Delhi, gives Max Estates first-mover access to this constrained pipeline on terms not replicable through an open-market purchase.
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.
At ~84.71 acres, the land parcel is more than a single project — it is large enough to be developed in phases over a multi-year horizon, this is one large, low-cost land which could act as a long-duration anchor (a “Trunk”) that is developed across successive launches over years, complemented by smaller, faster-turn projects (for this pipeline is already available with an aspiration to add 2 million sqft each year). A parcel of this scale allows Max Estates to plan an integrated, mixed-format development — residential, retail, social and community infrastructure — built out phase-by-phase in line with market absorption, providing multi-year revenue visibility without repeated fresh land acquisition.
Because the entire consideration is discharged in the Company’s own shares, the transaction requires no cash outflow, preserving Max Estates’ balance sheet — cash and cash equivalents of ~INR 1,727 crore as of June 2026 — for other land acquisition opportunities the Company is separately evaluating across Noida, Gurugram and new strategic markets, as outlined in its investor presentations. The transaction increases the Company’s land bank and future GDV pipeline without any release of cash.
The land is located in West Delhi is directly connected from airport by the Urban Extension Road-II (UER-II) expressway connecting Alipur to Mahipalpur via Mundka, Bakkarwala, Najafgarh and Dwarka, inaugurated by the Hon’ble Prime Minister in August 2025 alongside the Delhi section of the Dwarka Expressway. The location also has established public-transit access via the Delhi Metro Grey Line, and lies within reach of the Dwarka Expressway, the Gurugram border and IGI Airport.
