Homebuyers of the long-delayed Delhi One project can breathe a sigh of relief after almost seven years of waiting. Everything changed when Max Estates Limited bought Boulevard Projects Private Limited (BPPL). This marks a major achievement for the recovery of NCR’s estimable real estate market.

The Realm of Delhi One: A Plan Postponed

BPPL, a special purpose vehicle by the promoters of 3C Group, initiated Delhi One on January 2014. Delhi One was a promising venture, aimed to be located in 16B Sector Noida. It was envisioned to be a deluxe mixed-used development for both commercial and residential purposes.

But as with all good stories, this one too came to an untimely halt due to financial panics and an ever-increasing pile of liabilities, which ultimately redirected the project towards insolvency proceedings.

Max Estates: A Breakthrough at Last

In February 2023, the NCLT approved the resolution plan of Max Estates to take over the stalled project. This came alongside the approval from the Committee of Creditors back in 2019.

After the recent acquisition, Max Estates took the initiative to negotiate with the Noida Authority regarding unpaid land payments. Initially, the Authority wanted Rs 932 crore but, after negotiations, Max Estates was able to settle the amount at Rs 613 crore with interest. Out of this, 25% was paid upfront.

Delhi One: A Look at What’s Ahead

Covering 12.5 acres, Delhi One is going to be developed into a modern integrated township. Max Estates plans on constructing 2.5-3 million square foot of the new uss which is well above normal residential expectations.

Key Highlights of the Revamped Project:

• Ultra-Luxury Serviced Residences: Solar ready and modern homes that are customizable.
• Grade A Offices: Adaptive and collaborative spaces
• High-Street Retail Experience: Carefully selected shops and gourmet dining.
• Serviced Members Club: Wellness leisure and pampering services.
• The focus is very straightforward: to establish a self-sufficient eco-community where people can reside, work, shop, and relax all in one place.

Impressive Numbers Behind the Development

• Give us some time to explain the numbers. We will share the project’s scale and revenue expectations along with the returns:
•  Total Development Area: Estimated at 2.5 million sq. ft. This will also include the existing unsold inventory.
• Estimated Sales Revenue: Expected to be over Rs. 2000 crores.
• Annual Rental Potential (Annuity): Projected to exceed Rs. 120 crores.

Legal and Regulatory Milestones

Legal and regulatory Max Estates needs to support the project, which has been earned with all the legal and regulatory bells and whistles in place:

• Final NCLT Approval: February 2023.
• NCLAT Clearance: October 2024.

These approvals were the final steps enabling control transfer to Max Estates, which allows for redevelopment to be fully unlocked.

A Vision for Sustainable and Inspired Living

Sahil Vachani, the company’s Vice Chairman and Managing Director, adds: “Delhi One is not just another real estate project. It endeavors to revolve around creating an enjoyable life downtown. Following our philosophy of LiveWell, WorkWell, PlayWell, and EatWell makes it possible for us to construct or better our urban experience.”

Max Estates is also applying the green building standards along with energy conservation technologies integrating sustainable landscaping. The objective of this is to increase the connection between people and places through landscapes and architecture in a developed intuitively and carefully.

Conclusion

The revitalization of Delhi One is strategically positioned to become one of Noida’s most prestigious addresses. This is further bolstered with strong financial backing, a well laid out strategy, and distinct legal pathways. For the over 288 homebuyers that had waited patiently alongside investors seeking valuable prospects in NCR real estate, this marks the horizon of a long anticipated change.