Max Estates has approved the acquisition of nine land-owning companies holding a combined 84.71 acres in Sector 3, Najafgarh, Delhi. The proposed transaction will be completed through a non-cash share swap, marking the company’s entry into the NCT Delhi residential market.
The land platform offers an estimated development potential of four to six million sq ft and a projected gross development value of around ₹10,000 crore to ₹12,000 crore.
For the acquisition, Max Estates will issue up to 70,33,162 fully paid-up equity shares with a face value of ₹10 each at an issue price of ₹597.50 per share. The shares will be issued on a preferential basis for consideration other than cash, with the aggregate value of the proposed equity issue reaching up to ₹420.23 crore.
Upon completion of the transaction, the nine land-owning companies will become wholly owned subsidiaries of Max Estates. These include Trophy Estates, TVP Investments, Hometrail Properties, TR Asset Ventures, Wegmans Business Park, Seven Heaven Buildmart, Vitasta Estates, Trophy Resorts & Guest Houses and Synergy Infracon. The transaction also includes the acquisition of all equity shares and outstanding compulsorily convertible debentures, wherever applicable, on a fully diluted basis.
The acquisition is linked to opportunities arising from the Delhi Master Plan 2047, notified by the Central government on August 20, 2026. The plan provides a framework for the planned development of Delhi up to 2047, including the development of greenfield areas through land pooling, subject to applicable regulations and approvals. According to the company, the land pooling framework allows adjoining parcels to be brought together for the integrated planning of roads, infrastructure and organised development.
Sahil Vachani, Vice Chairman and Managing Director of Max Estates, said the deal gives the company its first presence in Delhi, the only core NCR market where it did not previously have a presence. He said the transaction also allows the company to acquire the land without deploying cash.
The land has been valued by Cushman & Wakefield India and iVAS Partners, while KPMG Valuation Services determined the share-exchange ratio. Motilal Oswal Investment Advisors has issued a fairness opinion for the transaction.
According to the company, the implied land value is around ₹4.95 crore per acre, while the estimated land cost is under 5% of the gross development value, compared with about 20% to 25% generally associated with cash land purchases. The proposed development is expected to include residential, retail, social and community infrastructure components.
Max Estates said the share-swap structure will help preserve cash for other land acquisition opportunities. The company had cash and cash equivalents of about ₹1,727 crore as of June 2026 and currently has a residential pipeline of approximately ₹16,150 crore GDV.
