Max Estates to Acquire 84.71-Acre West Delhi Land Parcel via Non-Cash Share Swap
New Delhi, August 30, 2026: Max Estates Limited has entered into a Share Purchase Agreement to acquire 100 percent ownership interest in nine promoter-owned land-holding companies that together hold an 84.71-acre land parcel in West Delhi. The transaction is structured entirely as a non-cash share swap, marking the company’s expansion into the National Capital Territory of Delhi alongside its existing portfolio in Noida and Gurugram, Max Estates said in a press release.
The consideration will be discharged through the preferential allotment of approximately 70 lakh fully paid-up equity shares at an issue price of Rs 597.50 per share, aggregating to roughly Rs 420.2 crore. The transaction requires no cash outflow from the balance sheet, preserving the company’s existing cash reserve of Rs 1,727 crore recorded as of June 2026 for parallel land acquisition opportunities.
The agreement involves acquiring the shares of 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. Upon completion, these entities will become wholly owned subsidiaries of Max Estates.
The acquired land is estimated to unlock a Gross Development Value (GDV) of Rs 10,000 to Rs 12,000 crore over a multi-year horizon, representing four to six million square feet of developable area based on a Floor Area Ratio of 2.0x. The implied land value of Rs 4.95 crore per acre places land costs at under five percent of total projected GDV, compared to the standard 20 to 25 percent typical for cash acquisitions.
Independent valuations were completed by global property consultancies Cushman & Wakefield India and iVAS Partners. KPMG Valuation Services LLP determined the share-exchange ratio, while Motilal Oswal Investment Advisors Limited provided a fairness opinion. The deal has received approval from the Board of Directors and the Audit Committee, and remains subject to shareholder approval at an Extraordinary General Meeting alongside in-principle approvals from BSE Limited and the National Stock Exchange of India Limited.
The West Delhi location benefits from connectivity via the Urban Extension Road-II (UER-II) expressway connecting Alipur to Mahipalpur, the Delhi Metro Grey Line, the Dwarka Expressway, and proximity to Indira Gandhi International Airport. The area falls under the urban expansion framework of the Delhi Master Plan 2047.
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.”
