New Delhi | August 29, 2026 | INFRAINTEL Bureau
(Economic Times)
Max Estates Limited has acquired nine promoter-owned land-holding companies controlling 84.71 acres in West Delhi through a non-cash share-swap transaction valued at up to Rs 420.2 crore.
The company will allot approximately 70 lakh equity shares at Rs 597.50 per share to the identified allottees. Following completion, the nine companies will become wholly owned subsidiaries of Max Estates.
The acquisition marks the developer’s entry into Delhi’s housing market, complementing its existing projects in Gurugram and Noida. It plans an integrated development combining residential, retail, social and community infrastructure.
The site is expected to support four to six million square feet of development and has an estimated revenue potential of Rs 10,000-12,000 crore. Max Estates said its existing residential launch pipeline has a potential value of Rs 16,150 crore.
The company linked the parcel to Delhi’s westward expansion under the city’s long-term master-planning framework, land pooling and connectivity through UER-II, Dwarka and Indira Gandhi International Airport.
The share swap preserves cash but increases equity dilution and transfers related-party land assets into the listed company. Assessment of the transaction should therefore include independent valuation, title and land-use due diligence, regulatory approvals, infrastructure availability, related-party governance and the difference between projected revenue and risk-adjusted project value.