Max Estates

Max Estates Limited began trading on the NSE and BSE on 30 October 2023, after its former parent, Max Ventures and Industries Limited, was reverse-merged into it. The company itself was incorporated on 22 March 2016 and is the real-estate business of the Max Group, whose founder chairman, Analjit Singh, chairs its board.

Sahil Vachani is vice chairman and managing director. The registered office is Max House in Okhla, New Delhi, and the corporate office is Max Towers in Sector 16B, Noida. At 31 March 2026 the promoter vehicle, Max Ventures Investment Holding, owned 21.91%, Siva Finvest 20.80% and New York Life International Holdings 19.14%, the annual report shows.

New York Life is more than a shareholder. Its capital has come in seven rounds since 2017, about ₹1,800 crore committed in all, and it owns 49% of the commercial assets, according to the company's August 2026 investor presentation.

This is a one-region developer. Its August 2026 deck counts 18.4 million sq ft across eleven projects in Noida, Gurugram and Delhi: 4.2 million sq ft of offices, 9.1 million sq ft of housing and 5.1 million sq ft of mixed use. Outside NCR there's only 222 Rajpur, a 22-home scheme in Dehradun.

Offices came first. Max Towers and Max Square in Noida and Max House in Okhla are operating, and the company reports them fully occupied; Max Square Two in Noida and Max District in Gurugram's Sector 65 are under construction. Housing followed with Estate 128 in Noida, now sold out, and then Estate 360 and Estate 361 in Gurugram's Sector 36A. A 7.25-acre site in Sector 59 is still to launch.

Two mixed-use schemes sit in Noida: Estate 105 and Max One, the stalled Delhi One project that Max Estates took over through insolvency proceedings in April 2025. Max Estates holds 51% of both, with New York Life owning the other 49%, according to the portfolio table.

Max Estates has completed offices and one small housing project, but no NCR homes yet. The FY26 annual report shows 222 Rajpur as operational and all 22 residences sold, and the company says Max Square received its occupation certificate on 25 February 2023.

Every NCR housing project is still being built. UP RERA lists Estate 128 (UPRERAPRJ446459) for completion by 7 May 2028 and Estate 128-II (UPRERAPRJ294911/12/2024) by 6 September 2029; the company says its first deliveries there are on track for FY2028. HRERA lists Estate 360 (GGM/860/592/2024/87) for 31 August 2030 and Estate 361 for 30 September 2033, against company targets of FY29 and FY31.

Estate 105 is registered as UPRERAPRJ529777/03/2026, due by 4 January 2031. Across launched projects the company reports 16 post-agreement cancellations worth ₹99 crore, 15 of them at Estate 360.

Pre-sales were ₹5,305 crore in FY26, against ₹5,321 crore a year earlier, and collections rose 61% to ₹1,578 crore, the company reported. The first quarter of FY27 added ₹1,093 crore of pre-sales.

Reported profits are thin because housing revenue is booked on handover. FY26 consolidated revenue was ₹199.4 crore and profit after tax ₹15.7 crore. The Q1 FY27 presentation shows debt of ₹1,961 crore, including ₹934 crore of lease rental discounting, against cash of ₹1,727 crore, of which ₹1,233 crore sat in RERA accounts.

ICRA assigned a first-time issuer rating of [ICRA]A+ with a stable outlook on 12 August 2026. Two years earlier, in August 2024, Business Standard reported a qualified institutional placement to raise up to ₹800 crore, largely for land in Delhi-NCR. For FY27 it has tied guidance to its launch schedule instead of a pre-sales figure, and plans about ₹1,500 crore of construction spending.

We found no RERA penalty orders, insolvency proceedings against the company or criminal cases as of October 2026. Its stock-exchange filings do list tax disputes. On 30 December 2025 a Uttar Pradesh state tax officer raised a GST demand of ₹2.15 crore, penalty included, for 2021-22, which the company said it would appeal; the same day a central GST officer dropped a separate proposed demand of ₹2.22 crore.

The Delhi One takeover went through the NCLT in February 2023 and the NCLAT in October 2024.

Each project sits in its own company, so check the promoter named in your agreement: Max Estates Gurgaon Ltd for Estate 360, Max Estates Gurgaon Two Ltd for Estate 361 and Max Estates 128 Pvt. Ltd. for Estate 128. At Estate 361 the land licence is held by Namo Realtech, so ask about the joint development terms.

The company's completion targets are often earlier than its RERA dates, and it's the registered date that the agreement and RERA enforce. Buyers who booked Delhi One with the earlier developer should read what the approved resolution plan promises them. Where Antara manages senior living, get its service contract in writing before paying. Estate 361's HRERA certificate requires an all-inclusive price on carpet area with no separate EDC or IDC, so query any extra line items in a demand letter.