### **Overview** Max Estates Ltd, established in 2016 as the real estate development arm of the Max Group, is a leading, differentiated real estate developer focused exclusively on the National Capital Region (NCR). Following a strategic transformation and reverse merger in FY2024, Max Estates is now a standalone publicly listed entity (BSE/NSE) dedicated solely to premium residential and commercial real estate development. Under the leadership of CEO Sahil Vachani, the company has rapidly evolved into a market leader, known for its design-led, wellness-centric, and hospitality-integrated developments. Max Estates operates under a **“One Region, Multiple Asset Classes” strategy**, concentrating on Delhi NCR—India’s second-largest urban economy with strong demand for high-quality real estate. The company develops across **residential**, **commercial**, and **mixed-use** segments and maintains a diversified portfolio spanning **8 delivered, under-construction, and in-design project stages**. --- ### **Core Business and Differentiation** Max Estates differentiates itself through its **philosophy of “Bringing Real Wellbeing to Real Estate”**, anchored in two key brand experiences: - **LiveWell Experiences**: For residential developments, emphasizing comfort, health, sustainability, and community living. - **WorkWell Experiences**: For commercial projects, focusing on employee well-being, modern amenities, biophilic design, and flexible workspaces. This philosophy is reflected in every aspect of its developments—from **biophilic design elements (e.g., 2-acre central forest at Estate 361)** to **hospitality-driven services via its subsidiary Max Asset Services (MAS)** and the **Pulse platform**, which curates wellness events for occupants. --- ### **Portfolio & Strategic Growth** As of November 2025, Max Estates manages a **diversified development portfolio of over 18.8 million square feet**, expanding from just 8 million sq. ft. in FY2024. The portfolio includes: #### **Key Operational Assets** - **Max Towers (Noida)** - **Max House (Delhi)** - **Max Square (Noida)** – Fully leased at a **30% rental premium** to micro-market rates. #### **Under Construction** - **Estate 128 (Noida)** – Phases I & II: Fully sold with GDV of ₹2,734 crore; possession target FY28–FY29. - **Estate 360 (Gurugram)** – Delhi NCR’s first large-scale **inter-generational community**; 96% sold with ₹4,800 crore+ GDV. - **Max Square Two (Noida)** - **Max 65 (Gurugram)** #### **In Design / Pipeline (Planned H2 FY26 Launches)** - **Max 105 (Sector 105, Noida)** – 10-acre mixed-use project (60% commercial, 40% residential) with **2.6 million sq. ft. SBUA**, GDV over ₹3,000 crore, and **₹140 crore+ annuity income potential**. - **Delhi One (Sector 16B, Noida)** – 2.5 million sq. ft. integrated luxury campus with ultra-luxury residences, premium offices, retail, and club facilities (GDV ~₹2,000 crore, annuity potential ₹120 crore). - **Estate 361 (Sector 36A, Gurugram)** – 18-acre, $4 million sq. ft. residential development with a **2-acre forest**, targeting GDV over ₹9,000 crore. --- ### **Development Pipeline & Growth Strategy** Max Estates is aggressively expanding via **outright land acquisitions, joint development agreements (JDAs), and insolvency court resolutions**: - **Land Bank & Future Pipeline**: - **Sector 59, Gurugram**: 7.25-acre prime parcel for luxury residential (GDV > ₹3,000 crore). - **Estate 360 Adjacent Site**: 18.23-acre project via JDAs with development potential of 4 million sq. ft. - **Acquisition of Base Buildwell Pvt. Ltd.**: 7.25-acre land parcel in Delhi-NCR, boosting GDV pipeline to **₹17,000 crore+** (vs. ₹14,000 crore in Sep 2025). - **Land Acquisition Strategy**: Focus on **Dwarka Expressway, Noida-Greater Noida Expressway, Golf Course Extension Road (GCER)**, and South Delhi. The company targets adding **3 million sq. ft. annually** (2M residential, 1M commercial) and aims for **cumulative pre-sales of ₹21,000 crore by FY28**, with **₹15,000 crore already secured**. --- ### **Commercial Real Estate (CRE) & Annuity Business** Max Estates has established itself as a **premier developer of Grade A+ office spaces**: - All **commercial assets are nearly 100% leased** at **20–30% rental premiums** over micro-markets. - **Max Square** achieved 99% occupancy in 12 months with **Adobe leasing 23%**. - **Key projects to drive annuity growth**: - Max Square Two (Noida): Expected rental income ~₹110 crore/year. - Max 65 (Gurugram): ~₹200 crore/year. - Sector 105, Delhi One: Combined annuity potential ~₹260–300 crore. - **Commercial portfolio to generate over ₹700 crore in peak rental income** within the next 5 years. --- ### **Strategic Partnership: New York Life Insurance Company** New York Life is a **long-term strategic equity partner**: - Holds **49% stakes** in Max Square, Max Square Two, and Sector 65, Gurugram. - Has committed **₹1,800 crore cumulatively (as of May 2025)**, with ₹1,553 crore invested. - Also owns a **~23% stake in Max Estates Limited**, reinforcing confidence in the company’s real estate platform. - The partnership supports Max Estates’ **capital-light, joint-venture-heavy model**, enabling equity-funded land acquisition and scaled execution. --- ### **Financial & Operational Highlights (Nov 2025)** - **Gross Development Value (GDV) Sold & Under Implementation**: ₹7,535 crore. - **Pre-Sales in H1 FY26**: ₹647 crore collected, **>95% collection efficiency**. - **FY26 Pre-Sales Target**: ₹6,000–6,500 crore (~15–20% YoY growth). - **Residential Sales Performance**: - **Estate 128**: Fully sold (₹2,734 crore GDV). - **Estate 360**: 96% sold (₹4,801 crore GDV). - **Balance Sheet**: Net debt-positive (cash surplus of ₹435 crore as of Mar 2025); all projects RERA-compliant and funded without construction delays. - **Funding Model**: Land acquired via **equity** (QIP, preferential issues), construction funded via **lease rental discounting (LRD)** and institutional capital. --- ### **Sustainability & Governance** - Ranked **#1 globally in GRESB (Development & Standing Investment)** 2025, placing in the **top 20% globally for ESG**. - All projects are **pre-certified for IGBC or LEED Platinum/Gold**. - Institutionalized systems including **SAP S/4HANA, Salesforce, Autodesk BIM**, and digital twin simulations for design and construction control.