Max Estates Limited, the real estate arm of the Max Group, has reported audited financial results for FY25, delivering pre-sales of over ₹5300 crore, a 300% increase over FY24, and surpassing its full-year guidance. The company has outlined plans for further growth of 15–20% in FY26, targeting ₹6000–6500 crore in pre-sales and reinforcing its aspiration to be the leading real estate brand in the NCR.

This announcement was made on 22nd May 2025 from Max Estates’ corporate office in Noida, alongside updates on residential and commercial project pipelines, partnerships, and financial performance.

Residential Portfolio Sees Robust Growth

Max Estates’ flagship residential projects have seen strong traction in both Noida and Gurugram:

• Estate 128 (Noida) – Both Phase 1 and Phase 2 are 100% sold, clocking ₹2700 crore in total bookings. So far, ₹628 crore (~23%) has been collected. Notably, Phase II prices were 40% higher than Phase I, highlighting demand for design-led and hospitality-focused homes.

• Estate 360 (Gurugram) – Reported ₹4428 crore in pre-sales, with ~92% sold, and ₹807 crore collected as of March 2025.

• A new joint development project on a 18.23-acre land parcel adjacent to Estate 360, with ₹9000 crore GDV, will be launched in Q2 FY26.

Looking ahead, Max Estates plans to launch over 7 million sq. ft. of residential projects with a Gross Development Value (GDV) of ₹14,000+ crore in FY26 and FY27, and aims to add 2 million sq. ft. annually to its residential portfolio.

Mixed-Use Developments Gain Momentum

The company is also expanding into luxury mixed-use projects:

• Delhi One (Sector 16B, Noida) – After securing NCLT and NCLAT approvals, the revival of this 2.5 million sq. ft. development on a 10-acre parcel is confirmed. Scheduled for launch in Q3 FY26, it carries ₹2000+ crore GDV and ₹120 crore annuity income potential.

• Sector 105 Project (Noida-Greater Noida Expressway) – Max Estates acquired 10.33 acres for ₹711 crore to develop 2.6 million sq. ft., a 40:60 mix of residential and commercial. It has a ₹3000+ crore GDV and ₹140+ crore in annuity potential.

Strategic partner New York Life Insurance Company (NYL) has strengthened its commitment, investing ₹550 crore across these two projects, bringing its total involvement to ~₹1800 crore.

Commercial Portfolio Positioned for Long-Term Income

The company’s commercial leasing business continues to thrive:

• Max Towers, Noida and Max House Phases I & II, Delhi are 100% leased, generating ₹41.4 crore and ₹39.8 crore respectively in FY25.

• Max Square achieved 99% occupancy within a year, commanding a 30% rental premium, with ₹29.1 crore rental income in FY25.

• The acquisition of three additional floors in Max Towers from Max India Limited for ₹105.08 crore strengthens operational control.

Future Commercial Developments Underway

Projects under development include:

• Max Square Two, Noida – ~1 million sq. ft. leasable area, expected to receive an occupancy certificate by Q2 FY28.

• Sector 65, Gurugram – ~1.6 million sq. ft., phased occupancy certifications in Q2 FY28 (40%) and Q3 FY29 (60%).

Collectively, the commercial portfolio across delivered and under-construction assets is poised to generate over ₹700 crore in annual annuity rental income within the next 5+ years.

Strong Financial Performance in FY25

Key highlights from the company’s consolidated financials:

• Revenue: ₹161 crore

• EBITDA: ₹45 crore

• PBT: ₹38 crore

• PAT: ₹27 crore

• Lease Rental Income: ₹110 crore in FY25 (up 67% YoY)

• Max Asset Services Revenue: ₹42 crore

• Total leased area: 1.5 million sq. ft.

• Debt (as of March 2025): ₹1350 crore (₹824 crore attributable to Max Estates)

• Cash & equivalents: ₹1785 crore

Leadership Commentary and Strategic Direction

Sahil Vachani, Vice Chairman & MD of Max Estates, emphasized the region’s potential:

“The Delhi NCR real estate market is set for sustained growth, with infrastructure upgrades enhancing its appeal. Our design-led, well-being-focused developments continue to command a premium. With ₹5300+ crore in FY25 pre-sales, we are confident in reaching ₹6000–6500 crore in FY26. Our LiveWell and WorkWell philosophy remains central to future growth.”

About Max Estates Limited

Founded in 2016, Max Estates is the real estate platform of Max Group, developing sustainable, grade-A spaces focused on well-being across Delhi NCR. Its offerings span residential, commercial, and mixed-use developments, supported by Max Asset Services.

With a diversified 17 million sq. ft. portfolio, the company is listed on NSE and BSE, and committed to becoming the most trusted real estate brand in the region.

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