Max Estates' ultra-luxury mixed-use project Max One in Noida has achieved a sale value of ₹37,000 per sq ft, excluding GST, making it the highest sale value recorded in Noida according to the company's management. As reported by Business Standard, the project is located in Sector 16B and spans around 10 acres with a development potential of approximately 2.5 million sq ft. Max Estates estimates its gross development value (GDV) at around ₹3,200 crore, along with potential annuity income of about ₹145 crore. The latest transaction involves Redrose Vanijya LLP, a firm where Riju Jhunjhunwala, part of Indian business conglomerate LNJ Bhilwara group, is a director, who purchased a 10,000 sq ft apartment for ₹37 crore at the recently launched project. Speaking during the company's Q1 FY27 earnings call, Sahil Vachani, vice chairman and managing director of Max Estates, confirmed that the project has achieved the highest sale value in Noida with this pricing.
At the reported sale value, a 10,000 sq ft residence would translate into an indicative ticket size of around ₹37 crore, excluding GST. According to Business Standard, at ₹37,000 per sq ft, a 2,000 sq ft home would have a base value of roughly ₹7.4 crore before GST, registration, stamp duty and other transaction-related costs. For a 3,000 sq ft residence, the corresponding value would be about ₹11.1 crore, again excluding taxes and other charges. The company noted that the ₹37,000 figure cited is a sale price and not necessarily the effective all-in acquisition cost for buyers, with prospective purchasers needing to account separately for applicable taxes, registration charges, parking and other project-specific charges. The ₹37,000-per-sq-ft price point indicates how far the premium end of Noida's residential market has moved, as reported by Business Standard. For homebuyers, Noida was traditionally associated with relatively affordable housing compared with South Delhi and parts of central Delhi, but this equation has been changing as developers launch increasingly premium projects, particularly in locations with strong connectivity and limited land availability.
Max One has an unusual history as part of the revival of the long-stalled Delhi One development. As reported by Business Standard, Max Estates said the acquisition and subsequent clearances enabled the company to bring existing homebuyers of the erstwhile development into the Max Estates fold. According to Vachani, the process provided 'a decade's worth of relief' to homebuyers who had been associated with the earlier project. The development is now being repositioned as a mixed-use destination combining residential and commercial uses, with planned ultra-luxury residences, Grade A office space, high-street retail and club facilities. Its location in Sector 16B is another selling point, as the project sits close to the Delhi-Noida border and benefits from connectivity through the DND Flyway and nearby metro infrastructure. The project represents more than a luxury residential launch, with 2.5 million sq ft of development potential and an estimated ₹145 crore of annuity income potential, giving it a recurring-income component alongside residential sales. The mixed-use format is designed around the company's 'LiveWell, WorkWell and PlayWell' approach, bringing residences, workplaces and lifestyle facilities together within a single campus.
Max Estates' strong residential bookings are supported by its robust financial position. According to Business Standard, rating agency ICRA recently assigned the company its first issuer rating of A+ with a stable outlook. The assessment took into account permitted receivables of nearly ₹9,500 crore as of March 2026 and a cash-flow adequacy ratio of around 105 per cent. As of June 2026, the company had ₹1,727 crore in cash and cash equivalents and net debt of ₹234 crore, according to the CFO. The company's three operating commercial assets were fully leased, providing another source of recurring income. The project has the potential to add 2.5 million sq ft of additional development footprint to the portfolio, of which about 1.2 million sq ft is unsold. Max will develop 500,000 sq ft of residential, and the balance will be commercial and retail, which will add ₹120 crore of rental income to the company's portfolio. The company is expecting ₹2,000 crore in revenue, of which ₹500 crore is receivable from existing customers, while ₹1,500 crore will be from fresh sales, with delivery planned in 3-5 years.
The ₹37,000-per-sq-ft price point indicates how far the premium end of Noida's residential market has moved, as reported by Business Standard. For homebuyers, Noida was traditionally associated with relatively affordable housing compared with South Delhi and parts of central Delhi. The pricing indicates that at least some buyers are willing to pay a substantial premium for branded developers, larger homes and integrated luxury developments. During the earnings call, management remained 'extremely optimistic and confident' about achieving very robust sales, citing its track record, brand strength and diversification. The company also noted that nearly 50% of sales during the quarter came from sustenance sales, while around 50% came from new launches. However, analysts pointed to the sales velocity across Max Estates' projects, including Estate 361, Max One and Estate 105, with 50-70% of inventory sold within the first six months at some projects. For buyers considering luxury homes at this price point, the more relevant questions are what is the comparable price for competing projects, what rental yield can the property generate, how much inventory remains, and how easily can the property be resold. The transaction highlights how Noida is now transitioning into a premium and luxury real estate destination with demand coming from top executives setting up base here.
