Max Estates Targets 20% Growth, Sets FY26 Pre-Sale Ambitions High

Max Estates Sets Ambitious FY26 Pre-Sale Target, Eyes 20% Growth

Max Estates, under the visionary leadership of Vice Chairman & MD Sahil Vachani, is scripting a new chapter in Delhi NCR’s real estate narrative. As the company announced its audited Q4 and FY25 results, Vachani shared a confident outlook for the region, highlighting how robust infrastructure upgrades are fueling urbanization and making Delhi NCR an unparalleled destination for residential and commercial developments.

FY25: Surpassing Expectations, Setting New Benchmarks

Max Estates closed FY25 on a high note, surpassing its own guidance by achieving pre-sales bookings worth over ₹5,300 crore. This remarkable performance has set the stage for an even more ambitious FY26, with a pre-sales booking target of ₹6,000–6,500 crore—a projected growth of 15–20%. The company’s commercial portfolio remains a standout, boasting 100% occupancy and commanding significant premiums over micro-market averages.

“We are confident that both housing and office space demand will remain strong and plan to build on this momentum by steadily launching new projects from our diverse pipeline with a very deep focus on our LiveWell and WorkWell ideology.” — Sahil Vachani, Vice Chairman & MD, Max Estates

Residential Portfolio: Flagship Successes and Pipeline Growth

• Estate 128, Noida (Phase 1 & 2): 100% sold with pre-sales of ~₹2,700 crore; 23% of booking value already collected. Notably, Phase II commanded a 40%+ price premium over Phase I, reflecting robust demand for design-driven, hospitality-focused homes.
• Estate 360, Gurugram: Achieved pre-sales bookings of ₹4,428 crore (~92% sold), with ₹807 crore already collected. A new joint development adjacent to Estate 360, spanning 18.23 acres and ~4 mn sq. ft., is set for launch in Q2 FY26 and holds a GDV potential of ₹9,000 crore.
• Upcoming Pipeline: Max Estates is gearing up to launch over 7 mn sq. ft. with a GDV of ₹14,000+ crore in FY26 and FY27, aiming to add at least 2 mn sq. ft. to its residential segment annually.

Reviving Icons and Expanding Horizons

• Delhi One Revival: The company has secured NCLT and NCLAT approvals to revive the iconic ‘Delhi One’ project in Sector 16B, Noida. Envisioned as a luxury mixed-use development, this 2.5 mn sq. ft. project (on 10 acres) will launch in Q3 FY26, with a GDV of ₹2,000+ crore and annuity income potential of ₹120 crore.
• Noida-Greater Noida Expressway Acquisition: Max Estates has acquired 10.33 acres in Sector 105 for ₹711 crore, planning a 2.6 mn sq. ft. mixed-use project (40:60 residential:commercial) with a GDV of ₹3,000+ crore and annuity rental income potential of ₹140+ crore.

Commercial Portfolio: Occupancy, Expansion, and Premiums

• Max Towers, Noida: Recently consolidated with the acquisition of three additional floors, enhancing operational control and future value.
• Max Towers and Max House, Delhi: Both assets remain 100% leased, generating rental incomes of ₹41.4 crore and ₹39.8 crore respectively in FY25.
• Max Square: Achieved 99% occupancy within a year, commanding a 30%+ premium to the micro-market and earning ₹29.1 crore in FY25.
• Max Square Two, Noida: On track for Q2 FY28 occupancy certificate, offering ~1 mn sq. ft. of leasable space.
• Sector 65, Gurugram: ~1.6 mn sq. ft. project to be delivered in two phases by Q2 FY28 (40%) and Q3 FY29 (60%).

Looking ahead, Max Estates’ commercial portfolio is poised for annuity rental income potential exceeding ₹700 crore over the next five years, spanning delivered and under-construction assets.