Max Estates

What Max Estates does

Max Estates Limited is a publicly listed real estate developer (founded 2016, CIN: L70200DL2016PLC438718) operating as the real estate arm of the diversified Max Group, focused on premium commercial and residential developments across Delhi-NCR. The company operates a dual-platform model: a commercial portfolio of Grade A+ office assets (Max Towers in Noida, Max House in Delhi Okhla, Max Square and Max Square Two on the Noida-Greater Noida Expressway) all LEED and/or IGBC certified, plus a residential portfolio under the Estate brand (Estate 128, Estate 105, Estate 360, Estate 361 with The Terraces phase, Max Estate 59) and the Max One mixed-use project. Its products are differentiated by WorkWell and LiveWell operating philosophies built on nine tenets of holistic wellbeing, IGBC/LEED Platinum certifications, biophilic design, EV charging, and sustainable infrastructure.

The business model combines one-time residential unit sales (Rs 2.4 crore to Rs 40 crore ticket size) with recurring commercial rental income from fully leased Grade A+ assets. Revenue is recognized under Ind AS based on project completion milestones, making reported revenue (FY26: Rs 199.45 crore) significantly lower than pre-sales bookings (FY26: Rs 5,305 crore). Distribution is sales-led through direct project sales teams and RERA-registered launches, with a complementary self-serve channel via the FraX proptech platform enabling fractional ownership from Rs 10,000 (in partnership with ICICI Bank). Customer segments include premium/luxury residential buyers, corporate enterprise tenants (Adobe, Khaitan & Co, Veolia Japan), senior living residents (via Antara Senior Living partnership), and retail/younger investors via FraX.

Max Estates is led by Founder & Chairman Analjit Singh (Padma Bhushan recipient) and Vice Chairman & Managing Director Sahil Vachani, with a board including former Warburg Pincus MD Niten Malhan and New York Life MD Jillian Leigh Moo-Young. The company has raised Rs 800 crore via QIP and secured Rs 388 crore from New York Life Insurance for a 49% stake in select commercial assets. FY26 pre-sales reached Rs 5,305 crore with collections of Rs 1,578 crore and a modest Rs 174 crore net debt position, while net profit declined 40.63% to Rs 15.69 crore amid aggressive expansion. The company's stated FY27 GDV pipeline exceeds Rs 16,000 crore, with an annual expansion plan targeting 2 million sq ft residential and 1 million sq ft commercial additions.

Name

Max Estates

Legal name

Max Estates Limited

Website

https://maxestates.in

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Max Estates Limited is a publicly listed Delhi-NCR real estate developer (Max Group arm) building premium LEED/IGBC-certified commercial offices and wellness-focused residential projects, serving luxury home buyers, enterprise tenants like Adobe, and retail investors via its FraX fractional platform.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

New Housing For-Sale Builders (236117), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial real estate development
• Luxury residential properties
• Green building certified offices
• Wellness-focused real estate
• Grade A commercial leasing

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Residential Pre-Sales: Revenue generated from pre-sales of residential units across various projects in Noida and Gurugram. Pre-sales for FY2026 reached Rs 5,305 crore. Key projects include Estate 361 (Gurugram), Estate 105 (Noida), Estate 128 (Noida), and The Terraces.
2. Commercial Rental Income: Annual rental income from operational commercial properties including Max Square, Max House, and Max Towers. Fully leased assets generate over Rs 150 crore annually with potential to scale to Rs 700 crore in five years.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Max Estates develops premium Grade A+ commercial office space and luxury residential properties in Delhi-NCR under its WorkWell and LiveWell philosophies. Commercial offerings include LEED and IGBC-certified office buildings (Max Towers, Max House, Max Square, Max Square Two) leased to corporate tenants, while residential offerings include IGBC Platinum pre-certified projects (Estate 105, Estate 128, Estate 360, Estate 361, The Terraces, Max Estate 59, 222 Rajpur) and a mixed-use development (Max One) sold to premium buyers.

Product overview

Max Estates is a leading real estate developer in Delhi NCR, established in 2016 as the real estate arm of the Max Group. The company operates a dual-platform model comprising commercial and residential developments. Commercial portfolio includes Grade A+ LEED and IGBC certified office buildings: Max Towers (LEED Platinum, IGBC Health & Well-being Platinum) in Noida, Max House (LEED Gold, IGBC Health & Well-being Gold) in Okhla, Max Square (IGBC Platinum, IGBC Health & Well-being Platinum) on Noida-Greater Noida Expressway, and Max Square Two in Noida. Residential portfolio includes IGBC Platinum pre-certified projects: Estate 128 (Noida), Estate 105 (Noida), Estate 360 (Gurugram with senior living via Antara), and Estate 361 (Gurugram with The Terraces phase). Max One is a mixed-use development in Noida, while Max Estate 59 is an ultra-luxury residential project in Gurgaon. The company's philosophy centers on WorkWell (commercial wellness) and LiveWell (residential wellness) across 9 tenets of holistic wellbeing, with all developments targeting IGBC/LEED certification and net-zero buildings.

Differentiator

Problem solved

Functional benefit

Brands

• WorkWell: Commercial real estate philosophy focused on holistic well-being of workplace users
• LiveWell
• Estate

Products and services

• Max Towers LEED Platinum (Core & Shell) and IGBC Health & Well-being Platinum certified commercial office building strategically located at the entrance of Noida, spanning approximately 0.6 million square feet. Designed for the future of work with amenities including fitness center, salon, auditorium, and F&B hub. Tenants include Khaitan & Co and Veolia Japan.
• Max House LEED Gold (Core & Shell) and IGBC Health & Well-being Gold certified commercial development located at Okhla, South Delhi. Designed to be supremely functional and aesthetically pleasing with superior business environment, heritage sites and established market infrastructure. Block A and Block C both carry LEED Gold certification.
• Max Square IGBC Green Building Platinum and IGBC Health & Well-being Platinum certified commercial development on the Noida-Greater Noida Expressway in Sector 129, Noida. Features a first-of-its-kind central forest connecting nature with work. Fully leased for over a year with Adobe occupying 158,000 sq ft.
• Max Square Two New commercial development by Max Estates in Noida, part of the company's commercial portfolio along the Noida-Greater Noida Expressway. Extends the Max Square wellness-focused commercial offering.
• Estate 128 IGBC Platinum pre-certified residential project in Noida. Fully sold at Rs 27.34 billion in pre-sales. Partnered with Habitat for Humanity to contribute for every unit sold to build homes for the less fortunate.
• Estate 105 IGBC Platinum pre-certified residential community in Sector 105, Noida (RERA No.: UPRERAPRJ529777/03/2026). Movement-first residential community with 10.33-acre development, 270 homes across two towers, 2.5 acres of car-free biophilic landscape, and over 72,000 sq ft of amenities. GDV of approximately Rs 3,000 crore.
• Estate 360 IGBC Platinum pre-certified residential project in Gurugram (HARERA Registration No.: RC/REP/HARERA/GGM/860/592/2024/87). Includes senior living component managed by Antara Senior Living Limited along with primary healthcare services. Targets diverse demographic with intergenerational community concept.
• Estate 361 Forest-anchored residential community in Sector 36A, Gurugram along Dwarka Expressway (HARERA Registration No.: RC/REP/HARERA/GGM/1012/744/2025/115). IGBC Platinum pre-certified with GDV of Rs 9,000 crore overall. Features wellness-oriented residential and commercial developments with senior living managed by Antara Senior Living. Achieved pre-sales exceeding Rs 19,000 million year-to-date at average realization of Rs 22,000 per sq ft.
• The Terraces at Estate 361 Intergenerational residential development within Estate 361 in Gurugram's Sector 36A. Features 1.5-bedroom and 2-bedroom smart homes plus duplex loft residences. Phase 1 comprises 120 residences priced starting at Rs 2.4 crore. Standalone GDV of Rs 1,200 crore. Amenities include eight shared community terraces, rooftop hub with sports facilities, 2-acre urban forest, and co-working space.
• Max One Mixed-use development in Noida's Sector 16B, near DND Flyway (formerly Delhi One). Approximately 10-acre integrated development spanning about 2.5 million sq ft with sales potential of Rs 2,000 crore and rental income potential of Rs 120 crore. Features ultra-luxury serviced residences, premium offices, curated retail, and exclusive club. Revived by Max Estates after previous developer's insolvency.
• Max Estate 59 Luxury residential project in Sector 59 along Golf Course Extension Road in Gurgaon. Features premium 3 BHK and 4 BHK apartments with amenities including clubhouse, gymnasium, swimming pool, sports courts, EV charging stations and solar panels. Positioned in the ultra-luxury segment targeting end-users and investors.
• 222 Rajpur Completed residential project in Dehradun with UK RERA Registration No. UKREP08170000001. Represents Max Estates' expansion beyond Delhi-NCR into Uttarakhand.

Quantifiable outcome

• Pre-sales of Rs 5,305 crore in FY26, second consecutive year above Rs 5,000 crore
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• AdobecoreOthers · 1 May 2026Adobe leased approximately 158,000 sq ft of office space at Max Square, Noida - one of the larger office leasing deals involving a global technology company in Noida. This strengthens the WorkWell ecosystem at the property.
• FraXminorGTM or Marketing Partner · 1 April 2026Gurugram-based proptech startup FraX partnered with Max Estates to enable fractional real estate investment starting at Rs 10,000 in premium residential properties. FraX uses ICICI Bank escrow structures with independent trustee oversight.
• Habitat for HumanityminorStrategic or Co-development PartnerCSR partnership for Estate 128 project in Noida, where Max Estates contributes a sum for every unit sold to build homes for the underprivileged. Project aims to build 50 houses for families in Akera village, Rewari District, Haryana.
• Antara Senior Living LimitedcoreStrategic or Co-development PartnerAntara Senior Living manages senior living residences and dedicated spaces for senior living, along with primary healthcare services at Estate 360 and Estate 361 projects. Max Estates Gurgaon Limited has appointed Antara to manage these senior living facilities.

Scale indicators10 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Prestige Estates Projects Limited: Listed Indian developer with a large portfolio of premium residential, commercial office and retail assets. Comparable on listed status, luxury residential launches and commercial leasing income model.
• Godrej Properties Limited: Listed Indian developer focused on premium and luxury residential projects across major metros including NCR, with strong sustainability/green building positioning (IGBC Platinum credentials). Comparable in product tier, listed status and focus on differentiated design-led projects.
• Mahindra Lifespace Developers Limited: Listed Indian developer focused on premium residential projects with a sustainability/ESG-led positioning similar to Max Estates' WorkWell/LiveWell. Comparable on listed status, group-parent brand strength and green building positioning.
• Brigade Enterprises Limited: Listed Indian developer of premium residential and Grade A commercial projects, primarily in South India but expanding nationally. Comparable on the dual residential-plus-commercial platform and listed developer model.
• Macrotech Developers (Lodha): Listed Indian developer of luxury and premium residential projects with growing commercial portfolio. Comparable on listed status, premium residential focus and large NCR/Mumbai project pipeline.
• Sobha Limited: Listed Indian developer of premium and luxury residential projects with a strong brand for construction quality. Comparable on the quality-and-craftsmanship positioning aimed at premium buyers, though more residential-pure-play.
• Phoenix Mills Limited: Listed Indian operator-developer of Grade A commercial office and retail destinations, monetizing real estate through premium leasing. Closely comparable on the commercial-rental-income-led valuation thesis and Grade A+ positioning in select metros.
• Oberoi Realty Limited: Listed Indian developer of ultra-luxury residential and Grade A commercial properties (Commerz, Oberoi Commerz II in Mumbai). Highly comparable on luxury positioning, premium pricing and commercial-rent premium strategy.

Broad incumbents

• Tata Realty and Infrastructure Limited: Large, diversified Indian developer of integrated townships, commercial and residential projects with strong sustainability credentials. Comparable on group-backed brand, sustainability positioning and mixed-use developments, though at a much larger scale.
• DLF Limited: India's largest listed real estate developer with a deep portfolio across luxury residential (The Camellias, The Aralias) and Grade A commercial office space in NCR. Most directly comparable on the luxury residential-plus-commercial dual platform model Max Estates pursues.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/max_estates
• Facebookfacebook.com/MaxEstatesLtd
• LinkedInlinkedin.com/company/max-estates-ltd.

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Max Estates