Max Estates Limited shareholders approved the acquisition of 100% stake in nine land-owning companies during an Extra-Ordinary General Meeting held on September 24, 2026. The transaction secures approximately 84.7 acres of land in Sector 3, Najafgarh, Delhi, marking a significant expansion of the company's real estate portfolio.

The meeting, conducted via Video Conferencing from 12:30 pm to 1:14 pm IST, addressed two key items of special business. These included the approval of material related party transactions connected to the proposed acquisition and the preferential issue of equity shares as consideration other than cash, commonly known as a share swap.

Voting results and approval margins

The company has released the consolidated scrutinizer's report, confirming that all resolutions passed with a substantial majority. For the ordinary resolution regarding material related party transactions, 99.9998% of valid votes were cast in favour. Only 53 votes were recorded against this resolution.

The special resolution for the preferential issue of equity shares (share swap) received an assent of 99.9488%. Dissenting votes stood at 45,418, representing 0.0512% of the total valid votes polled.

Meeting proceedings and approvals

Anajit Singh, Chairman of Max Estates, chaired the session and briefed shareholders on the strategic rationale behind acquiring the securities held in the land-owning companies. The company confirmed that the requisite quorum was present throughout the meeting. Statutory auditors and secretarial auditors were also in attendance to ensure compliance with regulatory standards.

Voting was conducted through remote e-voting, which opened on September 21, 2026, and closed on September 23, 2026. Shareholders who did not vote remotely were allowed to cast their votes electronically during the live VC session. The results of the voting are scheduled to be announced within two working days and will be displayed on the company’s website and stock exchange platforms.

Strategic implications

This acquisition represents a major consolidation of land assets in the National Capital Region. By moving towards a fully diluted ownership structure of these nine entities, Max Estates aims to streamline its land bank management. The use of a share swap mechanism allows the company to fund this acquisition without immediate cash outflow, preserving liquidity for development activities.

The approval of related party transactions indicates that some of the target entities may have existing ties with the promoter group or associated entities, requiring strict adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This structural move is expected to enhance transparency and align interests between the listed entity and the underlying asset owners.

Max Estates has entered into a binding Memorandum of Understanding (MoU) for a proposed joint development agreement on a ~9.76-acre land parcel in Indirapuram, Ghaziabad. The deal aims to unlock an estimated gross development value of ₹2,500-3,000 crore.

This move marks Max Estates' entry into Ghaziabad, extending its footprint in the National Capital Region beyond Noida, Gurugram, and Delhi. The transaction is structured on a capital-light basis, where the landowner will be compensated through a revenue-sharing arrangement rather than an upfront cash payment.

Deal specifics and location

The proposed development envisages a super built-up area of approximately 1.5 million sq ft. The site is strategically located along National Expressway-3, featuring a buffer green belt and overlooking the green buffer zone of the Hindon River. It is situated about 15 minutes' drive from Akshardham Temple, offering superior connectivity from both Delhi and Noida.

Conditional nature of the agreement

The company clarified that the proposed transaction remains subject to satisfactory completion of due diligence, receipt of all requisite approvals, and the final execution of the Joint Development Agreement. The GDV estimate is contingent upon applicable approvals and the final layout plan.

Strategic expansion in NCR

Max Estates Limited, the real estate arm of Max Group established in 2016, focuses on sustainable, grade A developments in Delhi-NCR. This Ghaziabad parcel represents a geographic diversification within the NCR, complementing its existing residential and commercial segments anchored on its LiveWell and WorkWell philosophy. The capital-light model allows the developer to leverage landowner assets without significant balance sheet strain.