Max Estates Limited has secured RERA approval for its Max One project in Noida, marking a significant milestone that brings relief to homebuyers after a nine-year wait. The company has obtained the necessary regulatory clearance (UPRERA No.: UPRERAPRJ9759) for the development around Max Towers in Sector 16B, Noida, with construction set to commence shortly.

Project Overview and Financial Projections

Max One represents an ambitious integrated mixed-use development spanning approximately 10 acres with around 2.5 million square feet of potential space. The project is strategically located at the edge of South Delhi and is designed as a walkable, green campus that integrates residential, commercial, and entertainment facilities.

Development Vision and Design

The project draws inspiration from globally recognized urban destinations including Hudson Yards in New York, One Blackfriars in London, and Marina One in Singapore. Max One is planned as a landmark integrated mixed-use destination featuring several key components:

• By-invite-only ultra-luxury serviced residences
• Premium office spaces
• Curated retail establishments
• Exclusive by-invite club facilities

The development aims to create an intuitive living experience in the Delhi NCR region by bringing various amenities closer together and reducing the need for constant travel.

Management Commentary

Sahil Vachani, Vice Chairman and Managing Director of Max Estates, emphasized the significance of this milestone: "With Max One, we look forward to shaping our first truly integrated campus, bringing alive Max Estates' LiveWell and WorkWell philosophy to create a holistic downtown experience. This also marks a new chapter for homeowners who have waited for nearly a decade."

Background and Acquisition

Max Estates acquired Boulevard Projects Private Limited (BPPL) in the previous year to revive the stalled development that was formerly known as Delhi One. The original project had been affected by the insolvency of the erstwhile developer, leaving homebuyers in uncertainty for nearly a decade.

Company Profile

Established in 2016, Max Estates Limited operates as a leading real estate developer in the NCR region with the stated purpose of 'Enhancing Quality of Life through spaces it creates'. The company focuses on creating premium commercial and residential spaces in Delhi NCR and has partnered with New York Life Insurance Company (NYL). Max Estates also operates Max Asset Services, a real estate services and management company.

Max estates Limited has informed stock exchanges about an adverse ruling from the Income Tax Appellate Tribunal (ITAT) affecting its subsidiary Max Square Limited. The tribunal dismissed the subsidiary's appeal in a tax dispute involving ₹63.77 lakh of interest income from the financial year 2020-21.

Tribunal Order Details

The Income Tax Appellate Tribunal, Delhi Bench, pronounced its order on February 25, 2026, in case ITA No. 4100/Del/2025 for Assessment Year 2021-22. The tribunal upheld the decision of the National Faceless Appeal Centre, rejecting Max Square Limited's challenge to the tax treatment of interest income.

Core Tax Dispute

The disagreement stems from the accounting treatment of interest income worth ₹63.77 lakh earned by Max Square Limited during FY 2020-21. The subsidiary had netted this interest income against interest costs incurred on loans from banks and financial institutions during the construction phase of a project. This amount was subsequently capitalized as part of the overall project cost.

However, tax authorities challenged this approach, arguing that the interest income should be treated and taxed separately under the category of "Income from Other Sources" rather than being offset against project-related interest expenses.

Company's Position and Impact Assessment

Max Estates Limited has evaluated the tribunal's decision and concluded that it will not have a material impact on the company's financial position, operations, or other business activities. The parent company emphasized that the subsidiary is actively reviewing available legal remedies.

Legal Recourse Options

Max Square Limited is considering appealing the tribunal's decision before higher appellate authorities. This development follows previous communications from Max Estates dated June 5, 2025, and January 1, 2026, indicating the company has been tracking this matter closely throughout the legal proceedings.

The company disclosed this information under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring transparency with stakeholders regarding significant legal developments affecting its subsidiary operations.