The Max Group is set to take over 3C Group’s Delhi One project that consists of a five-star hotel, service apartments and office space at the Delhi-Noida border in Sector 16A. The Group will pay ₹542 crore to the Noida authority
The authority board has approved the settlement under which the Max Estate will pay ₹542 crore out of ₹932.68 crore total dues owed by realtor of Delhi One, along with the interest. The Max Estate will have to pay ₹613 crore to the Noida authority.
“The authority board has approved three years additional time to build this project for free. We will implement the decisions taken in the board meeting,” said Lokesh M, chief executive officer, Noida authority.
The national company law tribunal in February 2023 had approved the resolution plan. Subsequently, the group requested the Noida authority to approve the plan that has now been given a green signal.
The Max Estate Limited had already taken over a commercial tower part of Delhi One and delivered the same under the name ‘Max Square’ having a 6.7 lakh square feet (15.3 acre) space.
The NCLT had asked the Max Estates to approach the Noida authority to discuss the financial dues issue. The Max group has proposed that it can pay the principal amount of ₹400 crore out of ₹900 crore land dues against this project. As a result, Max Estate approached the Noida authority for approval, which has been given now, said officials.
