Max Estates Aims for ₹6,500 Crore Pre-Sales by FY26 with Strong NCR Launch Pipeline
Max Estates, a prominent real estate developer in Delhi-NCR, is setting its sights on an ambitious pre-sales target of ₹6,000–6,500 crore for FY26, driven by three major project launches in Noida and Gurgaon.
DelhincrReal EstateGurgaonNoidaMax EstatesReal EstateSep 06, 2025
This real estate developer in Delhi NCR expects to launch projects worth nearly ₹9,500 crore in Noida and Gurgaon in the second half of FY26, with pricing in the premium range of ₹20,000–₹23,000 per sq. ft.
Financially, Max Estates remains comfortable with net cash positivity of around ₹150 crore as of June 30, 2025, despite a gross debt of ₹1,500 crore, largely tied to commercial assets. Collections guidance for FY26 is pegged at ₹2,600 crore, with nearly half already realised, giving Max Estates confidence in maintaining momentum despite infrastructure challenges in NCR and global uncertainties.
In an interview, Nitin Kansal, CFO of Max Estates, provided insights into the company's strategic plans and financial outlook. When asked about the ₹6,000 to 6,500 crore pre-sales target for FY26, Kansal explained, 'In the current year, we are planning to launch projects worth close to ₹9,500 crore across the key markets of Delhi-NCR, in Noida, and in Gurgaon. This is across three projects. Against this ₹9,500 crores, we are expecting to do a sale of ₹6,000 to 6,500 crores. These projects are expected to be launched in the second half of the current financial year. These would be more in the price range of ₹20,000 to ₹23,000 a square feet, in line with what we have done in these micro markets earlier.'
Regarding rental income projections, Kansal noted, 'As we speak, we are currently in a rental run rate of close to ₹150 crore. We have projected that by FY29, we would have a complete rental portfolio of close to ₹723 crore. We expect these numbers to be gradually scaled up in FY28 and FY29. Our commercial portfolio currently includes New York Life Insurance Company (NYL) as a 49% partner. This rental is currently operating at an EBITDA margin of 90% to 95% spread across Noida and Gurgaon.'
The current debt, which the company has on the books as of June 30, is approximately ₹1,500 crore. This is predominantly on account of commercial assets. Of this, around ₹900 crores is towards lease rental discounting, and the balance is towards construction fact and finance. The important point to note here is that against this debt of ₹1,500 crores, the company has a cash balance of close to ₹1,650 crores, resulting in a net cash positive of close to ₹150 crore.
When asked about potential investments from New York Life, Kansal stated, 'We would be looking at a total portfolio size in the range of 6 to 7 million square feet, once this entire project is completed and delivered. New York Life has already committed a total capital of close to ₹1,800 crore with us, of which they have already deployed close to ₹1,600 crore. They have been our partners in all our commercial assets, holding a 49% shareholding, and there are shareholders at the holding company holding 21% shareholding. They evaluate each project on an individual basis and deploy accordingly.'
Despite global uncertainties and layoffs in the tech sector, Kansal expressed confidence in the demand situation. 'It does have a negative sentiment bearing in case we have seen layoffs happening in the tech sector. But what we have seen in our portfolio currently is that we have not seen any impact. Our rental portfolio currently stands at 100% leased with a strong demand coming from the GCC. As we speak today, our rental portfolio is entirely leased, getting a premium of 30 to 35% over the micro market. We believe our quality product is able to command a premium and remains neutral to the demand vagaries at this point in time.'
Infrastructure challenges in the NCR region, particularly in Gurgaon and Noida, were also addressed. 'Infrastructure does pose a challenge, as you would have seen yesterday's rains exposed infrastructure challenges in Gurgaon. However, significant progress is being made on the infrastructure side. As far as our demand is concerned, we are able to provide significant value to the customer, which protects the demand which comes to us. Furthermore, we have segmented the market in senior living and the normal residential market, which helps us protect our prices and demand.'
Lastly, Kansal provided details on the collection guidance for FY26. 'In the current year, we have given guidance of a collection of close to ₹2,600 crore. This ₹2,600 crore is made up of two components. We have a component of the inventory that we have already sold, for which we are expecting a collection to be in the range of ₹1,400-1,500 crore. As we speak today, we have already made a collection of close to ₹450 crore against that. We are expecting another collection of ₹1,000-1,200 crore to come from the new sales. We are expecting ₹1,200 crore to come from the new sales, which is expected to come in the second half of the current financial year. So, all told, we are looking at the number of ₹2,600 crore, of which we have already collected close to ₹400 crore.'
Max Estates’ current market capitalisation stands at ₹6,974.12 crore. The stock closed at ₹430 on the NSE as of 3:30 pm and has declined 28% over the past year.
Frequently Asked Questions
What is Max Estates' pre-sales target for FY26?
Max Estates aims to achieve pre-sales of ₹6,000 to ₹6,500 crore for FY26.
What are the key markets for Max Estates' upcoming project launches?
Max Estates plans to launch projects worth ₹9,500 crore in Noida and Gurgaon.
What is the expected rental portfolio size for Max Estates?
Max Estates expects a total portfolio size of 6 to 7 million square feet once the projects are completed and delivered.
How much has New York Life Insurance Company committed to Max Estates?
New York Life Insurance Company has committed a total capital of ₹1,800 crore with Max Estates, of which ₹1,600 crore has already been deployed.
What is Max Estates' collection guidance for FY26?
Max Estates has given a collection guidance of close to ₹2,600 crore for FY26.
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