Max Estates Targets ₹6,500 Crore Pre-Sales by FY26 with Robust NCR Launches
Max Estates, a leading real estate developer in Delhi-NCR, is set to launch projects worth nearly ₹9,500 crore in Noida and Gurgaon, aiming for a pre-sales target of ₹6,000–6,500 crore by FY26.
Delhincr Real EstateGurgaonNoidaReal EstateMax EstatesReal Estate NewsSep 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.
The company is planning to launch close to ₹9,500 crore across key markets of Delhi-NCR, in Noida, and in Gurgaon. Against this ₹9,500 crores, they 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 they have done in these micro markets earlier.
Max Estates currently has a rental run rate of close to ₹150 crore. They have projected that by FY29, they would have a complete rental portfolio of close to ₹723 crore. They expect these numbers to be gradually scaled up in FY28 and FY29. Their commercial portfolio currently has 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 on the books as of June 30, 2025, 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 finance. The important point to note here is that against this debt of ₹1,500 crores, they have a cash balance of close to ₹1,650 crores, resulting in a net cash positive of close to ₹150 crore.
Max Estates is 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 them, of which they have already deployed close to ₹1,600 crore. They have been partners in all their commercial assets, having 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 the global uncertainties and layoffs in the tech sector, Max Estates has not seen any impact on their rental portfolio. Their rental portfolio currently stands at 100% leased with strong demand coming from the GCC. As of now, their rental portfolio is entirely leased, getting a premium of 30 to 35% over the micro market. They believe their quality product is able to command a premium and remains kind of neutral to the demand vagaries at this point in time.
Infrastructure does pose a challenge, as seen with the recent rains in Gurgaon, which exposed infrastructure challenges. However, there has been significant progress in infrastructure development. Max Estates believes that they provide a significant value add to the customer, which protects the demand. They have also segmented the market in senior living and the normal residential market, which helps protect their prices and demand.
For FY26, Max Estates has given guidance of a collection of close to ₹2,600 crore. This ₹2,600 crore is made up of two components. They have a component of the inventory already sold, for which they are expecting a collection in the range of ₹1,400-1,500 crore. As of now, they have already made a collection of close to ₹450 crore against that. They are expecting another collection of ₹1,000-1,200 crore to come from new sales. They are expecting ₹1,200 crore to come from new sales, which is expected to come in the second half of the current financial year. So, all told, they are looking at a total of ₹2,600 crore, of which they 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 ₹6,000–6,500 crore by FY26.
How much are Max Estates planning to launch in Noida and Gurgaon?
Max Estates expects to launch projects worth nearly ₹9,500 crore in Noida and Gurgaon in the second half of FY26.
What is the current rental run rate of Max Estates?
Max Estates currently has a rental run rate of close to ₹150 crore.
What is Max Estates' current debt and cash balance?
Max Estates has a gross debt of ₹1,500 crore and a cash balance of close to ₹1,650 crore, resulting in a net cash positive of ₹150 crore.
What is Max Estates' collection guidance for FY26?
Max Estates has given guidance of a collection of close to ₹2,600 crore for FY26.
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