Delhi One project revived after years of delay
Delhi One project at Sector 16B, Noida, had been in legal and financial trouble for nearly a decade. With Max Estates Limited stepping in, now the homebuyers can dream once again. The company has received the sanctions to resume work, and the construction will likely resume after decades of delay.
How Delhi One Project Noida Got Stuck?
Firstly, the Three C Group’s Boulevard Projects Pvt Ltd initiated Delhi One in 2010. However, construction had been put on hold by 2015.
The reasons were many: increasing debts, Noida Authority controversies, and scarcity of funds. Consequently, hundreds of families waited in vain for their whole life without acquiring possession, and investors had no guarantee regarding their money.
Turning Point With Max Estates
Events took a dramatic turn when the project was put under insolvency proceedings. In February 2023, National Company Law Tribunal (NCLT) also approved Max Estates’ resolution plan that transferred ownership of Delhi One to them. National Company Law Appellate Tribunal (NCLAT) then cleared the path for a revised settlement as well.
Earlier, the Allahabad High Court had directed the Noida Authority to approve building plans of Max Estates on payment by the company of 50% of the controversial Rs 67 crore CIC/CIS charges. Following this, the heavily delayed project eventually received the green light to move ahead.
Delhi One Noida investment
Moreover, this project will provide:
Modern corporate office towers
Luxury shopping space
Selective members club
Additionally, Max revamped the scheme. Around 240 existing homeowners will be rehoused in a selectively serviced apartment tower. Two towers that house residences will, however, be repurposed to commercial use, and a planned hotel will now be an office tower.
When complete, the development will collect a revenue of more than Rs 2,000 crore and a rental income of more than Rs 120 crore annually.
Max Estates’ Other Iconic Developments
Delhi One revival is merely one cause of Max being in the lime light. The developer already has new-generation residential areas in Delhi NCR.
Max Antara 360, Gurugram
Intergenerational living development consists of six towers, with two as senior living by Antara. This project includes healthcare, wellness areas, and parks, along with barrier-free seniors’ architecture.
Max Estate 360, Gurugram
Another luxury residential complex, Max Estate 360, covers an area of 18.23 acres in the same area. With six towers (two in the initial launch phase), it has luxury apartments, parks, and proper connectivity via Dwarka Expressway. Being close to the planned Global City adds another area of growth.
Why Problems Arised in the Past
Delhi One Project case is no different. Previous buyers would be facing issues such as:
Developers running short of cash
Regulators imposing heavy fines
No system to track money flow
No strict delivery timelines
As a Result, projects got delayed, and funds of people got stuck for years.
Why RERA and Escrow Accounts Save Buyers Now?
RERA :
Now, all projects are RERA registered. What it does is ensure that buyers see timelines, approvals, and developers’ exact commitments. In case of any default by a developer, there are penalities.
Escrow Accounts:
Developers have to deposit buyers’ money into various escrow accounts. The point to mention here is that this fund is allowed only for building that specific project and not any other place. The likelihood of misusing this money, therefore, is extremely low.
How BOP Makes Your Investment Safe
We understand at BOP.in how important trust is. That is why we have only RERA-approved properties. Which means you can be sure that:
Investors’ money is safe
Buyers get possession on agreed-upon dates
All of the projects are legal
Transparency is never ever compromised
Final Thoughts
The revival of Delhi One is a major relief for NCR’s realty sector. Since Max Estates has taken over, there is hope that the buyers would at last get what they were guaranteed years ago.
While earlier on, investors would risk the whole amount on a project, today with escrow mechanisms and RERA systems in place, homebuyers are much safer than ever before. And with BOP.in transacting only in accepted, RERA-approved projects, investors can invest with assurance, knowing that their future is secured.
Are you interested in investing in Max Estates’ projects or other luxury RERA-approved projects? Reach out to BOP.in today. We can help you secure the safest and smartest real estate transactions in NCR.
